Pinewood Technologies (GB:PINE)
LSE:PINE
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Pinewood Technologies
(LSE:PINE)
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Rating:60Neutral
Price Target:
253.00 p
▼(-10.44% Downside)
Action:ReiteratedDate:04/24/26
The score is driven primarily by improved financial safety from very low leverage, tempered by lower-quality/volatile earnings and inconsistent cash conversion. Valuation is supportive with a low P/E, while technicals remain weak-to-mixed due to price below longer-term moving averages and a negative MACD. Earnings-call commentary adds moderate support via reiterated long-term EBITDA guidance and contract visibility, but execution and cash-generation risks remain.
Positive Factors
Balance Sheet Strength
Very low leverage materially reduces financial risk and increases strategic optionality. With negligible reported debt and solid ROE, Pinewood can fund rollouts, complete OEM integrations or pursue tuck-in M&A with less refinancing risk, supporting multi-quarter execution and growth.
Negative Factors
Weak Cash Conversion / Negative FCF
An earnings-to-cash disconnect limits self-funded growth and increases sensitivity to timing on receivables, working capital and capex. Negative FCF and low operating cash conversion reduce flexibility to absorb integration costs or delays without relying on external financing or equity raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low leverage materially reduces financial risk and increases strategic optionality. With negligible reported debt and solid ROE, Pinewood can fund rollouts, complete OEM integrations or pursue tuck-in M&A with less refinancing risk, supporting multi-quarter execution and growth.
Read all positive factors
Pinewood Technologies (PINE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£296.07M
Dividend YieldN/A
Average Volume (3M)403.10K
Price to Earnings (P/E)7.5
Beta (1Y)0.53
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees296
SectorTechnology
Sector Strength88
IndustryAuto - Dealerships
Share Statistics
EPS (TTM)0.44
Shares Outstanding115,099,976
10 Day Avg. Volume292,299
30 Day Avg. Volume403,101
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.84
Price to Sales (P/S)9.25
P/FCF Ratio-81.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£585.00Price Target Upside107.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)£56.40M
Pinewood Technologies Business Overview & Revenue Model
Company Description
Pinewood Technologies Group PLC operates as a cloud-based dealer management software provider that offers software solutions to the automotive industry in the United Kingdom and internationally. It offers end-to-end solution that empowers vehicle ...
How the Company Makes Money
Pinewood Technologies primarily makes money by licensing/subscribing its Pinewood.AI dealer management software to automotive retailers and dealer groups. Revenue is generally generated from recurring software fees paid by customers to use the pla...
Pinewood Technologies Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Oct 07, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial momentum: strong top-line growth (+30%), improved underlying EBITDA (+17.1%), substantial commercial milestones (GBP 64.5m TCV and a $60m Lithia contract), and strategic enhancement via the Seez acquisition and embedded AI. These positives are balanced by margin compression from the Seez mix, modest operating cash generation (GBP 6.5m), increased intangible balances and one-off costs tied to buyouts and acquisitions, and notable execution risk for large-scale North America OEM integrations and rollouts. On balance the company has clear growth visibility and liquidity but faces identifiable near-term integration and implementation risks that management is actively addressing.Positive Updates
Strong Revenue Growth
Revenue increased ~30% year-over-year to GBP 40.5m, driven by new customers, upsells and the March 2025 Seez acquisition.
Negative Updates
Compression in Gross Margin Rate
Gross margin rate fell to 85.7% (from a higher prior-year level) due primarily to lower Seez margins being blended into the legacy Pinewood business.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Revenue increased ~30% year-over-year to GBP 40.5m, driven by new customers, upsells and the March 2025 Seez acquisition.
Read all positive updates
Company Guidance
Management reiterated FY‑28 underlying EBITDA guidance of GBP 58–62m, noting roughly GBP 50m of that is already covered by existing customers and signed contracts and that a total contract value (TCV) of GBP 64.5m of incremental ARR (from signed but not yet implemented customers) will deliver the majority of the FY‑28 target; they also expect FY‑26 underlying EBITDA to be in line with analyst consensus of GBP 21.3m. On the cash side, year‑end Dec‑2025 cash was GBP 34.1m (plus an undrawn GBP 10m RCF) and management expects c. GBP 45–50m net cash conversion in FY‑28, helped by a working‑capital benefit of about GBP 12–13m in FY‑28; CapEx should tick up slightly in 2026–27 to complete North America OEM integrations (majority targeted by end‑2026) but remain broadly stable thereafter. For context, FY‑25 revenue grew ~30% to GBP 40.5m, underlying EBITDA was GBP 16.4m (up 17.1%), recurring revenue was 83.2%, net customer churn 2.5%, FY‑25 cash from operations GBP 6.5m, and FY‑25 included one‑off/non‑underlying items such as a GBP 60.8m non‑cash JV buyout gain, GBP 4.6m acquisition costs, GBP 4.2m U.S. subsidiary costs, GBP 3.6m share‑based payments and GBP 4.0m acquisition‑related amortization.Pinewood Technologies Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
74
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 40.50M | 34.04M | 22.62M | 19.10M | 3.42B |
| Gross Profit | 22.60M | 24.65M | 20.12M | 387.60M | 362.80M |
| EBITDA | 8.60M | 15.93M | 37.57M | 11.30M | 187.00M |
| Net Income | 50.30M | 6.22M | 37.94M | 45.50M | 61.50M |
Balance Sheet | |||||
| Total Assets | 267.00M | 61.80M | 484.70M | 1.62B | 1.53B |
| Cash, Cash Equivalents and Short-Term Investments | 34.10M | 9.30M | 47.40M | 171.90M | 200.10M |
| Total Debt | 1.50M | 1.60M | 94.20M | 413.10M | 471.90M |
| Total Liabilities | 62.80M | 22.80M | 123.30M | 1.34B | 1.30B |
| Stockholders Equity | 204.20M | 39.00M | 360.40M | 281.00M | 225.60M |
Cash Flow | |||||
| Free Cash Flow | -4.60M | 1.60M | 7.57M | 31.80M | 44.60M |
| Operating Cash Flow | 6.80M | 9.10M | 44.68M | 76.10M | 63.20M |
| Investing Cash Flow | -14.90M | 374.70M | -43.75M | -25.10M | 16.20M |
| Financing Cash Flow | 32.90M | -421.90M | -21.23M | -19.30M | -97.30M |
Pinewood Technologies Technical Analysis
Neutral
282.50
Price Trends
282.77
Negative
325.07
Negative
389.30
Negative
Market Momentum
-13.58
Negative
51.05
Neutral
92.09
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PINE, the sentiment is Neutral. The current price of 282.5 is above the 20-day moving average (MA) of 221.75, below the 50-day MA of 282.77, and below the 200-day MA of 389.30, indicating a neutral trend. The MACD of -13.58 indicates Negative momentum. The RSI at 51.05 is Neutral, neither overbought nor oversold. The STOCH value of 92.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:PINE.
Pinewood Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £198.87M | 3.31 | 4.55% | 3.22% | -0.17% | -10.96% | |
70 Outperform | £2.95B | 10.60 | 23.83% | 3.44% | -1.76% | -29.67% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | £296.07M | 7.45 | 35.39% | ― | ― | ― | |
55 Neutral | £102.34M | 12.59 | 17.19% | 1.48% | 20.64% | ― | |
54 Neutral | £354.65M | 26.54 | 7.75% | 2.16% | ― | ― | |
48 Neutral | £293.41M | -9.45 | -26.32% | ― | -1.15% | -1047.06% |
* Technology Sector Average
GB:PINE
Pinewood Technologies
265.00
-123.50
-31.79%
GB:INCH
Inchcape
834.60
179.19
27.34%
GB:MOTR
Motorpoint
129.00
-7.21
-5.29%
GB:NCC
NCC Group plc
128.60
-13.16
-9.28%
GB:VTU
Vertu Motors
64.80
6.14
10.48%
GB:BIG
Big Technologies PLC
101.00
21.00
26.25%
Pinewood Technologies Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Pinewood.AI boosts revenue and cash as North American rollout and AI integration gather pace
Positive
Apr 22, 2026
Pinewood.AI reported strong full-year 2025 results, with revenue rising nearly 30% to £40.5 million, robust margins and a sharp increase in cash following an equity raise and healthy operating cash flow. Recurring revenue remains the bulk of ...
Executive/Board Changes
Pinewood Director Takes New Board Role While Retaining Duties
Neutral
Mar 27, 2026
Pinewood Technologies Group PLC has announced that non-executive director Shruthi Chindalur will join Irish Residential Properties REIT plc as a non-executive director from 28 May 2026, also serving on its audit and remuneration committees. Pinewo...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Pinewood.AI Delays Marshalls Rollout but Reaffirms 2028 Profit Targets
Negative
Mar 25, 2026
Pinewood Technologies Group PLC has delayed the rollout of its Pinewood.AI system for Marshall Motor Group to the second half of 2026 as it coordinates sequencing with Marshalls’ wider technology modernisation, a shift that will push some re...
Regulatory Filings and Compliance
Pinewood Technologies CEO Increases Stake with Share Purchase
Positive
Feb 19, 2026
Pinewood Technologies Group PLC disclosed a share dealing by its chief executive officer, William Berman, in line with EU Market Abuse Regulation requirements. Berman purchased 16,035 ordinary shares at a price of £3.095 per share on 19 Febru...
Regulatory Filings and Compliance
Pinewood Technologies Director Increases Stake with Share Purchase
Positive
Feb 17, 2026
Pinewood Technologies Group PLC reported that non-executive director Brian Small purchased 6,600 ordinary shares in the company at a price of £2.96488 per share. The on-market transaction, conducted on the London Stock Exchange on 17 February...
Regulatory Filings and Compliance
Pinewood Technologies Director Increases Stake With Share Purchase
Positive
Feb 16, 2026
Pinewood Technologies Group PLC has disclosed that non-executive director Jemima Bird purchased 16,891 ordinary shares in the company at a price of £2.96 per share on 16 February 2026. The on-market transaction, carried out on the London Stoc...
Regulatory Filings and Compliance
Pinewood Technologies Director Increases Stake with Share Purchase
Positive
Feb 16, 2026
Pinewood Technologies Group PLC reported that non-executive director Dietmar Exler has purchased 2,500 ordinary shares of the company at a price of £2.95 per share on 16 February 2026. The on-market transaction, conducted on the London Stock ...
Regulatory Filings and Compliance
Pinewood Technologies CFO Increases Stake with Share Purchase
Positive
Feb 16, 2026
Pinewood Technologies Group PLC disclosed a director share dealing, reporting that Chief Financial Officer Oliver Mann purchased ordinary shares in the company. The transactions, conducted on the London Stock Exchange on 16 February 2026, totalled...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Pinewood.AI Reaffirms Growth Outlook After Apax Walks Away From Takeover
Positive
Feb 16, 2026
Pinewood.AI has responded to Apax Partners’ decision not to pursue a takeover, reiterating its confidence in the company’s long-term prospects as a mission-critical, full-service embedded technology provider to automotive retailers and...
Business Operations and StrategyM&A Transactions
Pinewood.AI Confirms Talks With Apax Over Possible £5‑a‑Share Takeover
Positive
Jan 29, 2026
Pinewood Technologies Group PLC has confirmed it is in discussions with private equity firm Apax Partners LLP over a possible all‑cash takeover at 500 pence per share for the entire issued and to be issued share capital, with an unlisted par...
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.