3i Group: Cyclical Slowdown Doesn't Change Long-Term Growth Story

3i Group is upgraded to 'Strong Buy' as its valuation now trades at a rare discount to NAV, despite cyclical headwinds. Action, 3i's main asset, saw slower LfL sales growth and a slight EBITDA margin decline but continues aggressive European expansion. TGOPY's NAV per share grew 18.5% in 2025, with shares now trading at only 0.88x NAV, well below historical norms.