PSH stock forecast 2027–2029
MyStockButler's October 2026 analysis: The weighted price is 3971.02 GBp in October 2027. It hinges on NAV growth.
Where could PSH's shares be by October 2029?
The weighted price is 3971.02 GBp in October 2027, or +7%. It reaches 5061.38 GBp in October 2029, a 38% total return including dividends. Bear has 30% probability; base has 50%. Bull has 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 2633.46 (-29 %) | 2103.13 (-42 %) | 1655.99 (-53 %) |
| Base | 50 % | 4238.85 (+14 %) | 4872.58 (+32 %) | 5508.59 (+50 %) |
| Bull | 20 % | 5307.79 (+42 %) | 6911.41 (+86 %) | 9051.42 (+145 %) |
| Weighted | 100 % | 3971.02 (+7 %) | 4449.51 (+21 %) | 5061.38 (+38 %) |
What this means. The weighted row is the probability-based average of the bear, base, and bull cases, not another likely outcome.
What has to go right or wrong for PSH?
NAV is the main driver. The forecast starts from estimated current book value of $13.649 billion. The base case assumes a 10% annual NAV total return after costs and financing, less distributions and buybacks. It reaches $14.782 billion in 2027 and $16.011 billion in 2028, then $17.352 billion in 2029. The assumption allows recovery but stays below management’s 20% prospective earnings-growth estimate, which is not a shareholder-return forecast.
How much cash does PSH really make and give back?
Investment income also needs careful naming. Dividends and interest totalled $166.8 million in 2025, but “net investment income” after specified expenses was negative in every year from 2021 through 2025. The practical meaning is that capital appreciation, rather than cash income, must carry the overall return.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Book value per share | 85.32 | 71.11 | 65.04 | 51.76 | 57.30 |
| − Dividends paid, per share | 0.66 | 0.58 | 0.52 | 0.48 | 0.40 |
| − Share buybacks, per share | 2.07 | 0.65 | 1.06 | 1.34 | 0.00 |
What this means. Share buybacks per share is not money paid to every shareholder; it is the company's total spending on buying its own shares divided by the number of shares.
What does an investor pay for PSH today?
NAV is the value of the assets minus liabilities, divided among the shares. PSH’s 30 September 2026 figures reported NAV of £57.79 and a share price of £36.60. That comparison implied a 36.7% discount. The dates and currencies must match, because both the portfolio and exchange rates can change.
| Today (Oct 27, 2026) | |
|---|---|
| Share price | 3,780.00 |
| Market value (every class) (calculated) | 652,259,298,531.96 |
| Price to book (calculated) | 0.7x |
| Dividend yield (calculated) | 1.5% |