1. 3i Group plc (£III) – Massive Moats🏰
Thesis: “3i Group remains unfamiliar to many consumers in Europe, despite its significant stake in a well-known company: the Dutch retailer Action. 3i Group’s 57.9% stake in Action accounts for 72% of the total implied Net Asset Value (NAV) of 3i Group. Therefore, an investment in 3i Group is, to a large extent, an investment in Action.” 🛍️
2. Avation (£AVAP) – Carcosa of The Lemon Fool✈️
Thesis: Avation PLC is a commercial passenger aircraft leasing company. “The company is actively using asset sales and buybacks to deleverage, with an estimated Net Debt/Equity ratio falling from 2.47x to 1.97x. This cleaner balance sheet could make Avation an attractive acquisition target.” 💸
3. British American Tobacco p.l.c (£BATS) – Next Gen Investors Endowment 🚬
Thesis: It “is one of the world’s leading tobacco companies, with a market capitalisation of approximately £56 billion and annual revenues of £25.9 billion in FY24, supported by strong pricing power and substantial market share in its core combustibles segment… I found BAT’s intrinsic value to be £36.90 or US$47.24, giving it a 12.6% upside at today’s price of US$41.30.” 📈
4. Computacenter plc (£CCC) – Kroker Equity Research 💻
Thesis: “Computacenter plc is a British multinational IT services company that provides technology infrastructure solutions to both public- and private-sector customers… Computacenter’s strengths lie in its scale, trusted relationships, and solid financial foundation, but it faces the typical challenges of an IT services firm: low margins on commodity sales, dependence on client IT budgets, and execution risks in complex service delivery.” 📊
5. Focusrite (£TUNE) – Deepvalue Capital 🎧
Thesis: Focusrite make audio interfaces. “[The] valuation upside: Assuming very modest growth, decent margins, and a below average multiple I see at least 4x potential upside from current levels through mid 2028.” 🚀
6. Greggs plc (£GRG) – The Finance Corner 🥧
Thesis: “Greggs has grown to become the leading UK bakery chain, offering a wide range of goods (pastries, pizzas, sandwiches, doughnuts, cakes, coffee, etc.)… The company’s fair value is ~£2.2 billion (£22/share), roughly 10% higher than the current price. This is without assigning any premium for its quality, which I believe it deserves. The valuation would further increase if the future growth is funded by debt.” 😋
7. Gym Group plc (£GYM) – Ocean Wall Research 💪
Thesis: “The Gym Group (LON:GYM) is one of the two dominant players in the UK’s low-cost fitness market, operating 245 sites across the country… Under a new management team, Gym Group is focusing on getting more out of its existing estate while selectively expanding into high-return locations.” “By 2028, The Gym Group could generate an additional £36m in EBITDA (post-rent) based on a 2024 base of £47.7m.” 🏃♀️
8. International Workplace Group (£IWG) – High Yield Landlord 🏢
Thesis: IWG is a flexible office provider. “We believe IWG offers more upside potential than ever. The investment case has only strengthened throughout 2025 due to one major catalyst: the rapid acceleration of artificial intelligence and its coming disruption of the office sector… We believe IWG could be a multi-bagger over the next five years as flexible offices go from niche to dominant.” 🚀
9. JD Sports Fashion Plc (£JD) – Saadiyat Capital 👟
Thesis: “JD Sports excels as a multi-brand retailer, offering premium athleisure, exclusive footwear, and outdoor gear through a seamless integration of physical stores and digital platforms, including “click-and-collect” services…Investment Recommendation: Buy. JD Sports’ stock, trading at 80.02p, offers 37.5% upside to a median analyst target of 110p (Financial Times, 2025).” 🛍️
10. JD Sports Fashion Plc (£JD) – SixSigmaCapital: Navigating the Financial Markets 🏃
Thesis: “JD Sports, is a British multinational retailer specialising in sports fashion and outdoor wear… They are leveraging the strengths of its core JD brand while also developing and integrating complementary businesses to enhance its market position and offer a diverse range of products and experiences to consumers worldwide… In my opinion stock is very cheap at 77 and I think stock has a pathway to get to 120-130 in next 12M which would still put it at a PE of 10 and still PEG of <1.” 💨
11. Jersey Electricity (£JEL) – Mahad’s Substack 💡
Thesis: “Jersey Electricity is the sole electricity supplier on the island of Jersey… This article examines JE’s business model, financials, growth plans, valuation, and key risks… Producing a fair value per share is £11.32, a margin of safety of 151% at current price of £4.51. This is slightly above book value per share of £10.49.” ⚡
12. Just Group plc (£JUST) – The Small Cap Strategist 👵👴
Thesis: “Just Group plc is a specialist UK financial services company focused on the retirement income market… Trades at ~0.58x its Tangible Net Asset Value (TNAV) of 254p per share, while its nearest peer (Legal & General) trades around book value… Trading at NAV would imply a doubling of the share price. TNAV is also expected to continue growing strongly… Consensus price targets of 165.00p to 219.00p imply 11% to 48% upside from current levels.” 💰
13. Pershing Square Holdings Ltd (£PSH) – Ocean Wall Research 💰
Thesis: “PSH, the closed-end investment vehicle managed by Bill Ackman, currently trades at £39.38, reflecting a substantial 32% discount to its net asset value (NAV) of £58.64… Pershing Square offers rare access to a carefully selected set of high-quality equities, actively managed by a proven investor, at a deeply discounted entry point… We believe this is one of the most attractive listed investment trusts in global markets.” 💎
14. OSB Group PLC (£OSB) – Felix Vanlangerode 🏡
Thesis: “OSB Group PLC is a UK specialist mortgage lender whose stock appears significantly undervalued relative to its intrinsic worth… we evaluate OSB’s business fundamentals, competitive position, management alignment, and financial strength, then estimate a conservative intrinsic value using Graham, Buffett, and Klarman-style frameworks. Finally, we identify an entry price with a 30–40% margin of safety and assess whether OSB represents a classic value opportunity or a potential value trap.” 🤔
15. Ramsden Holdings (£RFX) – Small Company Champion 💍
Thesis: “It sells second-hand jewellery, lends cash against gold, and trades currency to holidaymakers. And yet, it’s managed to turn that humble model into a cash-generating, dividend-paying, quietly compounding success… Ramsdens has delivered a performance that’s both technically impressive and fundamentally reassuring. It captures the rare combination of traditional business sensibility and forward-looking adaptability.” 🪙
16. Rockhopper (£RKH) – Alpha Ark 🛢️
Thesis: “Rockhopper Exploration (RKH) is a UK-based exploration and production (E&P) company with licenses in the Falkland Basin… We determined a target price of $4.58/share. The current share price of $0.63 implies a potential ~6.3x upside…” 🚀
17. Spectra Systems (£SPSY) – Jamie Ward of MoneyWeek 🔒
Thesis: “Spectra develops security and authentication technology, primarily for banknotes and secure documents. Central banks, government agencies and commercial customers simulate customers rely on its products to combat counterfeiting and fraud… The market seems not to have fully cottoned on to its potential. The shares aren’t trading at bargain-basement prices, admittedly, but they also don’t seem fully to capture the substantial growth that could lie ahead.” 📈
18. THG plc (£THG) – The Boon Fund 📦
Thesis: It is a British e-commerce retail company. “The enterprise value (EV) of THG is just under £600m. Sales in FY Dec24 (continuing operations) of £1.7bn. That gives an EV/Sales multiple of just 0.35x which sounds a massive bargain for what should be decent margin industries of Beauty, NFD, and eCommerce… I am now in at just below 24p, and think this can easily get over 40p within a year, and with a good chance of 60p within 24 months.” ✨
19. Trustpilot (£TRST) – Hidden Value Gems ⭐
Thesis: “Trustpilot is an open consumer review platform… The company is a unique business with strong network effects, capital light, widening moat, and subsidised marketing (i.e. businesses pay Trustpilot to use its logo in their ad campaigns… The market does not appreciate the inflexion in profitability that is taking place.” 📈
20. Water Intelligence PLC (£WATR) – Journeyman’s Investing Blog 💧
Thesis: “Non-invasive leak detection business primarily in the US but with UK and Ireland presence… Given that some of the net income is not yet visible in the numbers – I think they could make around $12m EBIT which would make them a $150m (£110m) company so upside of about 60% upside from here on… On balance I think it’s an OK idea – with good upside tempered with a number of questions which could turn it sour.” 🤔
21. Yü Group (£YU) – The Value Bandit’s Substack 💡
Thesis: “Yü is a UK-based utility provider focused on serving small and medium-sized businesses. It’s currently experiencing rapid growth at a time when much of the competition is distressed, and by most metrics, the company appears significantly undervalued.” 📊
22. Zegona Communications plc (£ZEG) – Norbury Capital 📶
Thesis: “Zegona is: a British listed investment vehicle that buys-fix-sells (Spanish) telecommunication assets… The core of the investment case is the redemption of the preference shares. As the fibrecos have advanced and made redemption more likely and likely, the share price has increased. An eventual acquisition by Telefonica is a nice extra for Zegona shareholders, but redemption of the preference shares is far more important.” 🇪🇸
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