Puma Alpha VCT Plc (PUAL) AI Stock Analysis

• Market Cap: £31.18M
• Dividend Yield: 3.08%
• Average Volume (3M): 0.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.08
• Revenue Growth: 77.84%
• EPS Growth: 64.90%
• Country: UK
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): N/A
• Shares Outstanding: 36,000,996
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 0
• PEG Ratio: 0.23
• Price to Book (P/B): 0.85
• Price to Sales (P/S): -20.09
• P/FCF Ratio: -12.52
• 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: 54 Neutral
• Price Target: 99.00p ▲(1.54% Upside)

The score is held back primarily by weak financial performance (recurring losses and negative operating/free cash flow), partly offset by a strong, low-debt balance sheet. Technical indicators are largely flat with limited momentum, while valuation is mixed (loss-driven negative P/E but a moderate dividend yield). Recent fundraising-related corporate events provide a modest positive offset by improving capital resources.

Positive Factors

Strategic Investments

Strategic investments in high-growth companies like Love Corn USA Inc. enhance Puma Alpha VCT's portfolio, potentially increasing its market presence and long-term growth prospects in the food manufacturing sector.

Equity Position

A strong equity position with no debt provides financial stability and flexibility, allowing Puma Alpha VCT to pursue growth opportunities without the burden of interest obligations.

Portfolio Diversification

Investing in diverse sectors like legal technology through companies such as Semeris Ltd diversifies risk and enhances the potential for returns from various high-growth industries.

Negative Factors

Negative Cash Flow

Negative cash flow from operations indicates inefficiencies in generating cash from core activities, which could hinder the company's ability to fund future investments and operations.

Declining Revenue

Declining revenue suggests challenges in maintaining market share and competitiveness, potentially impacting long-term profitability and growth.

Negative Profit Margins

Negative profit margins highlight operational inefficiencies or high costs, which can erode shareholder value and limit the company's ability to reinvest in growth opportunities.

Puma Alpha VCT Plc Business Overview & Revenue Model

Company Description

Puma Alpha VCT Plc is an investment company, which engages in the business of investments in holdings of shares or securities. It also operates as a venture capital trust. The company was founded on April 11, 2019 and is headquartered in London, United Kingdom.

How the Company Makes Money

Puma Alpha VCT Plc makes money primarily through the capital appreciation of its investments and the generation of income from its portfolio companies. The company invests in a range of high-growth SMEs, typically providing equity capital to support their development and expansion. Revenue is generated when these investments are realized through exits, such as trade sales or initial public offerings (IPOs), leading to capital gains. Additionally, Puma Alpha VCT may receive dividend income from its portfolio companies. The trust benefits from tax advantages available to VCTs, which can enhance returns for investors. While there are no specific partnerships disclosed that significantly contribute to its earnings, the company's success is influenced by its ability to identify and support high-potential businesses.

Puma Alpha VCT Plc Financial Statement Overview

Summary

Overall, Puma Alpha VCT Plc faces financial challenges, primarily due to declining revenues and profitability, as well as negative cash flows from operations. Despite a strong equity position and lack of debt, the company needs to address its operational inefficiencies and improve its cash generation capacity to ensure long-term viability.

Income Statement

The company experienced significant revenue deterioration over the recent years, with a notable negative revenue growth rate from 2022 to 2024. Both the gross profit margin and net profit margin are negative, indicating operational challenges. EBIT margin is also negative, reflecting inefficiencies or high cost structures.

Balance Sheet

The company has a strong equity position with no debt, reflected in a debt-to-equity ratio of zero. The equity ratio is high, indicating strong asset backing. However, the return on equity (ROE) is negative due to negative net income, impacting the overall assessment.

Cash Flow

The cash flow analysis reveals negative operating cash flow, which raises concerns about cash generation from core business activities. Free cash flow is also negative, and the operating cash flow to net income ratio suggests inefficiencies in cash conversion. However, strong financing cash flow indicates external funding support.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	-707.00K	-1.30M	-3.75M	-92.00K	3.25M	1.82M
Gross Profit	-1.30M	-1.30M	-3.75M	-535.00K	2.45M	1.69M
EBITDA	-221.00K	-1.77M	0.00	0.00	0.00	0.00
Net Income	-1.77M	-1.77M	-4.13M	-386.00K	3.03M	1.64M
Balance Sheet
Total Assets	34.06M	34.06M	28.71M	24.28M	17.86M	10.07M
Cash, Cash Equivalents and Short-Term Investments	992.00K	992.00K	6.18M	3.91M	1.98M	2.06M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	3.38M	3.38M	1.05M	181.00K	654.00K	33.00K
Stockholders Equity	30.69M	30.69M	27.67M	24.09M	17.20M	10.03M
Cash Flow
Free Cash Flow	-2.09M	-2.09M	-802.00K	-1.24M	-494.00K	-338.00K
Operating Cash Flow	-2.09M	-2.09M	-802.00K	-1.24M	-494.00K	-338.00K
Investing Cash Flow	-3.53M	-3.53M	-8.99M	-4.11M	-3.73M	-4.92M
Financing Cash Flow	6.18M	6.18M	8.10M	7.28M	4.14M	4.86M

Puma Alpha VCT Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
PUAL	54 Neutral	£31.18M	-15.21	-10.50%	3.08%	77.84%	64.90%
RNEW	44 Neutral	$29.69M	-0.88	-47.36%	3.45%	―	―
FIPP	43 Neutral	£10.21M	-1.39	-14.62%	―	-9.22%	-386.93%

Puma Alpha VCT Plc Corporate Events

Puma Alpha VCT Launches £20 Million Share Offer

Puma Alpha VCT plc has launched a prospectus for an offer to raise up to £20 million through the subscription of ordinary shares, with an additional over-allotment facility of £10 million, following approval from the Financial Conduct Authority. The offer is open until April 2026, with potential extensions, and involves a related party transaction with Puma Investment Management Limited, which will receive a promoter fee. The board considers this transaction fair and reasonable for shareholders.

Puma Alpha VCT Announces Total Voting Rights Update

Puma Alpha VCT plc has announced that its issued share capital consists of 36,000,997 Ordinary Shares as of November 28, 2025. The company holds no shares in treasury, and the total number of voting rights is also 36,000,997. This information is crucial for shareholders to determine their reporting requirements under the Financial Conduct Authority’s rules.

Puma Alpha VCT Completes Equity Issue and Prepares for LSE Trading

Puma Alpha VCT plc has successfully completed an equity issue, raising capital through an offer for subscription of ordinary shares. The company has allotted 1,036,711 ordinary shares, closing the offer and bringing the total number of shares issued to 36,000,997. These shares will be admitted to the Official List of the FCA and are expected to begin trading on the London Stock Exchange on or around 26 November 2025.

Puma Alpha VCT Releases Interim Report for 2025

Puma Alpha VCT plc has released its Interim Report and Accounts for the period ending 31 August 2025. The report has been submitted to the National Storage Mechanism and is available for public inspection. This announcement indicates the company’s commitment to transparency and regulatory compliance, which may reassure stakeholders about its operational integrity.

Puma Alpha VCT Issues Supplementary Prospectus Following NAV Update

Puma Alpha VCT plc has issued a supplementary prospectus to support its offer for subscription, aiming to raise up to £15 million with an additional over-allotment facility of £5 million. This action follows the publication of an updated unaudited net asset value per share as of 31 August 2025. The supplementary prospectus, a regulatory requirement, has been approved by the Financial Conduct Authority and is available for public inspection.

Puma Alpha VCT Plans December Fundraising Initiative

Puma Alpha VCT plc has announced its intention to launch a new offer for subscription in December 2025, aiming to raise up to £15 million, with an additional over-allotment facility of up to £5 million. This fundraising effort is expected to provide the company with additional capital to support its operations and potentially enhance its market positioning, offering opportunities for both current shareholders and new investors.

Puma Alpha VCT Postpones Final Share Allotment

Puma Alpha VCT plc announced an update on its offer for subscription initially aimed at raising up to £15 million, with an additional £5 million through an over-allotment facility. The company has postponed the final allotment of shares, initially expected in early November, to mid-late November following the announcement of its unaudited net asset value as of 31 August 2025.