Dolphin Capital Investors (DCI) AI Stock Analysis

• Market Cap: £44.33M
• Dividend Yield: N/A
• Average Volume (3M): 136.39K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.03
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 18
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.00
• Shares Outstanding: 904,626,830
• 10 Day Avg. Volume: 105,324
• 30 Day Avg. Volume: 136,390
• PEG Ratio: <0.01
• Price to Book (P/B): 0.50
• Price to Sales (P/S): -4.18
• P/FCF Ratio: -27.62
• 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: 42 Neutral
• Price Target: 4.50p ▼(-7.02% Downside)

The score is held down primarily by weak and deteriorating financial performance, including a large 2024 loss and persistent negative operating/free cash flow. Technicals also remain bearish with the price below major moving averages and negative MACD, while valuation lacks support due to losses and no dividend yield data.

Dolphin Capital Investors Business Overview & Revenue Model

Company Description

DCI Advisors Ltd. is a real estate investment company, which engages in the construction and development of golf courses, beach resorts, and residential units in islands. The company was founded by Miltos Kambourides on June 7, 2005 and is headquartered in St Sampson, United Kingdom.

How the Company Makes Money

Dolphin Capital Investors Financial Statement Overview

Summary

Financial performance is weak: revenue and profitability are highly volatile with a swing from profit to a large loss in 2024, EBIT has been negative recently, and operating/free cash flow are persistently negative. The balance sheet is comparatively better with moderate leverage, but rising debt and sharply negative ROE in 2024 increase risk.

Income Statement

Results are highly volatile and recently deteriorated. Annual revenue swung from +13.4m (2023) to -12.8m (2024), with an extreme negative growth rate in 2024, and profitability flipped from a +3.5m profit (2023) to a -18.3m loss (2024). EBIT has been negative in the last two years and losses were also present in most prior periods, indicating weak earnings stability and limited visibility on normalized performance.

Balance Sheet

Leverage looks manageable with debt-to-equity at ~0.25 in 2024 (up from ~0.09 in 2023), supported by a sizeable equity base (~108.1m) versus debt (~27.4m). However, the return on equity turned sharply negative in 2024 (~-16.9%), reflecting value erosion from losses, and the rising debt level increases financial risk if weak performance persists.

Cash Flow

Cash generation is consistently weak, with operating cash flow negative in every year shown (including -0.7m in 2024 and -11.0m in 2022) and free cash flow also negative throughout (e.g., -1.9m in 2024, -3.3m in 2023). Despite free cash flow appearing larger than net income in some years due to accounting losses/profits, the recurring cash burn suggests ongoing funding reliance and limits financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.02M	―	-12.81M	13.40M	-7.27M	-19.38M
Gross Profit	567.00K	―	-12.81M	13.40M	-7.27M	-19.38M
EBITDA	-3.50M	―	0.00	0.00	0.00	0.00
Net Income	-15.09M	―	-18.32M	3.48M	-6.92M	-21.34M
Balance Sheet
Total Assets	164.14M	―	186.53M	180.79M	172.69M	189.09M
Cash, Cash Equivalents and Short-Term Investments	31.69K	―	82.00K	1.01M	2.23M	4.58M
Total Debt	17.67M	―	27.36M	10.46M	8.05M	20.81M
Total Liabilities	64.88M	―	74.53M	62.72M	52.14M	61.06M
Stockholders Equity	95.34M	―	108.13M	115.52M	112.11M	119.09M
Cash Flow
Free Cash Flow	10.60M	―	-1.94M	-3.33M	-15.26M	-12.33M
Operating Cash Flow	11.46M	―	-693.00K	-1.10M	-12.00M	-8.68M
Investing Cash Flow	-10.03M	―	-1.25M	-2.32M	23.64M	-3.54M
Financing Cash Flow	-1.48M	―	1.55M	2.21M	-13.99M	15.13M

Dolphin Capital Investors Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PNS	76 Outperform	£49.46M	6.90	6.15%	3.92%	-6.10%	889.93%
GRI	67 Neutral	£1.44B	7.09	10.30%	3.62%	-8.66%	553.35%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
HLCL	55 Neutral	£235.89M	9.40	6.07%	2.71%	-14.09%	―
GR1T	52 Neutral	£33.21M	-0.38	-43.94%	―	15.55%	-116.52%
PSDL	51 Neutral	£157.94M	―	―	―	―	―
DCI	42 Neutral	£44.33M	-3.53	―	―	―	―

Dolphin Capital Investors Corporate Events

DCI Advisors Narrows Portfolio and Eyes First Capital Return After Heavy Asset Sales

DCI Advisors reported a 12% decline in net asset value to €111.2 million and a net loss of €15.2 million for the 18‑month period to 30 June 2025, largely due to the loss crystallised on the sale of its Aristo Developers interests, while its shares continue to trade at a roughly 60% discount to adjusted NAV. Despite this, the group executed over €45 million of asset realisation transactions in 2025, including the €31.1 million disposal of its stake in DCI Holdings Two and further plot sales in Cyprus, started a formal sale process for The Kilada Golf & Country Club, reduced liabilities and repaid shareholder loans, reshaped its board at the behest of major investors, and secured a value‑accretive legal settlement with former manager Dolphin Capital Partners, positioning the company to generate surplus capital and target its first return of funds to shareholders.

DCI Advisors Ltd Corrects Directorate Announcement

DCI Advisors Ltd recently issued a correction regarding the appointment of Martin Adams as a director. The initial announcement incorrectly stated his current role, noting he was a non-executive director of Vietnam Phoenix Fund Limited, a position he resigned from in November 2022. This correction ensures accurate disclosure in line with AIM Rule 17 and Schedule 2(g), maintaining transparency and trust with stakeholders.

DCI Advisors Ltd Appoints Martin Adams to Board

Dolphin Capital Investors, operating under DCI Advisors Ltd, has announced a significant change in its board of directors. Martin Adams has been appointed as a Non-Independent Non-Executive Director, effective from 14 October 2025. With over 30 years of experience in executive and non-executive roles across various sectors including private equity and infrastructure, Adams brings a wealth of knowledge to the company. His extensive background in managing closed-end funds and fund-invested operating companies, particularly in Asia and Europe, is expected to enhance DCI’s strategic positioning and operational effectiveness.