Anglo African Agriculture (EVST) AI Stock Analysis

• Market Cap: £677.15K
• Dividend Yield: N/A
• Average Volume (3M): 502.00
• Price to Earnings (P/E): ―
• Beta (1Y): -0.13
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 12
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Agricultural Farm Products
• EPS (TTM): -3.05
• Shares Outstanding: 386,945
• 10 Day Avg. Volume: 762
• 30 Day Avg. Volume: 502
• PEG Ratio: <0.01
• Price to Book (P/B): -0.55
• Price to Sales (P/S): 1.02
• P/FCF Ratio: -0.73
• 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: 168.00p ▲(22300.00% Upside)
• Action: N/A Date: 03/02/26
• Date: Action: N/A 03/02/26

The score is held down primarily by weak financial health—persistent losses, ongoing cash burn, and a negative-equity balance sheet indicating elevated solvency risk. Technical signals also remain bearish with the stock trading below all major moving averages and negative MACD. Valuation is difficult to support due to negative earnings and no dividend yield data.

Positive Factors

Revenue rebound

A ~110% revenue rebound in 2025 shows meaningful demand recovery and revenue scalability versus prior year weakness. Sustained top-line growth provides the primary lever for restoring margins and cash flow over several quarters if management converts sales into higher utilization and fixed-cost absorption.

Positive gross margins when active

Positive gross profit in revenue years implies the core agricultural operations can cover direct production costs, signalling inherent product-level economics. That structural margin means profitability is achievable once operating overhead and selling costs are controlled or scaled with higher volumes.

Declining total debt

A decline in total debt across 2023–2025 indicates some deleveraging progress, which, if continued, reduces interest burden and eases refinancing pressure. Gradual debt reduction is a durable improvement that can materially improve solvency metrics and financing optionality over several quarters.

Negative Factors

Negative equity

Negative equity means liabilities exceed assets, severely limiting financial flexibility and increasing solvency risk. This structural imbalance makes traditional financing harder, can trigger covenants or creditor actions, and elevates the probability of dilution or restructurings over the medium term.

Persistent cash burn

Consistent negative operating and free cash flow shows the core business fails to fund operations, creating ongoing reliance on external financing. Over months this raises refinancing and liquidity risk, constrains capital expenditure and working-capital flexibility, and can force dilutive or costly funding solutions.

Volatile and unprofitable operations

Volatile revenue and repeated operating losses reduce confidence in earnings quality and planning. Structural unpredictability—zero revenue years and one-off results—impairs forecasting, supplier/customer relationships, and long-term contracts, making sustainable margin recovery and strategic execution more difficult.

Anglo African Agriculture Business Overview & Revenue Model

Company Description

Everest Global Plc, through its subsidiary, invests and trades in agricultural and ancillary sectors in South Africa. The company is involved in the importation, milling, blending, and packaging of agricultural products that include herbs, spices, seasonings, and confectionary. It also manufactures chilli and paprika blended products; and trades in black pepper, chilli flakes, coconut, and dehydrated garlic products, as well as sugar beans, sesame seeds, white pepper, roasted coriander, and pumpkin seeds. The company was formerly known as Anglo African Agriculture Plc and changed its name to Everest Global Plc in October 2022. Everest Global Plc was incorporated in 2012 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Anglo African Agriculture Financial Statement Overview

Summary

Despite a sharp 2025 revenue rebound, profitability and cash generation remain weak (negative operating earnings, negative net income, and negative operating/free cash flow). The balance sheet is highly stressed with negative equity and elevated solvency risk, limiting financial flexibility.

Income Statement

Revenue rebounded sharply in 2025 (annual revenue up ~110% vs. 2024), but profitability remains weak with negative operating earnings and negative net income in 2025. Results have been volatile over time (including a year with zero revenue in 2023 and a one-off positive net income in 2024 despite operating losses), which reduces confidence in earnings quality and sustainability. Gross profit is positive in years with revenue, but operating costs continue to overwhelm gross profit.

Balance Sheet

The balance sheet is highly stressed: equity is negative in 2025 (and was negative in multiple prior years), indicating liabilities exceed assets and limiting financial flexibility. Debt remains large relative to the size of the business and assets, and leverage metrics are distorted by thin/negative equity (e.g., extremely high debt-to-equity in 2024). While total debt declined from 2023 to 2025, the overall capital structure still points to elevated solvency risk.

Cash Flow

Cash generation is consistently weak with negative operating cash flow every year shown, including 2025, implying the core business is not funding itself. Free cash flow is also negative across the period, with only modest improvement in 2025 versus 2024. This sustained cash burn increases dependence on external financing, which is more challenging given the company’s weak equity position.

Breakdown	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021
Income Statement
Total Revenue	566.75K	437.77K	0.00	1.70M	1.40M
Gross Profit	147.43K	93.94K	0.00	420.37K	379.80K
EBITDA	-693.52K	-491.65K	-803.93K	-1.07M	-281.89K
Net Income	-1.11M	1.80M	-862.34K	-4.57M	-584.63K
Balance Sheet
Total Assets	2.42M	4.13M	1.94M	1.65M	1.81M
Cash, Cash Equivalents and Short-Term Investments	1.06M	279.73K	858.02K	925.81K	1.11M
Total Debt	3.17M	3.72M	5.43M	5.75M	1.63M
Total Liabilities	3.47M	4.12M	6.55M	6.33M	3.06M
Stockholders Equity	-1.05M	16.84K	-2.28M	-2.37M	-1.25M
Cash Flow
Free Cash Flow	-793.00K	-726.37K	-583.10K	-1.89M	-57.60K
Operating Cash Flow	-703.00K	-726.37K	-583.11K	-1.89M	-48.83K
Investing Cash Flow	-481.64K	-2.84M	-184.62K	-5.55K	935.67K
Financing Cash Flow	1.99M	2.99M	699.93K	1.71M	177.86K

Anglo African Agriculture Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPE	77 Outperform	£768.17M	9.23	20.95%	3.24%	6.52%	59.56%
AEP	76 Outperform	£613.41M	9.11	16.51%	4.89%	16.42%	33.07%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
DKL	50 Neutral	£5.11M	-1.01	-30.89%	―	-6.07%	50.59%
PACS	44 Neutral	£270.08K	-0.11	―	―	―	―
EVST	42 Neutral	£677.15K	-0.61	―	―	―	―

Anglo African Agriculture Corporate Events

Everest Global lifts revenue, reshapes capital base to fund beverage growth

Everest Global reported revenue of £566,755 for the year to 31 October 2025, up from £437,768, while its loss before tax widened to £1.11m as it invested in growth and managed its capital structure. The company highlighted strong first-half trading driven by a new London retail store, improving gross margins and disciplined cost control, and it fully repaid cash previously generated from treasury activities as it reviews its treasury strategy.

The group actively restructured its balance sheet, reducing outstanding convertible loan notes to £2.54m, arranging a new £1.5m CLN issue to fund working capital, capex and targeted beverage-sector acquisitions across the UK and Europe. It also completed a major capital reorganisation that consolidated its share base and introduced new ordinary shares, positioning the business to raise additional capital and pursue further acquisitions while maintaining a focus on delivering long-term value for shareholders and other stakeholders.

Everest Global Extends Maturity of Convertible Loan Notes to 2028

Everest Global plc has extended the maturity date of £552,163 of convertible loan notes originally issued in 2018 and 2021, pushing their due date out to 31 March 2028 while leaving all other terms unchanged. The notes are held by Golden Nice International Group Limited, controlled by major shareholder Mr. Ziwei Peng, and the maturity extension therefore qualifies as a related-party transaction under market rules.

Without the extension, the company would have been forced either to repay the notes, which it states it is not ready to do, or allow conversion that could have increased Mr. Peng’s voting interest to 30% or more and triggered UK takeover obligations. By agreeing the extension, Everest preserves liquidity and avoids a near-term change of control scenario, providing operational breathing space while maintaining its existing ownership structure.