Broker tips: Bridgepoint, Pulsar Helium
By Iain Gilbert
Date: Friday 16 Oct 2026
(Sharecast News) - Analysts at Berenberg lifted their target price on Bridgepoint to 455p from 360p on Friday, citing a fresh round of upgrades following the group's unscheduled trading update on 7 October.
Berenberg, which reiterated its 'buy' rating on the stock, said stronger‑than‑expected performance‑related earnings across FY26-28, driven initially by Energy Capital Partners Fund V and later by both ECP and private equity, had prompted the valuation change.
Bridgepoint has now upgraded guidance three times this year, with Berenberg stating the exceptional returns in ECP V were behind the FY26 PRE uplift, with one asset, ProEnergy, expected to deliver substantial carry on its own. PRE guidance for FY27-28 has also been raised, reflecting broader contributions from ECP funds and strong value creation in private equity.
Fundraising targets have been exceeded, highlighted Berenberg, with the increased €28bn goal for FY24-26 already being met and the total now expected to reach around €30bn.
Berenberg said the combination of higher management‑fee visibility and upgraded PRE across FY26-28 meant profits and cash generation should rise significantly.
Bridgepoint has rebased its FY26 dividend per share from 10p to 15p, equivalent to around 40% to 45% of EPS, and plans to distribute 40% to 60% of cash profits thereafter through ordinary dividends and top‑ups via specials or buybacks.
Berenberg noted that its fundraising assumptions were already close to the new guidance, so changes there were limited. However, the PRE upgrades drove a 40% increase to its FY26 EPS forecast and an 8% uplift for FY27, while dividend per share estimates rose 56% to 96% across FY26-28, in line with the updated distribution policy.
The German bank also raised the multiples used in its valuation framework, citing stronger fundraising, better‑than‑expected fund returns, higher embedded value, best‑in‑class underlying earnings margins and an enhanced capital‑distribution profile. FRE and PRE multiples moved from 12x/6x to 15x/7.5x, respectively.
Over at Canaccord Genuity, analysts initiated coverage of Pulsar Helium with a 'speculative buy' rating and a 150p target price on Friday, noting the group was advancing a major primary helium resource at its Topaz project in Minnesota.
The Canadian broker believes Topaz contains more than 1bn cubic feet of recoverable helium, well above the 380m cu ft P50 estimate in the 2024 CPR, after Pulsar successfully encountered helium in seven wells drilled to date.
Pulsar has lined up Chart Industries to supply equipment for a helium plant with around 5m cu meteres per year capacity and contracted up to six additional production wells, with total development costs estimated at $175m.
Canaccord said the tight global helium market - with around 25% of supply offline - supports strong pricing for years to come, and forecasts Pulsar generating over $130m in net profit from FY29 onwards.
First production was expected as early as Q1 2029, supported by recent legislative changes in Minnesota, with key catalysts ahead including a resource update, sales contracts and funding progress at Topaz.
Reporting by Iain Gilbert at Sharecast.com
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