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RM Infrastructure Income PLC (RMII) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of RM Infrastructure Income PLC £0.82, price £0.49, upside +66.2%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · GB · ISIN GB00BYMTBG55

RI Thin data Sep 23, 2026

RM Infrastructure Income PLC

RMII · LSE

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value £0.8200 · Strongly undervalued (+66%)
!Quality 44/100
!Weak Growth (revenue 3y −64.1 %/yr)
!negative free cash flow
·1.22% dividend yield
!Trails peers (2/8)
!Narrow moat 39/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 24 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£0.7524 £0.4790 Fair Value £0.8200 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range £0.4790 – £0.7524 · fair‑value band £0.6100 – £1.02 · the £0.4935 price screens below the £0.8200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

RM Secured Direct Lending plc is a publicly owned investment manager. The firm invests in markets across the globe. It invests in alternative investments which deliver income returns. The firm invests in a diversified portfolio of Loans to UK SMEs and mid-market corporates and/or to individuals.

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RM Secured Direct Lending plc is a publicly owned investment manager. The firm invests in markets across the globe. It invests in alternative investments which deliver income returns. The firm invests in a diversified portfolio of Loans to UK SMEs and mid-market corporates and/or to individuals. These Loans will generally be, but not limited to, senior, subordinated, unitranche and mezzanine debt instruments, documented as loans, notes, leases, bonds or convertible bonds. Such Loans shall typically have a life of 2-10 years. It invests in the alternatives sector. RM Secured Direct Lending plc was founded in 2010 and is based in Edinburgh, United Kingdom and has an additional office in London, United Kingdom.

Stock analysis

RM Infrastructure Income PLC (RMII) currently trades at £0.4935, while our model-based Fair Value estimate is £0.8200, implying the stock looks roughly 39.8% undervalued today.

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Valuation

How firm this estimate is: it rests on 4 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: £0.6100 (bear) to £1.02 (bull), the price of £0.4935 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

RM Infrastructure Income PLC reported revenue of £296K in FY2025 versus £10.8M in FY2021, a compound −59.3%/yr. Reported net income was −£7.1M in FY2025.

Key figures

Market cap 42.6M GBX · EPS (TTM) £−0.0800 · Dividend yield 1.2% · Return on equity −10.2% · Return on assets (EBIT) 1.5% · Operating margin 97.0% · Revenue (TTM) −5.1M GBX · Revenue growth (YoY) −7.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 25% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 66%, RMII screens cheaper than that median.

Fair Value models

Bear £0.6100 Fair Value £0.8200 Bull £1.02
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
P/B Multiple £0.6100 £0.8200 £1.02 55
NCAV (Graham) £0.4800 £0.6400 £0.9600 51
All 2 models by family
Multiples
P/B Multiple £0.6100 £0.8200 £1.02 55
Asset-Based
NCAV (Graham) £0.4800 £0.6400 £0.9600 51

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Quality Score breakdown

Overall quality 44/100

Of which business quality 42 · Market factors (momentum, volatility) 38

Profitability 0
Margins and returns on capital today
Quality Growth 4
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−94.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−64.1%
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−24.8%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
52.7% (2020) → −2,456.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 656 stocks

Beats the industry median on 2/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Bottom 25%
Fair Value upside +66% · Above median
Profitability
Return on assets −6% · Bottom 25%
Operating margin (TTM) 97% · Top 25%
Growth and dividend
Revenue growth −8% · Below median
Dividend yield (TTM) 1.2% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.99× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 56
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)0 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)24 · sector 81

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $117.21 $52.29 −55%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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RM Infrastructure Income PLC · Fair Value
£0.8200 +40%Fair Value
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Cite: Fair Value Calculator (2026). "RM Infrastructure Income PLC Fair Value". https://www.fairvalue-calculator.com/stock/RMII

Frequently asked questions

Is RM Infrastructure Income PLC (RMII) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of £0.8200 versus a price of £0.4935, about +66% upside (undervalued).
What is the fair value of RMII?
Our model-based fair value for RM Infrastructure Income PLC is £0.8200 (as of Sep 23, 2026), built from audited fundamentals. The current price: £0.4935.
What is the quality score of RMII?
RM Infrastructure Income PLC has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for RM Infrastructure Income PLC (RMII)?
Our model-based price target is the fair value of £0.8200 (as of Sep 23, 2026) from 2 valuation models. Cautious scenario £0.6100, optimistic scenario £1.02. It is a calculation from audited fundamentals, not an analyst target.
What is the RM Infrastructure Income PLC stock forecast for 2026?
Our models put fair value at £0.8200, about +66% upside versus a price of £0.4935 (undervalued). Cautious scenario £0.6100, optimistic scenario £1.02. The calculation is refreshed regularly with new filings.
Does RM Infrastructure Income PLC pay a dividend?
RM Infrastructure Income PLC currently shows a dividend yield of about 1.22% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of RM Infrastructure Income PLC (RMII)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RM Infrastructure Income PLC it is £0.8200 per share (as of Sep 23, 2026), against a price of £0.4935. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is RM Infrastructure Income PLC stock overvalued or undervalued in 2026?
As of Sep 23, 2026, RMII trades below its calculated fair value: price £0.4935, fair value £0.8200, a gap of about +66% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RMII?
No. The price is what the market pays today (£0.4935); the fair value is what the company's own numbers justify (£0.8200). For RM Infrastructure Income PLC the two are £0.3265 per share apart. That gap is exactly why we show both numbers side by side.
How much is RM Infrastructure Income PLC worth?
The market values RM Infrastructure Income PLC at about 42.6M GBX (market capitalisation, as of Sep 23, 2026). Per share that is £0.4935; our models calculate a fair value of £0.8200 per share.
What do the bullish and bearish scenarios say about RMII?
Our models span a range for RM Infrastructure Income PLC: cautious scenario £0.6100, base £0.8200, optimistic £1.02 per share (as of Sep 23, 2026, price £0.4935). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of RM Infrastructure Income PLC (RMII)?
Balance-sheet figures for RM Infrastructure Income PLC (as of Sep 23, 2026): return on equity −10.2%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is RMII from its 52-week high?
RM Infrastructure Income PLC trades at £0.4935, about 25% below its 52-week high of £0.6550 and 3% above the low of £0.4790 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of £0.8200 is for.
Which stocks are comparable to RM Infrastructure Income PLC?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is RM Infrastructure Income PLC stock attractive at the current price?
The data as of Sep 23, 2026: price £0.4935, calculated fair value £0.8200 (+66%), Quality Score 44/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RMII calculated?
We run RM Infrastructure Income PLC through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.8200, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. RM Infrastructure Income PLC currently trades 66 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of RM Infrastructure Income PLC (RMII)?
The closing price on Sep 24, 2026 was £0.4935. Our model-based fair value is £0.8200, about +66% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RM Infrastructure Income PLC right now?
The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (£0.6100). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of RM Infrastructure Income PLC

How large is the market capitalisation of RM Infrastructure Income PLC (RMII)?
The market capitalisation of RM Infrastructure Income PLC is 42.6M GBX. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of RM Infrastructure Income PLC (RMII)?
Earnings per share at RM Infrastructure Income PLC are £−0.0800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of RM Infrastructure Income PLC (RMII)?
The dividend yield of RM Infrastructure Income PLC is 1.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of RM Infrastructure Income PLC (RMII)?
The return on equity (ROE) of RM Infrastructure Income PLC is −10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of RM Infrastructure Income PLC (RMII)?
On an EBIT basis the return on assets of RM Infrastructure Income PLC is 1.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of RM Infrastructure Income PLC (RMII)?
The operating margin of RM Infrastructure Income PLC is 97.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does RM Infrastructure Income PLC (RMII) generate?
RM Infrastructure Income PLC generates revenue of −5.1M GBX (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at RM Infrastructure Income PLC (RMII)?
Revenue at RM Infrastructure Income PLC is growing −7.9% versus a year earlier (3y avg −64.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at RM Infrastructure Income PLC (RMII)?
Earnings per share at RM Infrastructure Income PLC are growing −77.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does RM Infrastructure Income PLC (RMII) generate?
The free cash flow of RM Infrastructure Income PLC is −3.4M GBX (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does RM Infrastructure Income PLC (RMII) hold?
RM Infrastructure Income PLC holds more cash than debt, 21.6M GBX net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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