The Conygar Investment (CIC) AI Stock Analysis

• Market Cap: £19.38M
• Dividend Yield: N/A
• Average Volume (3M): 18.72K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.64
• Revenue Growth: 196.14%
• EPS Growth: 12.75%
• Country: UK
• Employees: 119
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): -0.37
• Shares Outstanding: 59,638,588
• 10 Day Avg. Volume: 28,374
• 30 Day Avg. Volume: 18,717
• PEG Ratio: 0.02
• Price to Book (P/B): 0.41
• Price to Sales (P/S): 0.78
• P/FCF Ratio: 1.46
• 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: 46 Neutral
• Price Target: 32.00p ▼(-4.48% Downside)

Overall score is held back primarily by ongoing large losses and increased leverage despite improved 2025 revenue and a return to positive free cash flow. Technical indicators also point to bearish momentum, and valuation support is limited by a negative P/E and no dividend yield data.

Positive Factors

Top-line recovery

A meaningful revenue rebound and a return to positive gross margins signal structural improvement in demand realization or better project execution in core development and investment activities. Sustained top-line strength reduces reliance on one-off disposals and is central to restoring repeatable profitability over multiple quarters.

Positive cash generation

Operating and free cash flow turning positive demonstrates the business can convert recent revenue into liquidity, supporting operations and funding development without immediate capital raises. If maintained, this enhances financial flexibility, lowers refinancing risk, and supports incremental reinvestment into higher-return projects.

Equity cushion remains

A remaining equity base provides a buffer to absorb near-term losses and development cycle volatility, enabling the company to pursue projects and negotiate financing. This structural cushion supports continuity of operations and gives management more time to execute turnaround strategies without immediate solvency pressure.

Negative Factors

Persistent losses

Large recurring operating and net losses indicate the core asset base is not yet generating sustainable earnings. Persistent losses erode equity, limit retained-capital for development, increase reliance on external funding, and make it harder to demonstrate durable profitability to lenders and stakeholders.

Rapidly rising leverage

Material increase in debt relative to equity raises structural financial risk: higher interest and covenant sensitivity can constrain development activity, elevate refinancing risk in tighter credit markets, and reduce strategic flexibility if cash flows weaken or projects underperform.

Earnings and cash volatility

Historic volatility in cash generation and earnings undermines predictability of project funding and profitability. For a development-heavy model, inconsistent cash flows complicate capital planning, increase financing costs, and make it harder to demonstrate repeatable returns to investors and lenders over a multi-quarter horizon.

The Conygar Investment Business Overview & Revenue Model

Company Description

The Conygar Investment Company PLC (Conygar) is an AIM quoted property investment and development group dealing primarily in UK property. The group aims to invest in property assets where we can add significant value using our property management, development and transaction structuring skills.

How the Company Makes Money

The Conygar Investment generates revenue primarily through rental income from its portfolio of commercial properties, which includes long-term leases with various businesses. Additionally, the company profits from the development of new properties, which are sold or leased upon completion. A significant revenue stream comes from property management fees charged to tenants and investors. The company may also enter into joint ventures or partnerships with other investors or developers to share the risks and rewards of specific projects, further enhancing its earnings potential.

The Conygar Investment Financial Statement Overview

Summary

Mixed fundamentals: 2025 revenue rebounded sharply and gross margin turned positive, and operating/free cash flow improved to positive. Offsetting this, the company remains heavily loss-making with highly volatile results and a materially higher debt load (debt-to-equity > 1), increasing balance-sheet risk.

Income Statement

Revenue rebounded sharply in 2025 (up ~50% vs. 2024), and gross margin improved meaningfully (positive in 2025 after being negative in 2023–2024). However, profitability remains very weak: 2025 still shows large operating losses and a deeply negative net margin, and results have been highly volatile year-to-year (from strong profit in 2021 to heavy losses in 2023–2025). Overall, the top-line recovery is a positive signal, but sustained earnings power has not been demonstrated.

Balance Sheet

The balance sheet still shows a meaningful equity base, but leverage has increased materially. Total debt rose from near-zero levels in 2020–2022 to a high level by 2024–2025, pushing debt to roughly above equity in 2025 (debt-to-equity > 1). Returns on equity are strongly negative in 2023–2025, reflecting that the asset base is not currently generating profits. The main strength is the remaining equity cushion; the main risk is the rapid debt build alongside ongoing losses.

Cash Flow

Cash generation improved notably in 2025, with operating cash flow and free cash flow turning positive after a negative 2024. That said, cash flow has been inconsistent across the period (negative in 2020, 2021, and 2024), and free cash flow growth is highly volatile. With net losses still large in 2025, the sustainability of the improved cash generation is a key watch item, but the latest period’s positive free cash flow is a clear near-term support.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	21.89M	21.89M	5.94M	14.05M	7.06M	2.64M
Gross Profit	8.60M	8.60M	-423.00K	-5.08M	2.34M	1.73M
EBITDA	-13.44M	-13.44M	-34.25M	-31.15M	29.00K	28.30M
Net Income	-19.55M	-19.55M	-33.67M	-29.53M	-53.00K	26.52M
Balance Sheet
Total Assets	101.05M	101.05M	126.79M	119.36M	132.31M	127.78M
Cash, Cash Equivalents and Short-Term Investments	3.19M	3.19M	4.67M	2.68M	17.36M	13.66M
Total Debt	48.01M	48.01M	55.85M	17.20M	0.00	34.00K
Total Liabilities	59.48M	59.48M	65.67M	24.29M	7.70M	13.63M
Stockholders Equity	41.85M	41.85M	61.40M	95.07M	124.60M	114.14M
Cash Flow
Free Cash Flow	9.98M	11.64M	-10.32M	4.50M	3.00M	-1.76M
Operating Cash Flow	10.98M	12.68M	-10.01M	4.98M	3.96M	-1.76M
Investing Cash Flow	-1.51M	-1.37M	-26.19M	-36.02M	-10.78M	-15.50M
Financing Cash Flow	-8.33M	-12.78M	38.19M	16.36M	10.52M	-1.22M

The Conygar Investment Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 33.50
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CIC, the sentiment is Negative. The current price of 33.5 is above the 20-day moving average (MA) of 33.13, below the 50-day MA of 34.42, and above the 200-day MA of 31.95, indicating a neutral trend. The MACD of -0.50 indicates Positive momentum. The RSI at 36.43 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CIC.

The Conygar Investment Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WSP	73 Outperform	£23.19M	14.88	5.00%	3.16%	-0.91%	7.43%
FPO	70 Outperform	£24.02M	10.55	5.05%	―	-7.14%	―
CDFF	69 Neutral	£26.79M	20.33	4.45%	0.91%	-2.80%	30.05%
PCA	66 Neutral	£42.88M	23.07	4.34%	7.14%	-41.22%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CIC	46 Neutral	£19.38M	-0.99	-34.93%	―	196.14%	12.75%

The Conygar Investment Corporate Events

Conygar Launches £2.5m Buyback of Zero Dividend Preference Shares

The Conygar Investment Company PLC has launched a share acquisition programme for zero dividend preference shares issued by Conygar ZDP PLC, appointing Panmure Liberum as broker and Liberum Wealth as agent to buy back up to £2.5 million of these securities at prices up to their accrued capital entitlement. Funded from the company’s cash reserves and running until 3 March 2026, the off-market programme is intended to see the repurchased ZDP shares held by the company until their repayment date, signalling an active approach to balance sheet and capital structure management that may influence returns and risk exposure for its investors.

The most recent analyst rating on (GB:CIC) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on The Conygar Investment stock, see the GB:CIC Stock Forecast page.

Conygar’s NAV Hit by Island Quarter Write-Downs but Rhosgoch Sale and Debt Cut Bolster Outlook

Conygar reported a sharp fall in net asset value for the year to 30 September 2025, with NAV declining by £19.5 million to £41.6 million, driven mainly by a £17.5 million write-down in the value of its Island Quarter properties in Nottingham and £7.3 million of operating and financing costs. However, the results exclude a substantial £15.1 million post–year-end profit from the sale of its Rhosgoch land in Anglesey, which, on an adjusted basis, would lift NAV to £55.9 million and significantly narrow the annual loss. The group reduced bank borrowings by £7.8 million to £48.0 million, completed profitable disposals including Holyhead Waterfront, Parc Cybi and a Virgin Active gym, and secured credit approval from Barclays to extend its development loan to late 2026, easing near-term funding pressure as it seeks to stabilise cash flows. Operationally, occupancy at its Winfield Court student scheme rose from 54% to 81%, boosting expected net operating income to £2.7 million, while management of the 1 The Island Quarter restaurant and events venue was transferred to Rhubarb to strengthen the site’s leisure offer, positioning the company to benefit from any cyclical recovery in UK commercial real estate despite ongoing cost pressures and a subdued investment market.

The most recent analyst rating on (GB:CIC) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on The Conygar Investment stock, see the GB:CIC Stock Forecast page.

Conygar Extends and Restructures Barclays Loan for Island Quarter Scheme

The Conygar Investment Company PLC has restructured its development loan with Barclays relating to the Winfield Court student accommodation at The Island Quarter in Nottingham, extending the final repayment date by one year to 23 December 2026. Under the revised terms, the total facility is reduced from £43.6 million to £38.8 million through a £3.9 million repayment and cancellation of a £0.9 million undrawn portion, while Conygar is providing its 1 TIQ restaurant and events venue at The Island Quarter as additional security to support a lower loan-to-value covenant of no more than 60%; the company also said its audited annual results for the year to 30 September 2025 will be published in January 2026, signalling continued progress and transparency around its flagship Nottingham development.

The most recent analyst rating on (GB:CIC) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on The Conygar Investment stock, see the GB:CIC Stock Forecast page.

Conygar Sells Rhosgoch Land, Strengthens Financial Position

Conygar Investment Company PLC has completed the sale of its land holding at Rhosgoch in Anglesey to Rhosgoch Property Ltd, a subsidiary of Stena Line (UK) Ltd, for £18.5 million. This transaction allows Conygar to repay a £5.6 million loan and leaves the Island Quarter site in Nottingham unencumbered, providing a profit of £15.8 million and supporting ongoing operations and working capital, which strengthens its financial position and enhances its development capabilities.

The most recent analyst rating on (GB:CIC) stock is a Hold with a £31.00 price target. To see the full list of analyst forecasts on The Conygar Investment stock, see the GB:CIC Stock Forecast page.

Conygar Sells Rhosgoch Land for £18.5 Million

Conygar Investment Company PLC has announced the sale of its 203-acre brownfield land at Rhosgoch in Anglesey to Rhosgoch Property Ltd, a subsidiary of Stena Line (UK) Ltd, for £18.5 million. The proceeds will be used to repay a loan and support ongoing operations, particularly at The Island Quarter in Nottingham, resulting in a profit of £15.8 million for the company.

The most recent analyst rating on (GB:CIC) stock is a Sell with a £24.00 price target. To see the full list of analyst forecasts on The Conygar Investment stock, see the GB:CIC Stock Forecast page.