# Brunner Investment Trust Plc (BUT.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 1562p, market value 670 millionp.

## Valuation
- **P/E (trailing): 6.5×** (5-yr avg 3075.5×, 3-yr avg 955.8×). Brunner Investment Trust Plc trades at 6.5× trailing earnings, well below its own five-year average of 3075.5×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 4.2×**. Each dollar of revenue is priced at 4.2×.
- **Price / book: 1.0×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 4.4×**. Enterprise value is 4.4× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 5.3%** (5-yr avg 0.0%). Free cash flow equals 5.3% of the market value, above its five-year average of 0.0%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 15.3%**. The inverse of the P/E: 15.3% of the price is earned each year.

## Profitability
- **Gross margin: 98.5%**. Brunner Investment Trust Plc keeps 98.5% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 96.5%**. 96.5% of revenue is left after running the business, an exceptional level.
- **Net margin: 94.8%**. 94.8% of each dollar of sales reaches the bottom line.
- **Return on equity: 8.3%**. 8.3% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 22.7%**. Return on all capital, debt included, is 22.7%: comfortably above what that capital costs.
- **Return on assets: 21.7%**. Each dollar of assets produces 21.7% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -42.9%** (3-yr 87.5%/yr, 5-yr 13.5%/yr). Revenue fell 42.9% over the last year, against 13.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -43.1%** (3-yr 147.0%/yr, 5-yr 15.2%/yr). Earnings per share fell 43.1%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): 23.9%/yr**. Free cash flow has compounded at 23.9% a year over three years, lagging earnings: check whether profits are turning into cash.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: 18 millionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Brunner Investment Trust Plc does not currently pay a dividend, but it returned -1.2% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 9.5%** (YTD 9.7%, 3-mo 7.1%). The shares are up 9.5% over twelve months including dividends.
- **From 52-week high: -4.0%** (16.9% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 56**. An RSI of 56 is neutral.
- **Beta (1 yr): 0.65** (volatility 14%). Beta of 0.65 against the FTSE All-Share: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BUT.L · Page: https://foliofundamentals.com/stocks/but.l

Not investment advice.