Want to see GB:BFSP full AI Analyst Report?
Top Page
Blackfinch Spring VCT Plc
(LSE:BFSP)
Select Model
Select Model
Rating:52Neutral
Price Target:
83.00 p
▼(-9.78% Downside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by weak and volatile financial performance—especially the sharp 2025 deterioration and consistently negative operating/free cash flow—despite a conservative, debt-free balance sheet. Technical signals are mixed and largely neutral, while valuation is supported by the high dividend yield but tempered by the negative P/E. Corporate events add a modest positive tilt due to dividends and active capital management.
Positive Factors
Debt-free Balance Sheet
A zero-debt, low-leverage balance sheet provides a durable financial buffer for a VCT holding illiquid, higher-risk private investments. Equity grew materially (from ~£3.7m in 2020 to ~£66.8m in 2025), giving capacity to ride out NAV volatility and avoid forced asset sales during downturns.
Negative Factors
Persistent Cash Burn
Consistent negative operating and free cash flow (from about -£0.17m in 2020 to about -£2.0m in 2025) signals a structural inability to convert gains or operations into cash. For a VCT that funds investments and distributions, persistent cash burn raises the risk of future equity raises or pressured disposals to meet payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free Balance Sheet
A zero-debt, low-leverage balance sheet provides a durable financial buffer for a VCT holding illiquid, higher-risk private investments. Equity grew materially (from ~£3.7m in 2020 to ~£66.8m in 2025), giving capacity to ride out NAV volatility and avoid forced asset sales during downturns.
Read all positive factors
Blackfinch Spring VCT Plc (BFSP) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£71.22M
Dividend Yield5.73%
Average Volume (3M)2.02K
Price to Earnings (P/E)―
Beta (1Y)>-0.01
Revenue Growth-134.33%
EPS Growth-170.66%
CountryUK
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)-0.05
Shares Outstanding86,853,350
10 Day Avg. Volume0
30 Day Avg. Volume2,017
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)0.85
Price to Sales (P/S)3792.12
P/FCF Ratio-28.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Blackfinch Spring VCT Plc Business Overview & Revenue Model
Company Description
Blackfinch Spring VCT Plc operates as a venture capital trust (VCT). Its core investment strategy involves directing capital towards emerging, technology-focused companies. The trust specifically seeks out ventures deeply engaged in research and d...
How the Company Makes Money
BFSP makes money primarily by earning investment returns from its portfolio rather than selling goods or services. Its main economic engine is capital growth and realizations: if portfolio companies increase in value, BFSP records unrealised gains...
Blackfinch Spring VCT Plc Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
74
Positive
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 15.00K | 3.56M | 3.87M | 11.00K | -550.00K |
| Gross Profit | -1.57M | 3.56M | 3.22M | 438.00K | -785.29K |
| EBITDA | -3.74M | 3.06M | 3.00M | 0.00 | 96.00K |
| Net Income | -3.74M | 3.06M | 3.00M | -326.00K | 96.00K |
Balance Sheet | |||||
| Total Assets | 67.42M | 48.45M | 29.70M | 19.47M | 11.93M |
| Cash, Cash Equivalents and Short-Term Investments | 8.70M | 3.68M | 3.73M | 2.69M | 4.97M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 595.00K | 447.00K | 343.00K | 204.00K | 171.00K |
| Stockholders Equity | 66.83M | 48.01M | 29.36M | 19.27M | 11.76M |
Cash Flow | |||||
| Free Cash Flow | -2.00M | -1.26M | -936.00K | -729.00K | -458.83K |
| Operating Cash Flow | -2.00M | -1.26M | -936.00K | -729.00K | -458.83K |
| Investing Cash Flow | -15.54M | -14.38M | -5.10M | -9.38M | -5.08M |
| Financing Cash Flow | 22.56M | 15.59M | 7.09M | 7.83M | 8.03M |
Blackfinch Spring VCT Plc Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £112.67M | 7.71 | 12.38% | ― | 18.38% | 13.20% | |
69 Neutral | £13.35M | 4.06 | 14.71% | 3.20% | 63.15% | 212.72% | |
58 Neutral | £629.69M | 14.81 | 21.54% | ― | 37.60% | 2766.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | £71.22M | -15.51 | -5.71% | 8.48% | -134.33% | -170.66% | |
43 Neutral | £2.26M | -0.03 | -58.13% | ― | -134.31% | -5555.17% |
* General Sector Average
GB:BFSP
Blackfinch Spring VCT Plc
82.00
-5.09
-5.84%
GB:ORCH
Orchard Funding
64.00
5.47
9.34%
GB:FCH
Funding Circle Holdings
234.00
92.00
64.79%
GB:LIT
Litigation Capital Management
1.70
-31.10
-94.82%
GB:DFCH
Distribution Finance Capital Holdings Plc
70.50
25.00
54.95%
GB:AWEM
Ashoka Whiteoak Emerging Markets Trust Plc
179.00
44.00
32.59%
Blackfinch Spring VCT Plc Corporate Events
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Expands Share Capital With New London Admissions
Positive
Jul 3, 2026
Blackfinch Spring VCT PLC has expanded its share capital on the London Stock Exchange’s Main Market through the admission of additional Ordinary Shares under both its Dividend Reinvestment Scheme and its ongoing Offer for Subscription, reinf...
Private Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Expands Share Capital with New Allotment
Positive
Jun 26, 2026
Blackfinch Spring VCT plc has allotted 170,617 new ordinary shares under its ongoing offer for subscription, at prices between 89.03p and 92.81p per share, as part of a programme to raise up to £20 million with an additional £20 million ...
Stock BuybackRegulatory Filings and Compliance
Blackfinch Spring VCT Cuts Share Capital Through Buyback of 919,011 Shares
Positive
Jun 26, 2026
Blackfinch Spring VCT plc has executed a share buyback, purchasing 919,011 ordinary shares for cancellation at a price of 83.31p per share. Following this transaction, the company’s issued share capital stands at 86,682,730 ordinary shares, ...
Business Operations and StrategyStock BuybackShareholder Meetings
Blackfinch Spring VCT Wins Strong Shareholder Backing at AGM
Positive
Jun 4, 2026
Blackfinch Spring VCT plc reported that all resolutions at its 4 June 2026 annual general meeting were approved by shareholders, confirming the 2025 accounts, reappointing BDO LLP as auditor, and backing the remuneration report with only modest op...
Business Operations and StrategyDividends
Blackfinch Spring VCT Declares Interim Dividend for 2025 Financial Year
Positive
May 21, 2026
Blackfinch Spring VCT plc has declared an interim dividend of 2.2p per share for the financial year ended 31 December 2025, underscoring its ongoing commitment to delivering income to shareholders. The payout is scheduled for 7 August 2026 to inve...
Business Operations and StrategyDividendsPrivate Placements and Financing
Blackfinch Spring VCT Expands Share Capital via Dividend Reinvestment Issue
Positive
May 18, 2026
Blackfinch Spring VCT plc has issued 490,542 new ordinary shares at 87.69p each under its Flexible Dividend Reinvestment Scheme, allowing shareholders to reinvest dividends into additional equity rather than taking cash. Following this allotment, ...
Financial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Blackfinch Spring VCT Issues FCA-Approved Supplementary Prospectus for Ongoing Share Offer
Positive
May 7, 2026
Blackfinch Spring VCT Plc has issued a supplementary prospectus in connection with its ongoing offer for subscription of up to £20 million of new ordinary shares, with an additional £20 million over-allotment facility. The updated docume...
Regulatory Filings and Compliance
Blackfinch Spring VCT Updates Total Voting Rights Figure
Neutral
May 6, 2026
Blackfinch Spring VCT plc has confirmed its current share capital and voting structure to the market, providing updated transparency for investors in the venture capital trust. The company reported that as of 30 April 2026 it has 87,111,199 ordina...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.