Research on Personal Group Holdings Plc (PGH:LON) from Capital Access Group
Personal Group has delivered an excellent set of results for 2025, as presaged in the trading statement. Double-digit revenue growth translated into a 32% YoY increase in EPS to 23.3p and the dividend increased by 41% to 23.3p, in line with the growth in earnings and the new 100% payout policy. The strength of revenue growth in the core insurance business was especially notable, and the company delivered higher growth on all key metrics than peers. We make minimal changes to our forecasts for 2026 and introduce our forecasts for 2027. We forecast revenue to hit £60.5m in 2027 with net profit up over 70% to £9.6m and a near doubling in dividend to 30.7p from 2024 with adjusted EBITDA up over 60% to £16.2m. The group is on track to meet its 2030 aspirations of £100m in revenue and £30m of EBITDA. We believe the current share price does not do justice to the full value potential of the group.