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Standard Life PLC (SDLF) Fair Value & Analysis

Financial Services · GB · Market cap 8.8B GBX · ISIN GB00BGXQNP29

What is Standard Life PLC really worth?

SL Standard Life PLC SDLF · LSE
Price£9.33
Fair Value£7.49
Upside−19.7%
Quality43/100

Below-average quality, and trading another 25% above our fair value of £7.49.

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Risks

!Mixed Growth (revenue 5y +19.1 %/yr)
!Loss-making · -1.5% net margin
!High debt · negative free cash flow
!Trails peers (3/12)
!Narrow moat 17/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 7 out of 100

For context

·5.94% dividend yield
Evidence: Medium Range £7.41 – £7.57

Fair value as of: Aug 22, 2026

From 6 valuation models · updated 14 days ago

Share price +0.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (£7.57). The favourable scenario is already priced in.
  • Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The models converge in a tight band (£7.41 to £7.57), unusually little disagreement for a valuation.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

£9.42 £3.51 Fair Value £7.49 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.

How to read this chart

60‑month range £3.51 – £9.42 · fair‑value band £7.41 – £7.57 · the £9.33 price screens above the £7.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.

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Analysis

Standard Life PLC (SDLF) currently trades at £9.33, while our model-based Fair Value estimate is £7.49, implying the stock looks roughly 24.5% overvalued today. The Quality Score stands at 43/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of £4.48 per share, and 0 of the 6 models we run sit above the £9.33 price. Bear case: the Earnings-Based group reads lowest at £4.33, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Standard Life PLC generated revenue of £29.0B at a net margin of −1.5%. Revenue grew 127.9% year over year. It earns a return on equity of −22.3%. The balance sheet holds a net cash position of £7.2B. Fundamentals as of Aug 22, 2026

Our scenario range runs from £7.41 (bear case) to £7.57 (bull case); at £9.33, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −20%, SDLF screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV best evidence £4.31 £4.33 £4.34 74
ROIC Compounder £4.31 £4.33 £4.34 70
EV/EBITDA £6.29 £6.99 £7.68 67
All 6 models by family
Earnings-Based
EPV best evidence £4.31 £4.33 £4.34 74
Multiples
EV/EBIT £4.40 £4.46 £4.52 66
EV/EBITDA £6.29 £6.99 £7.68 67
EV/Revenue £4.40 £4.48 £4.56 54
Asset-Based
NCAV (Graham) £0.3700 £0.4900 £0.7400 54
Economic Profit
ROIC Compounder £4.31 £4.33 £4.34 70

Widest divergence: Multiples (£4.48) versus Asset-Based (£0.4900). Highest evidence: EPV (74).

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Key figures & financial health

P/S ratio 0.26 TTM
EPS (TTM) £−0.4700
Dividend yield 5.9%
Net margin −1.4% FY2025
Return on equity −22.3% TTM
Return on assets (EBIT) −0.4% avg 5y
More key figures
Profitability
Operating margin 0.7% TTM
Growth
Revenue (TTM) £29.0B TTM
Revenue growth (YoY) +128% 3y avg +1.0%
Balance sheet & cash flow
Free cash flow −1.0B GBX FY2025
Net cash 7.2B GBX FY2025

Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 43/100

Of which business quality 41 · Market factors (momentum, volatility) 84

Profitability 7
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 82
Price trend over the last 3–12 months (market factor)
52W Momentum 95
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Standard Life plc operates in the long-term savings and retirement business in Europe. It operates through Retirement Solutions, Pensions & Savings, With-Profits, and Europe & Other segments.

Full company description

Standard Life plc operates in the long-term savings and retirement business in Europe. It operates through Retirement Solutions, Pensions & Savings, With-Profits, and Europe & Other segments. The company offers defined contribution workplace pensions, retail savings for retirement, international bonds, and legacy savings and pension products; defined benefit pension income, income drawdown and lifetime annuities, fixed-term annuities, and smoothed managed funds. It also offers new and in-force individual annuity and pension risk transfer contracts written within shareholder funds; U.K. individual annuity; workplace pensions and self-invested personal pensions; new and in-force insurance and investment unit-linked products; and protection products. The company offers its products under the Standard Life, SunLife, Phoenix Life, Phoenix Wealth, Phoenix Corporate Investment Services, and ReAssure brands. Standard Life plc was formerly known as Phoenix Group Holdings plc and changed its name to Standard Life plc in February 2026. The company was founded in 1782 and is based in London, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Standard Life PLC reported revenue of £31.8B in FY2025 versus £10.3B in FY2021, a compound +32.5%/yr. Reported net income was −£443M in FY2025.

Growth Quality 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£31.8B
Latest YoY
+87.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.1%
Avg. revenue growth/yr (17Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+56.3%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue +32.5%/yr
FY21 £10.3B
FY22 £30.9B
FY23 £15.6B
FY24 £17.0B
FY25 £31.8B
Net income
FY21 −£837M
FY22 −£2.7B
FY23 £56.0M
FY24 −£1.1B
FY25 −£443M

SDLF screens 25% overvalued. Compare with China Life Insurance Company →

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Cite: Fair Value Calculator (2026). "Standard Life PLC Fair Value". https://www.fairvalue-calculator.com/stock/SDLF

Peer Group

Insurance - Life · 96 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 44 · Bottom 25%
Fair Value upside −20% · Below median
Return on assets 0% · Bottom 25%
Net margin (TTM) −2% · Bottom 25%
Operating margin (TTM) 1% · Bottom 25%
Revenue growth 128% · Top 25%
Dividend yield (TTM) 5.9% · Top 25%
Debt / equity 4.16× · Higher than 75% of peers

Valuation Multiples vs Insurance - Life median · lower = cheaper

P/B 16.07× · Pricier than 75% of peers
P/S (TTM) 0.41× · Cheaper than 75% of peers
EV/EBITDA 26.0× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE7 · sector 18
FUTURE100 · sector 43
PAST0 · sector 43
HEALTH0 · sector 84
DIVIDEND100 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).

Stock Price Fair Value vs Fair Value
China Life Insurance Company 601628 ¥37.03 ¥49.98 +35%
Ping An Insurance (Group) Company 601318 ¥55.82 ¥84.72 +52%
AIA Group 1299 HK$73.00 HK$33.57 −54%
Manulife Financial Corporation MFC C$59.80 C$38.80 −35%
Aflac Incorporated AFL $116.52 $74.34 −36%
Great-West Lifeco Inc GWO C$90.25 C$39.53 −56%
MetLife, Inc MET $96.51 $68.27 −29%
Life Insurance Corporation LICI ₹412.15 ₹392.93 −5%
China Pacific Insurance (Group) Co 601601 ¥30.20 ¥57.51 +90%
Samsung Life Insurance Co 032830 301,000 KRW 191,293 KRW −36%

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Frequently asked questions

Is Standard Life PLC (SDLF) overvalued or undervalued?
As of Aug 22, 2026, our model estimates a fair value of £7.49 versus a price of £9.33, about −20% upside (overvalued).
What is the fair value of SDLF?
Our model-based fair value for Standard Life PLC is £7.49 (as of Aug 22, 2026), built from audited fundamentals. The current price: £9.33.
What is the quality score of SDLF?
Standard Life PLC has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Standard Life PLC (SDLF)?
Standard Life PLC reported trailing-twelve-month revenue of about £29.0B (latest available figure, as of Aug 22, 2026).
What is the net profit margin of SDLF?
The net profit margin of Standard Life PLC is about −1.5%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Standard Life PLC pay a dividend?
Standard Life PLC currently shows a dividend yield of about 5.94% relative to its recent price (as of Aug 22, 2026).
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