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1. Company Snapshot

1.a. Company Description

XPS Pensions Group plc, together with its subsidiaries, provides employee benefit consultancy and related business services in the United Kingdom.The company offers advisory services to pension schemes and corporate sponsors; independent investment advisory services; DB and DC master trust schemes; and self-invested personal pension (SIPP) and SSAS pension services.It also provides administer services, such as scheme administration, outsourcing and member communication, scam identification and protection, payroll, pension scheme accounting, de-risking projects, technical consultancy, GMP equalization, data audits and cleansing, trustee secretarial, and pension management services.


The company was formerly known as Xafinity Plc and changed its name to XPS Pensions Group Plc in May 2018.XPS Pensions Group plc was incorporated in 2012 and is headquartered in Reading, the United Kingdom.

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1.b. Last Insights on XPS

XPS Pensions Group's recent performance was impacted by its Full Year 2025 earnings release, which saw EPS miss expectations. Despite a 16% revenue increase to UK£231.8m, the company's earnings fell short. The pension market's evolution and potential future challenges may be affecting investor sentiment. With no recent share buyback announcements, the focus remains on the company's ability to navigate changing market conditions and deliver growth. XPS Pensions Group's Q4 2025 earnings call highlighted robust revenue and earnings growth, but also acknowledged future challenges.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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XPS Pensions Group PLC (LSE:XPS) (Half Year 2026) Earnings Call Highlights: Strong Revenue ...

Nov -20

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XPS Pensions Group Full Year 2025 Earnings: EPS Misses Expectations

Jun -21

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XPS Pensions Group PLC (LSE:XPS) (Q4 2025) Earnings Call Highlights: Strong Financial ...

Jun -20

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January 2025's Undervalued Small Caps With Insider Action On UK Markets

Jan -17

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XPS Pensions Group PLC (LSE:XPS) (H1 2025) Earnings Call Highlights: Strong Organic Growth and ...

Nov -22

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June 2024 Insight Into Three UK Stocks Possibly Priced Below Their Estimated Value

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.71%)

6. Segments

Pensions Actuarial & Consulting

Expected Growth: 10%

XPS Pensions Group plc's 10% growth in Pensions Actuarial & Consulting is driven by increasing demand for pension scheme management, trustee advisory services, and actuarial consulting. Additionally, the company's expertise in risk reduction exercises, scheme funding, and pension scheme mergers contributes to its growth. Furthermore, the rising need for pension scheme governance and compliance services also supports the segment's expansion.

Pensions Administration

Expected Growth: 12%

XPS Pensions Group plc's 12% growth in Pensions Administration is driven by increasing demand for pension scheme management, expansion into new markets, and strategic acquisitions. Additionally, the company's investment in digital transformation and automation has improved operational efficiency, enabling it to onboard new clients and deliver high-quality services, thereby driving revenue growth.

Pensions Investment Consulting

Expected Growth: 9%

XPS Pensions Group plc's 9% growth in Pensions Investment Consulting is driven by increasing demand for pension scheme de-risking, growing popularity of liability-driven investment strategies, and rising need for expert advice on pension fund management. Additionally, the company's expanding client base, strong brand reputation, and innovative consulting services also contribute to its growth.

Self Invested Pensions

Expected Growth: 11%

XPS Pensions Group plc's 11% growth in Self-Invested Pensions is driven by increasing demand for flexible retirement solutions, rising transfer values, and a shift towards DIY pension management. Additionally, the company's digital platform and expert guidance have improved customer engagement, contributing to the segment's growth.

National Pension Trust

Expected Growth: 13%

The 13% growth of National Pension Trust from XPS Pensions Group plc is driven by increasing demand for pension schemes, favorable regulatory environment, and strong investment returns. Additionally, the trust's diversified investment portfolio, efficient cost structure, and excellent customer service have contributed to its growth.

7. Detailed Products

Defined Contribution Schemes

A type of pension scheme where the employer, employee or both contribute a fixed amount to the scheme, and the pension benefit is based on the amount of contributions and investment returns.

Defined Benefit Schemes

A type of pension scheme where the employer promises a specific pension benefit to the employee, based on a formula that takes into account the employee's salary and years of service.

Master Trusts

A type of multi-employer pension scheme that pools the assets of multiple employers, providing economies of scale and reduced costs.

Self-Invested Personal Pensions (SIPPs)

A type of personal pension that allows individuals to manage their own investments and make their own investment decisions.

Small Self-Administered Schemes (SSAS)

A type of occupational pension scheme that allows the employer and employees to manage the scheme's investments and make decisions on the scheme's governance.

Pension Administration

A range of services provided to support the administration of pension schemes, including scheme governance, compliance, and member communications.

8. XPS Pensions Group plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for XPS Pensions Group plc is medium, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for XPS Pensions Group plc is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for XPS Pensions Group plc is medium, as suppliers have some bargaining power, but the company has a diversified supplier base.

Threat Of New Entrants

The threat of new entrants for XPS Pensions Group plc is high, as the industry is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for XPS Pensions Group plc is high, as the industry is highly competitive and there are many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.93%
Debt Cost 5.63%
Equity Weight 68.07%
Equity Cost 6.38%
WACC 6.14%
Leverage 46.90%

11. Quality Control: XPS Pensions Group plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mears

A-Score: 6.6/10

Value: 9.0

Growth: 7.2

Quality: 4.7

Yield: 7.5

Momentum: 2.0

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
XPS Pensions

A-Score: 6.5/10

Value: 3.2

Growth: 8.0

Quality: 7.7

Yield: 6.9

Momentum: 7.5

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
Atal

A-Score: 6.5/10

Value: 6.0

Growth: 3.6

Quality: 5.6

Yield: 10.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
CEWE

A-Score: 6.5/10

Value: 6.9

Growth: 5.7

Quality: 7.5

Yield: 5.0

Momentum: 4.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Debica

A-Score: 6.3/10

Value: 8.7

Growth: 3.9

Quality: 4.1

Yield: 8.1

Momentum: 3.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Musti

A-Score: 2.8/10

Value: 3.0

Growth: 3.4

Quality: 2.1

Yield: 0.0

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.43$

Current Price

3.44$

Potential

-0.00%

Expected Cash-Flows