U.K. Diversified Financials Undervalued over 20% based on DCF

M&G

Market Cap: UK£7.1b

Through its subsidiaries, provides investment and savings products to institutional clients and individual policyholders in the United Kingdom and internationally.

St. James's Place

Market Cap: UK£6.6b

A publicly owned investment manager.

ICG

Market Cap: UK£5.1b

A private equity firm specializing in direct and fund of fund investments.

Bridgepoint Group

Market Cap: UK£2.3b

A private equity and private credit firm specializing in middle market, lower mid-market, small mid cap, small cap, growth capital, buyouts investments, syndicate debt, infrastructure, direct lending and credit opportunities in private credit investments.

Rathbones Group

Market Cap: UK£2.2b

Provides wealth management, asset management, and related services in the United Kingdom and Channel Islands.

Ninety One Group

Market Cap: UK£2.0b

Operates as an independent global asset manager worldwide.

BioPharma Credit

Market Cap: US$1.1b

An investment trust, primarily invests in interest-bearing debt assets.

Polar Capital Holdings

Market Cap: UK£663.4m

Polar Capital Holdings plc is a publicly owned investment manager.

XPS Pensions Group

Market Cap: UK£643.0m

Provides employee benefit consultancy and related business services in the United Kingdom.

Pantheon Infrastructure

Market Cap: UK£542.7m

Focuses on investing in infrastructure assets worldwide.

Foresight Group Holdings

Market Cap: UK£454.3m

Operates as an infrastructure and private equity manager in the United Kingdom, Italy, Luxembourg, Ireland, Spain, and Australia.

PayPoint

Market Cap: UK£370.4m

Engages in the provision of payments and banking, shopping, and e-commerce services and products in the United Kingdom.

S&U

Market Cap: UK£240.6m

Provides motor, property bridging, and specialist finance services in the United Kingdom.

CAB Payments Holdings

Market Cap: UK£222.1m

Through its subsidiaries, provides foreign exchange (FX) and cross-border payments services to banks, fintech companies, supranationals, and governments in the United Kingdom and internationally.

Brooks Macdonald Group

Market Cap: UK£216.3m

Through its subsidiaries, provides wealth management and financial planning services to private individuals, trusts, charities, and pension funds in the United Kingdom.

Fonix

Market Cap: UK£161.7m

Provides mobile payments and messaging, and managed services for media, charity, gaming, e-mobility, and other digital service businesses in the United Kingdom and the rest of Europe.

Duke Capital

Market Cap: UK£133.4m

A private equity firm specializing in Management Buyouts, buy-and-build strategies, mid-market, minority buyouts, restructuring investments & royalty financing in small and medium size businesses.

Multitude

Market Cap: €149.9m

Provides digital lending and online banking services in Finland.

Record

Market Cap: UK£101.2m

Through its subsidiaries, provides currency and asset management services in the United Kingdom, North America, Switzerland, rest of Europe, Australia, and internationally.

Distribution Finance Capital Holdings

Market Cap: UK£96.0m

An investment holding company, engages in personal savings and commercial lending banking business in the United Kingdom.

Time Finance

Market Cap: UK£39.9m

Provides financial products and services to consumers and businesses in the United Kingdom.

PCI-PAL

Market Cap: UK£36.6m

Through its subsidiaries, engages in the provision of payment card industry (PCI) compliance solutions and telephony services primarily in the United Kingdom, the United States, Canada, rest of Europe, and the Asia Pacific.

Mineral & Financial Investments

Market Cap: UK£20.8m

An investment company, invests in natural resources, minerals, metals, and oil and gas projects in the Cayman Islands.

Finseta

Market Cap: UK£5.1m

A foreign exchange and payment company, engages in the provision of multi-currency accounts to businesses and individuals.

Acceler8 Ventures

Market Cap: UK£1.4m

Does not have significant operations.