Phoenix Group Holdings plc

LSE:PHNX Stock Report

Market Cap: UK£5.0b

Phoenix Group Holdings Valuation

Is PHNX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PHNX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PHNX (£5.04) is trading below our estimate of fair value (£6.2)

Significantly Below Fair Value: PHNX is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PHNX?

Key metric: As PHNX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PHNX. This is calculated by dividing PHNX's market cap by their current revenue.
What is PHNX's PS Ratio?
PS Ratio0.2x
SalesUK£25.21b
Market CapUK£5.03b

Price to Sales Ratio vs Peers

How does PHNX's PS Ratio compare to its peers?

The above table shows the PS ratio for PHNX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.1x
LGEN Legal & General Group
1x6.9%UK£12.8b
JUST Just Group
0.4x21.7%UK£1.4b
PRU Prudential
2x21.0%UK£17.0b
CSN Chesnara
0.9xn/aUK£385.0m
PHNX Phoenix Group Holdings
0.2x-27.6%UK£5.0b

Price-To-Sales vs Peers: PHNX is good value based on its Price-To-Sales Ratio (0.2x) compared to the peer average (1.1x).

Price to Sales Ratio vs Industry

How does PHNX's PS Ratio compare vs other companies in the GB Insurance Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
RQIH R&Q Insurance Holdings
0.001xn/aUS$360.20k
No more companies available in this PS range
PHNX 0.2xIndustry Avg. 1.0xNo. of Companies3PS00.61.21.82.43+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PHNX is good value based on its Price-To-Sales Ratio (0.2x) compared to the European Insurance industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is PHNX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PHNX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.2x
Fair PS Ratio0.4x

Price-To-Sales vs Fair Ratio: PHNX is good value based on its Price-To-Sales Ratio (0.2x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PHNX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£5.04
UK£5.95
+18.1%
11.8%UK£7.43UK£5.10n/a14
Nov ’25UK£5.01
UK£5.95
+18.7%
11.8%UK£7.43UK£5.10n/a14
Oct ’25UK£5.60
UK£5.99
+7.1%
10.9%UK£7.43UK£5.10n/a14
Sep ’25UK£5.66
UK£6.05
+6.9%
11.5%UK£7.43UK£5.00n/a13
Aug ’25UK£5.43
UK£6.00
+10.5%
11.6%UK£7.43UK£5.00n/a14
Jul ’25UK£5.33
UK£6.02
+13.0%
12.0%UK£7.43UK£5.00n/a14
Jun ’25UK£4.96
UK£6.04
+21.6%
11.5%UK£7.43UK£5.00n/a14
May ’25UK£4.85
UK£6.02
+24.0%
11.3%UK£7.43UK£5.00n/a14
Apr ’25UK£5.53
UK£6.04
+9.3%
13.6%UK£7.43UK£4.45n/a14
Mar ’25UK£5.02
UK£5.98
+19.1%
13.9%UK£7.43UK£4.45n/a14
Feb ’25UK£5.02
UK£5.98
+19.1%
14.2%UK£7.43UK£4.35n/a14
Jan ’25UK£5.35
UK£5.81
+8.6%
14.9%UK£7.43UK£4.15n/a13
Dec ’24UK£4.70
UK£5.84
+24.3%
15.2%UK£7.43UK£4.00n/a13
Nov ’24UK£4.57
UK£6.04
+32.2%
13.8%UK£7.43UK£4.30UK£5.0113
Oct ’24UK£4.82
UK£6.52
+35.2%
12.0%UK£7.55UK£5.00UK£5.6014
Sep ’24UK£5.20
UK£6.69
+28.5%
9.9%UK£7.70UK£5.60UK£5.6614
Aug ’24UK£5.45
UK£6.92
+27.0%
8.6%UK£8.00UK£5.80UK£5.4314
Jul ’24UK£5.32
UK£7.06
+32.8%
8.5%UK£8.30UK£6.27UK£5.3315
Jun ’24UK£5.55
UK£7.13
+28.5%
9.1%UK£8.30UK£6.27UK£4.9615
May ’24UK£5.92
UK£7.16
+21.0%
8.7%UK£8.30UK£6.27UK£4.8515
Apr ’24UK£5.46
UK£7.11
+30.1%
9.0%UK£8.30UK£6.27UK£5.5316
Mar ’24UK£6.38
UK£7.27
+14.0%
9.6%UK£8.60UK£6.35UK£5.0216
Feb ’24UK£6.37
UK£7.29
+14.4%
9.7%UK£8.60UK£6.35UK£5.0216
Jan ’24UK£6.09
UK£7.26
+19.3%
9.5%UK£8.60UK£6.35UK£5.3517
Dec ’23UK£5.91
UK£7.32
+23.9%
9.5%UK£8.40UK£6.15UK£4.7016
Nov ’23UK£5.47
UK£7.29
+33.3%
9.0%UK£8.40UK£6.30UK£4.5717

Analyst Forecast: Target price is less than 20% higher than the current share price.

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