- UK Investment Opportunities With AB Dynamics And 2 Other Stocks That May Be Trading Below Estimated Value
May 11, 2026
The United Kingdom's stock market has experienced recent fluctuations, with the FTSE 100 index closing lower amid concerns over weak trade data from China and its impact on commodity-dependent companies. In this environment of uncertainty, identifying undervalued stocks can present opportunities for investors seeking potential value plays.
Top 10 Undervalued Stocks Based On Cash Flows In The United Kingdom
Name Current Price Fair Value (Est) Discount (Est) Tristel (AIM:TSTL) £4.075 £7.55 46% RHI Magnesita (LSE:RHIM) £28.20 £54.32 48.1% Playtech (LSE:PTEC) £3.522 £6.58 46.5% Oxford Biomedica (LSE:OXB) £6.49 £11.80 45% Mitie Group (LSE:MTO) £1.749 £3.39 48.4% Lords Group Trading (AIM:LORD) £0.17125 £0.31 44.5% Fevertree Drinks (AIM:FEVR) £8.075 £14.92 45.9% Entain (LSE:ENT) £5.48 £10.14 46% Convatec Group (LSE:CTEC) £2.052 £4.02 49% Advanced Medical Solutions Group (AIM:AMS) £2.50 £4.84 48.3%
Click here to see the full list of 58 stocks from our Undervalued UK Stocks Based On Cash Flows screener.
Let's dive into some prime choices out of the screener.
AB Dynamics
Overview: AB Dynamics plc offers vehicle test development and verification products and services for driver assistance systems, with a market cap of £229.54 million.
Operations: The company's revenue is derived from three main segments: Simulation (£22.30 million), Testing Products (£67.80 million), and Testing Services (£15.40 million).
Estimated Discount To Fair Value: 37.3%
AB Dynamics is trading at 37.3% below its estimated fair value, with shares priced at £10 compared to a future cash flow value of £15.94. Despite reporting a net loss of £12.2 million for the half year ending February 2026, the company maintains a strong net cash position of £39.3 million, supporting potential acquisitions and investments in profitable, cash-generative businesses as part of its strategic growth initiatives.
In light of our recent growth report, it seems possible that AB Dynamics' financial performance will exceed current levels. Unlock comprehensive insights into our analysis of AB Dynamics stock in this financial health report.AIM:ABDP Discounted Cash Flow as at May 2026
Victorian Plumbing Group
Overview: Victorian Plumbing Group plc is an online retailer specializing in bathroom products and accessories for both B2C and trade customers in the United Kingdom, with a market cap of £265.21 million.
Operations: The company's revenue is primarily derived from its online retail segment, generating £310 million.
Estimated Discount To Fair Value: 36.4%
Victorian Plumbing Group is trading at £0.81, significantly below its estimated future cash flow value of £1.27. Despite a history of unstable dividends and recent insider selling, the company shows potential with forecasted earnings growth of 12.9% annually, outpacing the UK market average. Recent leadership changes include Stephnie Judge's appointment as CEO, succeeding founder Mark Radcliffe, which may influence strategic direction positively given her role in past successful initiatives.
Story Continues
The growth report we've compiled suggests that Victorian Plumbing Group's future prospects could be on the up. Navigate through the intricacies of Victorian Plumbing Group with our comprehensive financial health report here.AIM:VIC Discounted Cash Flow as at May 2026
Young's Brewery
Overview: Young & Co.'s Brewery, P.L.C. operates and manages pubs and hotels in the United Kingdom with a market cap of £444.32 million.
Operations: Young & Co.'s Brewery, P.L.C. generates revenue through its operation and management of pubs and hotels across the United Kingdom.
Estimated Discount To Fair Value: 18.4%
Young & Co.'s Brewery, P.L.C. is trading at £7.81, below its estimated future cash flow value of £9.57, reflecting an 18.4% discount to fair value estimates. Recent revenue growth of 4.6% and like-for-like sales increase support its potential despite a low forecasted return on equity of 5.3%. Earnings are expected to grow significantly at 36.1% annually over the next three years, outpacing the UK market's average growth rate.
According our earnings growth report, there's an indication that Young's Brewery might be ready to expand. Delve into the full analysis health report here for a deeper understanding of Young's Brewery.LSE:YNGA Discounted Cash Flow as at May 2026
Where To Now?
Click this link to deep-dive into the 58 companies within our Undervalued UK Stocks Based On Cash Flows screener. Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools. Streamline your investment strategy with Simply Wall St's app for free and benefit from extensive research on stocks across all corners of the world.
Want To Explore Some Alternatives?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AIM:ABDP AIM:VIC and LSE:YNGA.
This article was originally published by Simply Wall St.
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- Amadeus Expands AI And Biometrics Platform As Investors Weigh Valuation
May 10, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
Amadeus IT Group (BME:AMS) plans to acquire Idemia Public Security to expand its biometrics technology platform. The company is increasing investment in artificial intelligence to strengthen its travel technology solutions. These moves come as the travel sector faces challenging geopolitical conditions.
Amadeus IT Group, trading at €51.78, is repositioning its travel tech offering around AI and biometrics at a time when the stock has seen mixed recent performance. The share price is up 5.7% over the past week and 2.5% over the past month, but returns over 1 year, 3 years and 5 years are negative. For investors tracking BME:AMS, the planned Idemia Public Security acquisition and AI initiatives are key developments to consider alongside that track record.
The focus on biometrics and AI indicates that Amadeus is seeking to broaden and deepen its core travel technology platform. For investors, key points of attention include the pace of integration of these assets, their impact on the company’s relationships with airlines, airports and travel agencies, and the extent to which they influence the longer term performance profile of the stock.
Stay updated on the most important news stories for Amadeus IT Group by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Amadeus IT Group.BME:AMS Earnings & Revenue Growth as at May 2026
📰 Beyond the headline: 3 risks and 5 things going right for Amadeus IT Group that every investor should see.
Investor Checklist
Quick Assessment
✅ Price vs Analyst Target: At €51.78, the stock trades about 23% below the €67.01 analyst price target. ⚖️ Simply Wall St Valuation: The shares are described as trading close to estimated fair value. ✅ Recent Momentum: The 30 day return is roughly 2.5%, suggesting modest positive short term momentum.
There is only one way to know the right time to buy, sell or hold Amadeus IT Group: head to Simply Wall St's company report for the latest analysis of Amadeus IT Group's Fair Value.
Key Considerations
📊 The push into AI and biometrics, including the planned Idemia Public Security acquisition, directly ties the investment case to adoption of these technologies across airlines and airports. 📊 Watch how the €51.78 price evolves relative to the €67.01 target, the Hospitality industry P/E of 15.24 versus Amadeus at 16.70, and any updates on AI and biometrics deployment milestones. ⚠️ Key risks flagged include high debt and an unstable dividend record, which could matter if geopolitical conditions pressure travel volumes or delay integration benefits.
Story Continues
Dig Deeper
For the full picture including more risks and rewards, check out the complete Amadeus IT Group analysis. Alternatively, you can check out the community page for Amadeus IT Group to see how other investors believe this latest news will impact the company's narrative.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AMS.MC.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- UK Stocks That May Be Trading Below Their Estimated Value In May 2026
May 7, 2026
The United Kingdom's stock market, particularly the FTSE 100, has recently experienced a downturn influenced by weak trade data from China and declining commodity prices. As investors navigate these challenging conditions, identifying stocks that may be undervalued becomes increasingly important; such stocks often present opportunities when their intrinsic value is not fully reflected in their current trading price.
Top 10 Undervalued Stocks Based On Cash Flows In The United Kingdom
Name Current Price Fair Value (Est) Discount (Est) Tristel (AIM:TSTL) £4.10 £7.54 45.7% RHI Magnesita (LSE:RHIM) £27.75 £54.16 48.8% Playtech (LSE:PTEC) £3.512 £6.59 46.7% Mitie Group (LSE:MTO) £1.725 £3.39 49% M&G (LSE:MNG) £3.053 £6.04 49.5% Eurocell (LSE:ECEL) £1.115 £2.06 45.9% Entain (LSE:ENT) £5.33 £10.04 46.9% Convatec Group (LSE:CTEC) £2.13 £4.05 47.4% Anglo Asian Mining (AIM:AAZ) £2.60 £5.10 49% Advanced Medical Solutions Group (AIM:AMS) £2.475 £4.83 48.8%
Click here to see the full list of 61 stocks from our Undervalued UK Stocks Based On Cash Flows screener.
Let's explore several standout options from the results in the screener.
Computacenter
Overview: Computacenter plc is a technology and services provider for corporate and public sector organizations across the UK, Germany, Western Europe, North America, and internationally, with a market cap of £4.08 billion.
Operations: The company's revenue from Computer Services amounts to £9.19 billion.
Estimated Discount To Fair Value: 20%
Computacenter is trading at £38.84, below its estimated future cash flow value of £48.53, suggesting undervaluation based on cash flows. Despite a decline in net income to £153.7 million for 2025 from the previous year, revenue increased significantly to £9.19 billion from £6.96 billion. Earnings growth is projected at 11.77% annually, outpacing the UK market's average but with lower profit margins than last year and notable insider selling recently observed.
Our growth report here indicates Computacenter may be poised for an improving outlook. Click here to discover the nuances of Computacenter with our detailed financial health report.LSE:CCC Discounted Cash Flow as at May 2026
Coats Group
Overview: Coats Group plc provides essential materials, components, and software solutions for the apparel and footwear industries across Europe, the Middle East, Africa, the Americas, and Asia with a market cap of approximately £1.65 billion.
Operations: The company's revenue segments include $768.70 million from apparel, $440 million from footwear, and $256.20 million from performance materials.
Estimated Discount To Fair Value: 42.7%
Coats Group is trading at £0.86, below its estimated future cash flow value of £1.5, indicating undervaluation based on cash flows. The company reported a rise in net income to US$103.4 million for 2025 from US$80.1 million the previous year, with revenue growth projected at 7.2% annually, surpassing the UK market average of 4.1%. However, Coats faces challenges with a high debt level and an unstable dividend track record despite recent increases.
Story Continues
Our earnings growth report unveils the potential for significant increases in Coats Group's future results. Take a closer look at Coats Group's balance sheet health here in our report.LSE:COA Discounted Cash Flow as at May 2026
Experian
Overview: Experian plc is a data and technology company operating in regions including North America, Latin America, the UK, Europe, and Asia Pacific with a market cap of approximately £23.96 billion.
Operations: The company's revenue is divided into Consumer Services, generating $2.15 billion, and Business-To-Business, contributing $5.81 billion.
Estimated Discount To Fair Value: 33.9%
Experian is trading at £26.74, significantly below its estimated future cash flow value of £40.47, highlighting potential undervaluation. Recent innovations like Experian Agent Trust and integrations with platforms such as Snapchat and ChatGPT enhance its identity verification and financial education capabilities. Despite a high debt level, Experian's earnings are forecast to grow 12.19% annually, outpacing the UK market average of 11.8%, supported by robust revenue growth projections of 7.5%.
Our comprehensive growth report raises the possibility that Experian is poised for substantial financial growth. Click to explore a detailed breakdown of our findings in Experian's balance sheet health report.LSE:EXPN Discounted Cash Flow as at May 2026
Where To Now?
Access the full spectrum of 61 Undervalued UK Stocks Based On Cash Flows by clicking on this link. Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive. Unlock the power of informed investing with Simply Wall St, your free guide to navigating stock markets worldwide.
Seeking Other Investments?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include LSE:CCC LSE:COA and LSE:EXPN.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- ams OSRAM Delivers Strong Q1 Results, Enters AI Market Through a Development Agreement With a Leading AI Photonics Customer and Sees Path to Positive Free Cash Flow in 2027
May 7, 2026
PREMSTÄTTEN, Austria and MUNICH, May 07, 2026--(BUSINESS WIRE)--ams OSRAM (SWX:AMS):
Key Performance Figures Q1/26:
Revenues EUR 796 m, 16.5 % adj. EBITDA margin, in/at the upper half/end of guidance range +9 % year-on-year like-for-like growth in the semiconductor core portfolio at constant FX Free cash flow of EUR 37 m (including disposal proceeds) ‘Simplify’ efficiency & transformation program delivered first savings
Digital Photonics Strategy Progress:
Augmented Reality smart glasses: full portfolio value proposition outlined, with up to approx. EUR 50 to 100 content per device subject to volume and product lifecycle AI Photonics: development agreement signed with a leading AI data‑center infrastructure partner to advance commercialization of our Digital-Photonics technologies for optical interconnects; product-development initiated Divestment: sale of Entertainment & Industrial lamps business to Ushio Inc. successfully closed; closing of sale of non-optical sensor business to Infineon expected mid-year (unchanged)
Outlook Q2/26
Q2/26:Revenues expected EUR 725 m to 825 m; adj. EBITDA margin of 15.5 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.17, reflecting a stronger-than-normal seasonal uplift in the semiconductor business, together with the full deconsolidation of the Specialty Lamps business.
Comments on FY26
FY26: Outlook unchanged; revenue slightly lower due to divestments and FX; temporary pressure on adjusted EBITDA impacted by transition year 2026 one‑offs; Free Cash Flow above EUR 300 m incl. divestment proceeds, repayment of customer prepayments and a strong reduction of factoring. FY27: a path to positive Free Cash Flow in sight (including net interest and excluding divestments).
"We delivered a strong start into the year. Securing a development agreement with a leading commercialization partner for AI photonics solutions for AI data centers marks another important milestone, clearly demonstrating that our transformation to create the leader in Digital Photonics is gaining momentum. At the same time, we are rapidly completing our portfolio to become the decisive enabler for next generation, AI powered augmented reality smart glasses," said Aldo Kamper, CEO of ams OSRAM.
Q1/26 Business and Earnings Summary
EUR millions (except per share data) Q1 2026 Q4 2025 QoQ Q1 2025 YoY Revenues 796 874 -9 % 820 -3 % EBITDA margin adj. %1) 16.5 % 18.4 % -190 bps 16.4 % +10 bps EBITDA adj.1) 131 161 -19 % 135 -3 % Net result adj.1) -72 35 n.m.2) -23 n.m. Diluted EPS (adj., in EUR) -0.74 0.35 n.m. -0.23 n.m.
1) Adjusted for microLED strategy adaption expenses, M&A-related, other transformation and share-based compensation costs, results from investments in associates and sale of businesses. 2) n.m. = not meaningful due to sign change.
In Q1, group revenues reached EUR 796 million, coming in well within the upper half of the guided range. Revenues declined 9 % quarter-on-quarter, reflecting normal seasonality and the partial deconsolidation of the Specialty Lamps business following its sale to Ushio Inc.
Story Continues
Year-on-year, group revenues decreased slightly due to FX headwinds, the exit of non-core semiconductor activities ("Re-Establish the Base") and the divestment of the Specialty Lamps business. At a constant EUR/USD exchange rate and on a like-for-like basis, revenues from the core portfolio increased by approximately 8 %.
Adj. EBITDA margin was 16.5 % at the upper end of the guided range, with adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) of EUR 131 million.
The Adj. net result amounted to EUR minus 72 million, reflecting higher net financing cost that are strongly driven by a negative valuation change of the call premium embedded in the outstanding Senior Notes besides recurring quarterly transformation-related charges, purchase price allocation and share-based compensation.
Q1/26 - Digital Photonics: Progress Update
Digital Photonics is the core driver of the Company’s long‑term growth strategy, combining advanced, pixelated emitters, sensors and electronics to digitally controlled light emission and optical sensing. This technology enables dynamic lighting, light‑based sensing, projection, directed energy and high‑speed data communication.
In Q1 2026, the Company made further progress in executing its Digital Photonics strategy:
In AI Photonics, advanced highly parallel micro‑emitter array‑based optical interconnects represent a promising growth opportunity for AI data centers. The Company recently demonstrated a prototype and entered into a development agreement with a leading AI photonics industry partner to advance commercialization. These so‑called "slow and wide" optical interconnects offer attractive advantages in power efficiency, thermal management, reliability and system scalability. In Augmented Reality, AI‑enabled smart glasses constitute a major growth opportunity. The Company aims to provide critical system components that enable advanced use cases while improving everyday usability. The Company estimates a total content opportunity of approximately EUR 50 to 100 per smart glass subject to volume and product life cycle. The company is already supplying various portfolio components into smart glasses currently in the market.
Q1/26 Cash Generation & Balance Sheet Update
Free cash flow– defined as operating cash flow including net interest paid minus cash flow from CAPEX after grants plus proceeds from divestments – came in positive with EUR 37 million, driven by the cash proceeds from divesting the Specialty Lamps business. A year ago, this figure stood at minus EUR 28 million.
Under its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April 2025), the company has entered into multiple/various divestment agreements. These include the sale of its Entertainment & Industry (‘Specialty’) Lamps business to Ushio Inc., signed on 29 July 2025, and the divestment of its non-optical mixed-signal sensor business to Infineon, signed on 3 February 2026.
In total, the company expects therefore approx. EUR 670 million proceeds, of which around EUR 90 million were received in early March 2026 following the closing of the Specialty Lamps transaction to Ushio Inc.
EUR millions Q1 2026 Q4 2025 QoQ Q1 2025 YoY FCF (incl. net interest paid, adj.)1) 37 1441) -74 % -28 n.m.3) Cash on hand 1,317 1,483 -11 % 573 +130 % Net debt 1,071 1,078 -1 % 1,484 -28 % Kulim-2 SLB (Sale-and-Lease-Back) 454 440 +3 % 430 +6 % Net debt (incl. SLB) 1,525 1,518 +1 % 1,914 -20 % OSRAM minority put options2) 495 505 -2 % 570 -13 %
1) In Q4 2025, IFRS reported FCF stood at EUR 535 million containing an extraordinary inflow from changing the pension trustee according to IAS19 2) Liability as part of ‘other financial liabilities’ 3) n.m. = not meaningful due to sign change.
As of 31 March 2026, the company held cash and cash equivalents of EUR 1,317 million.
The net debt position remained broadly stable at EUR 1,071 million at the end of Q1/26, compared to EUR 1,078 million at the end of Q4/25. The equivalent value of the Malaysia sale-and-leaseback (SLB) Malaysia transaction increased by EUR 14 million, reflecting the net effect of quarterly accrued interest and movements in the MYR exchange rate.
At the end of Q1/26, the Group held approx. 88 % of the shares of OSRAM Licht AG.
Q1/26 Business Unit (BU) Results & Industry Update
Semiconductor Business
Semiconductor revenues amounted to EUR 551 million in Q1 2026, compared to EUR 571 million a year ago. The core portfolio continued to grow, supported by custom sensor products that were introduced two years ago, which largely offset the impact from divested or discontinued non‑core activities. On a comparable basis, semiconductor growth was approx. 9 %, adjusting for the EUR/USD headwind (approx. EUR 46 million) and the phased‑out non‑core portfolio.
EUR millions Q1 2026 Q4 2025 QoQ Q1 2025 YoY Opto Semiconductors (OS) Revenue 327 330 -1 % 336 -3 % EBITDA margin adj. % 16.8 % 21.9 % -510 bps 14.7 % +210 bps EBITDA adj. 55 72 -24 % 49 +12 % CMOS Sensors & ASICs (CSA) Revenue 224 265 -16 % 236 -5 % EBITDA margin adj. % 10.9 % 16.1 % -520 bps 13.8 % -290 bps EBITDA adj. 24 42 -43 % 32 -25 % Semiconductors by industry Automotive 217 219 -1 % 225 -4 % I&M 156 175 -11 % 141 +11 % Consumer 178 202 -12 % 206 -14 % Total Semiconductors (sum) 551 595 -7 % 571 -4 %
Optical Semiconductors (OS)
In OS, the typical seasonal downswing into the first quarter was softer than usual. January started weak, but demand in February and March rebounded meaningfully, consistent with some degree of supply‑chain re‑stocking amid continued macro uncertainty, while short-term ordering patterns remained the norm, especially in automotive. Year-on-year, the positive development is hidden by the weaker USD. Adj. EBITDA decreased to EUR 55 million from EUR 72 million in Q4 reflecting among other items FX headwinds and precious metal prices. Year-on-year, adj. EBITDA improved due to higher production volumes which are masked in revenues by FX headwinds.
CMOS Sensors & ASICs (CSA):
CSA revenues declined to EUR 224 million from EUR 265 million in Q4/25, driven mainly by seasonality across the consumer portfolio. Profitability moved largely in line with revenue fall-through, with adjusted EBITDA at EUR 24 million versus EUR 42 million in Q4/25. Year-on-year, adj. EBITDA came in lower due to higher R&D expenses to fund growth projects and FX headwinds.
Semiconductors industry dynamics
Automotive:
Automotive revenues were broadly stable quarter‑on‑quarter, as the typical seasonal slowdown was largely offset by a modest reacceleration in orders over the course of the quarter, while customers continued to order on very short notice. Year‑on‑year, Automotive declined moderately by 4 % due to FX headwinds. Regionally, China remained the most competitive market amid intense OEM competition, while demand in other regions held up well.
Industrial & Medical (I&M):
I&M revenues decreased quarter‑on‑quarter to EUR 156 million, reflecting normal seasonality — including especially horticulture reaching its typical seasonal low — and a still cautious ordering pattern. Year‑on‑year, I&M increased by 11 %, supported by a continued stabilization across end markets and a gradual recovery in industrial automation and medical equipment demand.
Consumer:
Consumer revenues declined seasonally to EUR 178 million from EUR 202 million in Q4/25, consistent with the typical first‑quarter downturn. Demand for custom products remained solid, while business in the classic sensor portfolio for premium Asian smartphones remained within expectations. Year‑on‑year, revenues decreased only due to the exit of non-core portfolio products and FX headwinds.
Mass market:
Mass market was improving with strong book-to-bill, showing healthy inventory levels, whilst Europe and the Americas delivered relatively stronger performance compared with China.
Lamps & Systems Business (L&S, traditional auto & industrial lamps):
Lamps & Systems accounted for approx. 31 % of Group revenues in Q1/26. Against the backdrop of deconsolidation of one month of the Specialty Lamps revenues, revenues declined by 13 % quarter-on-quarter, broadly reflecting seasonality. The seasonal downturn was partially mitigated by stronger‑than‑usual market‑share gains.
EUR millions Q1 2026 Q4 2025 QoQ Q1 2025 YoY Revenue 244 280 -13 % 249 -2 % EBITDA margin adj. % 22.8 % 18.2 % +460 bps 24.5 % -170 bps EBITDA adj. 56 51 +10 % 61 -8 %
Adj. EBITDA increased to EUR 56 million from EUR 51 million in Q4 2025, driven by a favorable product mix, strong aftermarket contribution and operational leverage, more than offsetting lower volumes and the one-month deconsolidation effect. As a result, the adjusted EBITDA margin improved sequentially by 460 basis points to 22.8 %.
Guidance for the second quarter 2026
Business guidance
EUR millions Q2 2026 low mid high Revenue 725 775 825 quarter-on-quarter -9 % -3 % +4 % EBITDA margin adj. % 14.0 % 15.5 % 17.0 %
For its traditional automotive lamps business, the Company expects a quarter‑on‑quarter revenue decline in line with the typical seasonal pattern of the aftermarket lighting business, combined with the full deconsolidation of the Specialty Lamps business, partially compensated by market share gains as a consequence of a major competitor’s weakness.
For its semiconductor business, the Company expects:
Automotive: strengthening demand as the quarter progresses, while short-term ordering patterns remain the norm. Industrial & Medical: continued gradual market recovery, supported by partial re-stocking. Consumer: a typical seasonal downturn.
Overall, the semiconductor business is expected to improve sequentially – reflecting a stronger-than-normal seasonal uplift.
As a result, the Group expects second quarter revenues in a range of EUR 725 to 825 million assuming a EUR/USD exchange rate of 1.17. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 25 million.
The company expects adj. EBITDA to come in at 15.5 % +/-1.5 % in line with revenue development.
Comments on FY26
Expectations for the full year remain unchanged. In light of the divestments and a weaker USD, the company anticipates a modest year-on-year softening in revenue. Adjusted EBITDA is expected to be negatively affected by various one-off impacts, including effects related to divestments, stranded costs, higher precious-metal prices and other temporary factors.
Free Cash Flow is expected to be above EUR 300 m in FY26 including divestments. Excluding divestments, Free Cash Flow is expected to be significantly negative, mainly due to the reduction of factoring, repayment of customer prepayment and temporary transition effects.
For FY27, the company anticipates a return to positive Free Cash Flow (including net interest, excluding divestments).
Additional Information
Additional financial information as well as a comprehensive investor presentation for the first quarter 2026 is available on the company website.
ams OSRAM will host a press call as well as a conference call for analysts and investors on the first quarter 2026 results on Thursday, 07 May 2026. The conference call for analysts and investors will start at 9:45 a.m. CET and can be joined via webcast. The conference call for journalists will take place at 11:00 a.m. CET.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260506802092/en/
Contacts
Investor Relations
ams-OSRAM AG
Dr Juergen Rebel
Senior Vice President
Investor Relations
T: +43 3136 500-0
investor@ams-osram.com
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- ams OSRAM Delivers Strong Q1 Results, Enters AI Market Through a Development Agreement With a Leading AI Photonics Customer and Sees Path to Positive Free Cash Flow in 2027
May 7, 2026 · businesswire.com
PREMSTÄTTEN, Austria and MUNICH--(BUSINESS WIRE)--ams OSRAM (SWX:AMS): Key Performance Figures Q1/26: Revenues EUR 796 m, 16.5 % adj. EBITDA margin, in/at the upper half/end of guidance range +9 % year-on-year like-for-like growth in the semiconductor core portfolio at constant FX Free cash flow of EUR 37 m (including disposal proceeds) ‘Simplify' efficiency & transformation program delivered first savings Digital Photonics Strategy Progress: Augmented Reality smart glasses: full portfolio.
- AMS OSRAM DELIVERS STRONG Q1 RESULTS, ENTERS AI MARKET THROUGH A DEVELOPMENT AGREEMENT WITH A LEADING AI PHOTONICS CUSTOMER AND SEES PATH TO POSITIVE FREE CASH FLOW IN 2027
May 7, 2026
PREMSTÄTTEN, AUSTRIA AND MUNICH--(BUSINESS WIRE)--AMS OSRAM (SWX:AMS): KEY PERFORMANCE FIGURES Q1/26: REVENUES EUR 796 M, 16.5 % ADJ. EBITDA MARGIN, IN/AT THE UPPER HALF/END OF GUIDANCE RANGE +9 % YEAR-ON-YEAR LIKE-FOR-LIKE GROWTH IN THE SEMICONDUCTOR CORE PORTFOLIO AT CONSTANT FX FREE CASH FLOW OF EUR 37 M (INCLUDING DISPOSAL PROCEEDS) ‘SIMPLIFY' EFFICIENCY & TRANSFORMATION PROGRAM DELIVERED FIRST SAVINGS DIGITAL PHOTONICS STRATEGY PROGRESS: AUGMENTED REALITY SMART GLASSES: FULL PORTFOLIO.
- 3 UK Stocks Estimated To Be Trading At Discounts Of Up To 39.4%
May 4, 2026
The United Kingdom's stock market has recently faced challenges, with the FTSE 100 index closing lower due to weak trade data from China, highlighting concerns over global economic recovery. In such an environment, identifying undervalued stocks can be crucial for investors seeking opportunities amidst broader market uncertainties.
Top 10 Undervalued Stocks Based On Cash Flows In The United Kingdom
Name Current Price Fair Value (Est) Discount (Est) Transense Technologies (AIM:TRT) £0.585 £1.09 46.1% Skillcast Group (AIM:SKL) £0.47 £0.93 49.3% RHI Magnesita (LSE:RHIM) £27.25 £52.84 48.4% Mitie Group (LSE:MTO) £1.717 £3.26 47.3% M&G (LSE:MNG) £3.054 £5.71 46.5% James Fisher and Sons (LSE:FSJ) £4.89 £9.18 46.7% GB Group (LSE:GBG) £2.149 £3.96 45.7% FDM Group (Holdings) (LSE:FDM) £1.08 £2.14 49.5% Eurocell (LSE:ECEL) £1.015 £2.00 49.3% Advanced Medical Solutions Group (AIM:AMS) £2.40 £4.43 45.8%
Click here to see the full list of 55 stocks from our Undervalued UK Stocks Based On Cash Flows screener.
Here we highlight a subset of our preferred stocks from the screener.
Polar Capital Holdings
Overview: Polar Capital Holdings plc is a publicly owned investment manager with a market cap of £656.66 million.
Operations: The company's revenue is primarily derived from its Investment Management Business, totaling £228.77 million.
Estimated Discount To Fair Value: 24%
Polar Capital Holdings is trading at £6.89, significantly below its estimated future cash flow value of £9.07, indicating it may be undervalued based on cash flows. The stock is 24% below its fair value estimate and earnings are projected to grow significantly by 21.67% annually over the next three years, outpacing the UK market's growth rate of 12.2%. However, its dividend yield of 6.68% isn't well covered by earnings or free cash flows.
Our comprehensive growth report raises the possibility that Polar Capital Holdings is poised for substantial financial growth. Delve into the full analysis health report here for a deeper understanding of Polar Capital Holdings.AIM:POLR Discounted Cash Flow as at May 2026
Bridgepoint Group
Overview: Bridgepoint Group plc is a private equity and private credit firm focusing on middle market to small cap investments, including growth capital and buyouts, with a market cap of approximately £2.26 billion.
Operations: The company's revenue segments consist of £84.50 million from Credit, £17.80 million from Central, £178 million from Infrastructure, and £311.80 million from Private Equity.
Estimated Discount To Fair Value: 39.4%
Bridgepoint Group is trading at £2.57, significantly below its estimated future cash flow value of £4.24, suggesting potential undervaluation based on cash flows. Despite a recent decline in profit margins to 6.6% from 15.2%, earnings are forecast to grow significantly by 38.7% annually, surpassing the UK market's growth rate of 12.2%. However, the dividend yield of 3.66% is not well covered by earnings, and return on equity is expected to remain low at 19.5%.
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Insights from our recent growth report point to a promising forecast for Bridgepoint Group's business outlook. Dive into the specifics of Bridgepoint Group here with our thorough financial health report.LSE:BPT Discounted Cash Flow as at May 2026
QinetiQ Group
Overview: QinetiQ Group plc offers science and technology solutions in the defense, security, and infrastructure sectors across the United Kingdom, the United States, Australia, and internationally with a market capitalization of £2.31 billion.
Operations: The company's revenue is derived from two main segments: EMEA Services, contributing £1.47 billion, and Global Solutions, accounting for £417 million.
Estimated Discount To Fair Value: 24.4%
QinetiQ Group is trading at £4.43, below its estimated future cash flow value of £5.85, highlighting potential undervaluation based on cash flows. Revenue growth is projected at 5.4% annually, outpacing the UK market's 4.4%. Expected to become profitable within three years with a strong earnings growth forecast of 77.33% per year, QinetiQ also trades at a notable discount to fair value estimates and has high anticipated return on equity in three years (30.2%).
Our expertly prepared growth report on QinetiQ Group implies its future financial outlook may be stronger than recent results. Take a closer look at QinetiQ Group's balance sheet health here in our report.LSE:QQ. Discounted Cash Flow as at May 2026
Taking Advantage
Gain an insight into the universe of 55 Undervalued UK Stocks Based On Cash Flows by clicking here. Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes. Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AIM:POLR LSE:BPT and LSE:QQ..
This article was originally published by Simply Wall St.
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- UK Stocks Estimated To Be Trading Below Intrinsic Value In April 2026
Apr 30, 2026
As the FTSE 100 index experiences pressure from weak trade data out of China, reflecting challenges in global demand and commodity markets, investors are increasingly focused on identifying opportunities that may be trading below their intrinsic value. In such a fluctuating environment, understanding fundamental valuations becomes crucial for discerning stocks that could offer potential upside when market conditions stabilize.
Top 10 Undervalued Stocks Based On Cash Flows In The United Kingdom
Name Current Price Fair Value (Est) Discount (Est) RHI Magnesita (LSE:RHIM) £26.20 £52.24 49.8% NWF Group (AIM:NWF) £1.28 £2.28 43.9% Mitie Group (LSE:MTO) £1.701 £3.25 47.7% M&G (LSE:MNG) £2.992 £5.55 46.1% Lords Group Trading (AIM:LORD) £0.1725 £0.31 44.3% James Fisher and Sons (LSE:FSJ) £4.51 £8.94 49.6% GB Group (LSE:GBG) £2.11 £3.97 46.8% Fevertree Drinks (AIM:FEVR) £8.17 £15.03 45.7% Eurocell (LSE:ECEL) £1.05 £2.03 48.3% Advanced Medical Solutions Group (AIM:AMS) £2.47 £4.41 44%
Click here to see the full list of 53 stocks from our Undervalued UK Stocks Based On Cash Flows screener.
Let's uncover some gems from our specialized screener.
Tristel
Overview: Tristel plc develops, manufactures, and sells infection prevention products across the United Kingdom, Australia, Germany, Western Europe, and internationally with a market cap of £190.53 million.
Operations: The company's revenue is primarily derived from Hospital Medical Device Decontamination (£43.36 million) and Hospital Environmental Surface Disinfection (£4.30 million).
Estimated Discount To Fair Value: 42.5%
Tristel's recent earnings report showed a significant increase in net income to £3.95 million from £2.73 million, while sales rose to £25.65 million. The stock is trading 42.5% below its estimated fair value and is undervalued based on discounted cash flow analysis, with a current price of £3.98 against an estimated future cash flow value of £6.91. Despite an unstable dividend track record, earnings are forecasted to grow faster than the UK market at 14.7% annually.
Our comprehensive growth report raises the possibility that Tristel is poised for substantial financial growth. Unlock comprehensive insights into our analysis of Tristel stock in this financial health report.AIM:TSTL Discounted Cash Flow as at Apr 2026
Kainos Group
Overview: Kainos Group plc provides digital technology services across the United Kingdom, Ireland, the Americas, Central Europe, and internationally with a market cap of £966 million.
Operations: The company generates revenue through three main segments: Digital Services (£203.43 million), Workday Products (£76.28 million), and Workday Services (£100.56 million).
Story Continues
Estimated Discount To Fair Value: 21%
Kainos Group is trading at £8.28, below its estimated future cash flow value of £10.48, suggesting undervaluation based on discounted cash flow analysis. The stock also trades 21% below fair value estimates, with earnings forecasted to grow at 19.5% annually—outpacing the UK market's growth rate of 12.1%. However, profit margins have declined from last year's 14% to 8.1%, and the dividend yield of 3.49% is not well covered by earnings.
Our earnings growth report unveils the potential for significant increases in Kainos Group's future results. Click here and access our complete balance sheet health report to understand the dynamics of Kainos Group.LSE:KNOS Discounted Cash Flow as at Apr 2026
Norcros
Overview: Norcros plc, with a market cap of £253.40 million, designs and supplies bathroom and kitchen products in the United Kingdom, Ireland, and South Africa.
Operations: The company generates revenue of £370.50 million from its Building Products segment, focusing on bathroom and kitchen solutions across the UK, Ireland, and South Africa.
Estimated Discount To Fair Value: 43%
Norcros is priced at £2.82, significantly below its estimated future cash flow value of £4.94, indicating undervaluation by more than 20%. The company's earnings are forecasted to grow substantially at over 20% annually, surpassing the UK market's growth rate. Recent guidance projects a revenue increase to approximately £393 million for the fiscal year ending April 2026. However, an unstable dividend history and large one-off items affect financial clarity.
Our expertly prepared growth report on Norcros implies its future financial outlook may be stronger than recent results. Get an in-depth perspective on Norcros' balance sheet by reading our health report here.LSE:NXR Discounted Cash Flow as at Apr 2026
Key Takeaways
Gain an insight into the universe of 53 Undervalued UK Stocks Based On Cash Flows by clicking here. Hold shares in these firms? Setup your portfolio in Simply Wall St to seamlessly track your investments and receive personalized updates on your portfolio's performance. Enhance your investing ability with the Simply Wall St app and enjoy free access to essential market intelligence spanning every continent.
Ready To Venture Into Other Investment Styles?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AIM:TSTL LSE:KNOS and LSE:NXR.
This article was originally published by Simply Wall St.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Is Amadeus IT Group (BME:AMS) Starting To Look Attractive After A 27% One-Year Slide?
Apr 25, 2026
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.
Wondering if Amadeus IT Group at €50.18 is starting to look like value or still has room to fall further? This article walks through the key signals investors are watching. The stock has recently seen a 7.9% decline over the past week, a 1.0% decline over the past month, and is down 20.0% year to date and 27.1% over the last year, which can change how the market is pricing risk and potential reward. These moves come as investors reassess the broader travel and hospitality sector, with sentiment shifting as expectations around demand, competition and cost pressures continue to evolve. For Amadeus IT Group, this context matters because it shapes how the current share price compares with what the underlying business may be worth. Right now, Amadeus IT Group has a valuation score of 5/6. This will be unpacked using a range of traditional valuation approaches before finishing with a different way to think about whether the stock really offers good value.
Find out why Amadeus IT Group's -27.1% return over the last year is lagging behind its peers.
Approach 1: Amadeus IT Group Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow, or DCF, model takes projections of a company’s future cash flows and discounts them back into today’s euros, aiming to estimate what the entire business could be worth right now.
For Amadeus IT Group, the model used is a 2 Stage Free Cash Flow to Equity approach, based on cash flows available to shareholders. The latest twelve month free cash flow is about €1.41b. Simply Wall St uses analyst inputs where available for the coming years, then extends those projections further out, with free cash flow estimates running to 2035, including a projected €1.76b in 2030.
When all those forecast cash flows are discounted back to today, the DCF model points to an estimated intrinsic value of €51.58 per share. Compared with the current share price of €50.18, this suggests the stock is about 2.7% undervalued, which is a small gap and well within a normal margin of error for this type of model.
Result: ABOUT RIGHT
Amadeus IT Group is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act.AMS Discounted Cash Flow as at Apr 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Amadeus IT Group.
Approach 2: Amadeus IT Group Price vs Earnings
For a profitable business, the P/E ratio is often the simplest way to connect what you pay for each share with the earnings that back it. It gives you a quick sense of how many euros the market is willing to pay for each euro of current earnings.
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What counts as a “normal” or “fair” P/E depends on what investors expect for future growth and how risky those earnings are. Higher expected growth or lower perceived risk can justify a higher P/E, while slower expected growth or higher risk usually points to a lower one.
Amadeus IT Group currently trades on a P/E of 16.19x. That sits below the Hospitality industry average of 19.75x and also below the peer group average of 19.72x. Simply Wall St’s “Fair Ratio” for the stock is 19.99x, which is the P/E level implied by factors such as Amadeus IT Group’s earnings growth profile, profit margins, industry, market cap and risk characteristics.
This Fair Ratio can be more useful than a straight comparison with peers because it adjusts for those company specific features rather than relying only on broad group averages. Set against the current 16.19x, the Fair Ratio of 19.99x points to the shares trading below that model derived level.
Result: UNDERVALUEDBME:AMS P/E Ratio as at Apr 2026
P/E ratios tell one story, but what if the real opportunity lies elsewhere? Start investing in legacies, not executives. Discover our 97 top founder-led companies.
Upgrade Your Decision Making: Choose your Amadeus IT Group Narrative
Earlier it was mentioned that there is an even better way to understand valuation. This is where Narratives come in, giving you a simple story that links your view of Amadeus IT Group to concrete numbers like future revenue, earnings, margins and a fair value. The narrative then compares that fair value with the current price to help you judge whether the share looks attractive or stretched. All of this is available inside the Simply Wall St Community page, where Narratives are available to millions of investors and update automatically as new earnings, news and company data arrive. One investor might build a bullish Amadeus Narrative that lines up with a fair value around €87.0, while another might anchor to a more cautious view closer to €53.0. Both can clearly see how their assumptions flow through to fair value and what that implies for their own decisions.
Do you think there's more to the story for Amadeus IT Group? Head over to our Community to see what others are saying!BME:AMS 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include AMS.MC.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
View Comments
- Correction: Form 8.3 - LondonMetric Property Plc & Schroder REIT Limited
Apr 21, 2026
8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1.KEY INFORMATION
(a)Full name of discloser: Rathbones Group Plc (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree A consortium comprising LondonMetric Property plc and Schroder Real Estate Investment Trust Limited (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure 20/04/2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A” Yes
2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: LondonMetric Property plc 10p ordinary Interests Short positions Number % Number % (1)Relevant securities owned and/or controlled: 85,250,497 3.63% (2)Cash-settled derivatives: (3)Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 85,250,497 3.63%
Class of relevant security: Schroder Real Estate Investment Trust Limited Ordinary NPV Interests Short positions Number % Number % (1)Relevant securities owned and/or controlled: 19,643,907 4.01% (2)Cash-settled derivatives: (3)Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 19,643,907 4.01%
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b)Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:
3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
Story Continues
The currency of all prices and other monetary amounts should be stated.
(a)Purchases and sales
Class of relevant security Purchase/sale Number of securities Price per unit LondonMetric 10p Ordinary Shares Sale 15,600 195.65p LondonMetric 10p Ordinary Shares Sale 8,082 196.3491p LondonMetric 10p Ordinary Shares Sale 47,580 195.9p LondonMetric 10p Ordinary Shares Sale 6,500 195.9p LondonMetric 10p Ordinary Shares Sale 11,000 195.492p LondonMetric 10p Ordinary Shares Sale 2,600 194.89p LondonMetric 10p Ordinary Shares Purchase 15,800 195.650633p LondonMetric 10p Ordinary Shares Purchase 17,000 196.4338p LondonMetric 10p Ordinary Shares Purchase 44,080 195.9p LondonMetric 10p Ordinary Shares Purchase 6,500 195.9p LondonMetric 10p Ordinary Shares Purchase 13,801 195.367p
Class of relevant security Purchase/sale Number of securities Price per unit Schroder REIT Ordinary NPV Shares Sale 10,000 50.276p Schroder REIT Ordinary NPV Shares Sale 9,825 50.3p Schroder REIT Ordinary NPV Shares Sale 4,310 50.2p
(b)Cash-settled derivative transactions
Class of relevant security Product description
e.g. CFD Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit
(c)Stock-settled derivative transactions (including options)
(i)Writing, selling, purchasing or varying
Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
e.g. American, European etc. Expiry date Option money paid/ received per unit
(ii)Exercise
Class of relevant security Product description
e.g. call option Exercising/ exercised against Number of securities Exercise price per unit
(d)Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealing
e.g. subscription, conversion Details Price per unit (if applicable) LondonMetric 10p Ordinary Shares
Class of relevant security Nature of dealing
e.g. subscription, conversion Details Price per unit (if applicable) Schroder REIT Ordinary NPV Shares
4.OTHER INFORMATION
(a)Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None
(b)Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i)the voting rights of any relevant securities under any option; or
(ii)the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None
(c)Attachments
Is a Supplemental Form 8 (Open Positions) attached? No
Date of disclosure: 21/04/2026 Contact name: Callum Ridley – Compliance Department Telephone number: 0151 243 7037
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at.
8.3
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)
1.KEY INFORMATION
(a)Full name of discloser: Rathbones Group Plc (b)Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named. (c)Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree Advanced Medical Solutions Group plc (d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: (e)Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure 20/04/2026 (f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A” No
2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security: 5p Ordinary Shares Interests Short positions Number % Number % (1)Relevant securities owned and/or controlled: 14,492,339 6.59% (2)Cash-settled derivatives: (3)Stock-settled derivatives (including options) and agreements to purchase/sell: TOTAL: 14,492,339 6.59%
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b)Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists: Details, including nature of the rights concerned and relevant percentages:
3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a)Purchases and sales
Class of relevant security Purchase/sale Number of securities Price per unit 5p Ordinary Shares Sale 2,370 251.7415p
(b)Cash-settled derivative transactions
Class of relevant security Product description
e.g. CFD Nature of dealing
e.g. opening/closing a long/short position, increasing/reducing a long/short position Number of reference securities Price per unit
(c)Stock-settled derivative transactions (including options)
(i)Writing, selling, purchasing or varying
Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
e.g. American, European etc. Expiry date Option money paid/ received per unit
(ii)Exercise
Class of relevant security Product description
e.g. call option Exercising/ exercised against Number of securities Exercise price per unit
(d)Other dealings (including subscribing for new securities)
Class of relevant security Nature of dealing
e.g. subscription, conversion Details Price per unit (if applicable) 5p Ordinary Shares
4.OTHER INFORMATION
(a)Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none” None
(b)Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i)the voting rights of any relevant securities under any option; or
(ii)the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none” None
(c)Attachments
Is a Supplemental Form 8 (Open Positions) attached? No
Date of disclosure: 21/04/2026 Contact name: Callum Ridley – Compliance Department Telephone number: 0151 243 7037
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
The Code can be viewed on the Panel’s website at.
View Comments
