Athelney (ATY) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 6.06%
• Average Volume (3M): 1.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.32
• Revenue Growth: 870.14%
• EPS Growth: 64.42%
• Country: UK
• Employees: 1
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -0.11
• Shares Outstanding: 2,157,881
• 10 Day Avg. Volume: 1,010
• 30 Day Avg. Volume: 1,115
• PEG Ratio: 0.51
• Price to Book (P/B): 0.97
• Price to Sales (P/S): 9.44
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: 139.00 p ▼(-15.76% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held back primarily by volatile, currently loss-making financial performance and weak technical trend signals (price below key moving averages and negative MACD). These risks are partly offset by a conservatively financed balance sheet (no debt) and supportive valuation metrics (low P/E and high dividend yield).

Positive Factors

Conservative balance sheet (no debt)

Zero reported debt materially reduces financial risk for a closed‑end investment trust. With no leverage, the trust has greater flexibility to hold small‑cap positions through downturns, avoid forced selling, and allocate capital for long‑term total return objectives.

Stable closed‑end investment trust model

The closed‑end trust structure supports multi‑year investment horizons and reduces cash flow sensitivity from daily redemptions. Focus on smaller UK quoted companies creates the structural opportunity for active managers to generate alpha and long‑term capital growth for shareholders.

Recent positive operating cash flow

Positive operating cash flow over recent years indicates the trust can generate cash from portfolio income and operations, supporting distributions and meeting costs without immediate asset sales. This improves near‑term financial resilience and supports durable payout capacity.

Negative Factors

Volatile and currently loss‑making earnings

Large swings in profitability erode predictability of NAV growth and shareholder returns. Persistent or recurring losses reduce retained earnings, constrain dividend policy, and raise the likelihood of asset sales or strategy shifts to stabilize returns over the medium term.

Inconsistent cash conversion and free cash flow

Erratic free cash flow undermines the trust's ability to reliably fund dividends, cover expenses, or opportunistically increase positions. Variable cash conversion forces management to time portfolio sales more frequently, increasing execution risk and potential crystallization of losses.

Concentration in smaller UK quoted companies increases idiosyncratic risk

Concentration in smaller, less liquid UK names heightens sensitivity to idiosyncratic events and UK cyclical risk. This can amplify NAV volatility, lengthen recovery periods after market stress, and raise the probability that short‑term funding or liquidity needs force suboptimal disposals.

Athelney Business Overview & Revenue Model

Company Description

Athelney Trust plc is a close ended equity mutual fund launched and managed by Chelverton Asset Management Limited. It invests in the public equity markets of United Kingdom. The fund seeks to invest in companies across diversified sectors. It invests in the stocks of the small-cap companies with a market capitalization of less than £300m with either a full listing on the London Stock Exchange or a trading facility on AIM or ISDX. The assets of the Trust have been allocated in two main ways: first, to the shares of those companies which have grown steadily over the years in terms of profits and dividends but, despite this progress, the market rating has remained low or very low; second, to those companies whose shares are standing at a low level compared with the value of land, buildings or cash in the balance sheet. It benchmarks the performance of its portfolio against FTSE Small Cap Index. Athelney Trust plc was formed on August 1994 and is domiciled in the United Kingdom.

How the Company Makes Money

Athelney Trust PLC generates revenue primarily through capital appreciation and income generated from its investment portfolio. The company invests in a variety of smaller companies with growth potential, and it earns money when the value of these investments increases over time. Additionally, Athelney receives dividend income from its equity holdings. Key factors contributing to its earnings include the performance of the companies it invests in and overall market conditions. The trust may also benefit from strategic partnerships with fund managers and financial advisors that help optimize its investment strategy.

Athelney Financial Statement Overview

Summary

Financials are mixed: a strong, low-risk balance sheet with zero debt supports stability, but earnings are volatile and currently loss-making. Cash flow has been positive recently, yet overall profitability and cash conversion remain inconsistent.

Income Statement

Results are volatile and currently loss-making. 2025 revenue rebounded sharply (annual revenue growth of 331%), but the company still reported negative EBIT and net income. Profitability has swung widely over time (strong profit in 2021, very large loss in 2022, near-breakeven loss in 2023, larger losses again in 2024–2025), which reduces confidence in earnings quality and stability.

Balance Sheet

The balance sheet appears conservatively positioned with zero debt across all reported years, which materially lowers financial risk. Equity remains substantial versus assets (equity roughly tracks total assets), providing a solid capital base. The key weakness is uneven shareholder returns (positive in 2021 but negative in most other years), driven by inconsistent profitability rather than leverage.

Cash Flow

Cash generation is mixed. Operating cash flow was positive in 2023–2025 (including 2025), but it was negative in 2021 and 2022, highlighting variability. Free cash flow improved strongly in 2023, fell in 2024, and is shown as zero in 2025, suggesting less consistent cash conversion and/or reinvestment impacts versus prior years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	377.15K	-108.05K	270.22K	565.98K	541.24K
Gross Profit	374.65K	-108.05K	161.64K	-1.60M	1.55M
EBITDA	-142.63K	0.00	0.00	0.00	0.00
Net Income	-142.86K	-283.14K	-13.28K	-1.75M	1.40M
Balance Sheet
Total Assets	3.70M	4.06M	4.55M	4.75M	6.71M
Cash, Cash Equivalents and Short-Term Investments	118.19K	43.67K	40.35K	27.36K	30.68K
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	46.23K	47.12K	40.39K	17.09K	17.13K
Stockholders Equity	3.66M	4.02M	4.51M	4.73M	6.70M
Cash Flow
Free Cash Flow	0.00	80.72K	473.34K	-264.70K	-65.67K
Operating Cash Flow	193.47K	80.72K	473.34K	-264.70K	-65.67K
Investing Cash Flow	96.84K	136.23K	-251.04K	468.54K	233.06K
Financing Cash Flow	-215.79K	-213.63K	-209.31K	-207.16K	-209.31K

Athelney Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 165.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ATY, the sentiment is Neutral. The current price of 165 is above the 20-day moving average (MA) of 133.63, above the 50-day MA of 141.65, and above the 200-day MA of 163.07, indicating a neutral trend. The MACD of -1.12 indicates Negative momentum. The RSI at 43.11 is Neutral, neither overbought nor oversold. The STOCH value of 68.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:ATY.

Athelney Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
MAFL	62 Neutral	£18.42M	4.02	16.48%	―	-79.36%	78.16%
ATY	56 Neutral	―	-24.92	-3.71%	6.06%	870.14%	64.42%
TRUE	48 Neutral	£1.65M	-2.93	-37.63%	―	-100.66%	84.15%
PRIM	48 Neutral	£4.50M	-1.85	-12.33%	―	―	―
MILA	42 Neutral	£7.62M	-15.13	-11.98%	―	―	6.25%
JADE	40 Underperform	$1.02M	-0.04	―	―	-96.59%	93.69%

Athelney Corporate Events

Athelney Trust Delivers Higher Income but Suffers Capital Losses in Tough Year for UK Small Caps

Athelney Trust reported a disappointing 2025, with a net asset value total return of minus 8.4% and a 5.7% fall in its share price, significantly lagging the broader UK smaller companies investment trust sector and large-cap indices. Net asset value per share dropped 8.9% to 169.5p and shareholders’ funds declined to £3.66m, although the discount to NAV narrowed and UK small caps remain, in the board’s view, materially undervalued relative to both their own history and U.S. peers.

Despite weak capital performance, portfolio income rose sharply, with total revenue up 36% to £275,506 and earnings per share climbing to 11.4p, enabling the board to recommend a 1% increase in the total dividend to 10.0p, marking a 23rd consecutive year of dividend growth and restoring Athelney to the AIC’s “Dividend Heroes” list. The trust also highlighted the challenging UK macro and policy backdrop, ongoing outflows from UK equities and poor sentiment towards small caps, but pointed to potential tailwinds from prospective Bank of England rate cuts and an improved M&A environment, while noting that the shift to external management under EC Pohl & Co has lowered ongoing charges and eliminated performance fees in a year of underperformance.

The most recent analyst rating on (GB:ATY) stock is a Hold with a £127.00 price target. To see the full list of analyst forecasts on Athelney stock, see the GB:ATY Stock Forecast page.