Ramsdens Holdings (RFX) AI Stock Analysis

• Market Cap: £126.83M
• Dividend Yield: 3%
• Average Volume (3M): 99.61K
• Price to Earnings (P/E): 10.1
• Beta (1Y): 0.41
• Revenue Growth: 16.79%
• EPS Growth: 26.31%
• Country: UK
• Employees: 827
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Conglomerates
• EPS (TTM): 0.23
• Shares Outstanding: 32,355,780
• 10 Day Avg. Volume: 135,152
• 30 Day Avg. Volume: 99,610
• PEG Ratio: 0.24
• Price to Book (P/B): 1.92
• Price to Sales (P/S): 1.03
• P/FCF Ratio: 23.23
• 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): 0.41
• Revenue Forecast (FY): £129.40M

• Rating: 74 Outperform
• Price Target: 439.00 p ▲(13.44% Upside)
• Action: Upgraded Date: 01/26/26
• Date: Action: Upgraded 01/26/26

The score is driven primarily by solid financial performance (strong growth and improved profitability) but tempered by inconsistent cash conversion and FCF volatility. Technicals support the rating with a strong uptrend, though overbought indicators raise pullback risk. Valuation appears reasonable with a modest dividend, and the earnings call added support via upbeat FY26 guidance while acknowledging gold- and cost-related risks.

Positive Factors

Revenue & profit growth

Multi-year revenue growth and a sharp profitability recovery show the business is scaling across channels. Sustainable operating leverage and diversified retail income (jewellery, pawnbroking, FX) underpin recurring profits and support management's FY26 PBT guidance, strengthening long-term earnings power.

Diversified retail & gold-buying strength

Strong gold-buying and retail growth diversify revenue and margin sources away from cyclical FX. Higher gold volumes and robust pre-owned jewellery sales improve gross margins and inventory sourcing economics, creating durable retail cashflows and resilience to single-channel shocks over the medium term.

Conservative balance sheet & liquidity

Moderate leverage, a cash buffer and an undrawn revolving facility provide financial flexibility to fund store roll-out and absorb shocks. Rising equity and low net debt reduce refinancing risk, supporting dividend policy and strategic investments without materially increasing solvency risk.

Negative Factors

Volatile cash generation

Inconsistent conversion of earnings into cash constrains internal funding for expansion and increases reliance on working capital cycles. Volatile FCF reduces the margin for error on new store investment, challenges sustainable dividend coverage and raises execution risk during slower trading periods.

Earnings sensitivity to gold prices

A meaningful share of recent profitability derived from elevated gold prices and gold-buying margins. If metal prices mean-revert, revenue and gross profit could decline materially. Coupled with inventory carried at cost, this raises earnings and balance-sheet exposure to commodity swings over the medium term.

Currency segment margin pressure

Structural shifts toward click-and-collect and card channels are exerting downward pressure on FX margins. As these lower-margin channels grow, overall profitability per transaction could shrink unless pricing or cost bases adjust, limiting margin upside from the currency business over time.

Ramsdens Holdings Business Overview & Revenue Model

Company Description

Ramsdens Holdings PLC provides various financial services in the United Kingdom and internationally. It operates through four segments: Foreign Currency Exchange, Pawnbroking, Purchase of Precious Metals, and Jewellery Retail. The company engages in the sale and purchase of foreign currency notes to holidaymakers, as well as offers prepaid travel cards and international bank-to-bank payments; and provision of pawnbroking and related financial services. It also provides precious metals buying and selling services; and retails new and second-hand jewelry. As of September 30, 2021, the company operated through 154 stores, including three franchised stores, as well as through online channel. Ramsdens Holdings PLC was incorporated in 2013 and is headquartered in Middlesbrough, the United Kingdom.

How the Company Makes Money

Ramsdens Holdings generates revenue through multiple streams, primarily from foreign exchange services, which include currency exchange fees and spreads. The company also earns income from pawnbroking services, where it provides loans secured against personal valuables, charging interest on these loans. Additionally, Ramsdens makes money from selling gold and other precious metals, capitalizing on fluctuating market prices. Significant partnerships with financial institutions and a growing online presence have further enhanced its revenue potential, allowing the company to reach a broader customer base and improve service delivery.

Ramsdens Holdings Financial Statement Overview

Summary

Strong multi-year revenue growth and a clear profitability recovery, supported by moderate leverage and rising equity. However, cash generation is the main drag: free cash flow and cash conversion have been volatile, with a sharp FCF decline in 2025.

Income Statement

Revenue has grown strongly over the last several years (from ~£40.7m in 2021 to ~£116.8m in 2025), with 2025 up ~13% year over year after ~14% growth in 2024. Profitability has also improved materially versus 2021 (net income ~£11.9m in 2025 vs ~£0.4m in 2021). A key weakness is margin volatility: net margin was ~8.7% in 2024 versus ~9.3% in 2023, and 2020–2024 shows solid but not steadily expanding profitability.

Balance Sheet

The balance sheet looks reasonably conservative with moderate leverage: debt-to-equity was ~0.34 in 2024 (and ~0.38 in 2023), and equity has grown alongside the business (to ~£62.9m in 2025 from ~£36.1m in 2021). Returns on equity have been healthy in recent years (~15–16% in 2022–2024). The main watch item is that debt has stayed fairly steady (~£17–18m recently) while the business is scaling—fine at this level, but it leaves less room for error if profitability or cash generation softens.

Cash Flow

Cash generation is the weakest area. Free cash flow has been positive recently (about £5.2m in 2025 and £9.3m in 2024), but it has been volatile and declined sharply in 2025 (free cash flow growth around -50%). Cash conversion has also been inconsistent: operating cash flow was only ~60% of net income in 2024 and was much weaker in 2022–2023, indicating that earnings have not consistently translated into cash.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	116.80M	95.61M	83.81M	66.10M	40.68M
Gross Profit	53.75M	51.53M	45.76M	34.53M	18.79M
EBITDA	21.61M	16.52M	14.68M	12.78M	3.02M
Net Income	11.89M	8.30M	7.76M	6.59M	366.00K
Balance Sheet
Total Assets	91.09M	81.69M	74.28M	68.32M	52.72M
Cash, Cash Equivalents and Short-Term Investments	15.36M	15.78M	13.02M	15.28M	13.03M
Total Debt	17.05M	18.07M	18.11M	16.40M	8.60M
Total Liabilities	28.20M	28.08M	26.11M	26.47M	16.57M
Stockholders Equity	62.90M	53.61M	48.17M	41.84M	36.14M
Cash Flow
Free Cash Flow	5.19M	9.30M	561.00K	92.00K	-553.00K
Operating Cash Flow	6.11M	11.88M	3.28M	2.94M	1.08M
Investing Cash Flow	-914.00K	-3.21M	-3.00M	-3.75M	-1.63M
Financing Cash Flow	-5.62M	-5.91M	-2.53M	3.06M	-2.30M

Ramsdens Holdings Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 387.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RFX, the sentiment is Neutral. The current price of 387 is below the 20-day moving average (MA) of 413.46, below the 50-day MA of 404.74, and above the 200-day MA of 349.77, indicating a neutral trend. The MACD of -1.42 indicates Positive momentum. The RSI at 43.52 is Neutral, neither overbought nor oversold. The STOCH value of 13.33 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:RFX.

Ramsdens Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RFX	74 Outperform	£126.83M	10.13	19.29%	3.00%	16.79%	26.31%
WIL	70 Outperform	£241.80M	33.44	10.14%	3.78%	3.22%	-71.97%
ULTP	68 Neutral	£40.23M	8.53	12.08%	11.65%	-3.45%	-44.02%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MACF	55 Neutral	£103.92M	18.07	10.01%	5.24%	6.97%	-18.59%
MOTR	55 Neutral	£106.31M	12.59	16.70%	1.48%	20.64%	―
EVOK	41 Neutral	£130.50M	-1.51	―	―	5.26%	32.20%

Ramsdens Holdings Corporate Events

Ramsdens lifts FY26 profit forecast on record gold prices and expansion

Ramsdens Holdings has upgraded its profit outlook for the year to 30 September 2026, now expecting pre-tax profit of more than £21m compared with £16.2m last year and above prior market forecasts. The outperformance is being driven primarily by its precious metals purchasing arm, which is benefiting from record high gold prices and strong buying volumes.

Jewellery retail is trading robustly in-store and online, supported by the recent launch of a re-platformed dedicated jewellery website, while pawnbroking lending hit record levels in January as the group maintains conservative loan-to-gold values. Foreign currency volumes remain flat year on year with a shift toward lower-margin digital channels, and the group is expanding its footprint with new stores in Wakefield, Hull and the Isle of Sheppey and remains on track to open eight to 12 new outlets in FY26, underpinning management’s confidence in continued growth despite macroeconomic uncertainties.

The most recent analyst rating on (GB:RFX) stock is a Buy with a £440.00 price target. To see the full list of analyst forecasts on Ramsdens Holdings stock, see the GB:RFX Stock Forecast page.

Ramsdens Publishes 2025 Annual Report and Sets Date for 2026 AGM

Ramsdens Holdings has published its annual report and accounts for the year ended 30 September 2025, along with the notice of its 2026 Annual General Meeting, which will be held on 9 March 2026 at the company’s Stockton-on-Tees premises, and has made these documents available to shareholders via its website. The company has also strengthened its investor communications by providing online access to fresh equity research from its nominated adviser and broker, Cavendish Capital Markets, and by posting a recording of its recent annual results presentation, underscoring a continued focus on transparency and engagement with the market.

The most recent analyst rating on (GB:RFX) stock is a Buy with a £481.00 price target. To see the full list of analyst forecasts on Ramsdens Holdings stock, see the GB:RFX Stock Forecast page.

Ramsdens Delivers Record Year as High Gold Price and Diversified Model Drive Profits Past £16m

Ramsdens reported another record year for the 12 months to 30 September 2025, with revenue up 22% to £116.8m and profit before tax jumping 43% to £16.2m, driven by strong contributions across all four divisions and a sustained high gold price. The purchase of precious metals was the standout performer with gross profit up 52% to £17.9m, while pawnbroking profits rose 9%, jewellery retail gross profit increased 18% – aided by a 35% surge in pre-owned jewellery revenue – and foreign currency exchanged ticked up despite margin pressure from a shift to online and card products. Ramsdens held its estate broadly steady at 168 stores, recommended a 43% increase in the full-year dividend to 16.0p per share including special payouts, and highlighted continued strategic progress in its omni-channel offering. In Q1 FY26, the group reported further strong trading momentum, with precious metals gross profit up more than 50%, record month-on-month lending lifting the pawnbroking loan book to £12.8m, jewellery retail revenue more than 20% higher year on year, and FX margins still under pressure from digital migration. The company has begun a new phase of expansion with new stores in Wakefield and additional openings planned, alongside the acquisition of a small pawnbroker, and despite rising employment and national insurance costs linked to its commitment to the Real Living Wage, the board now expects FY26 profit before tax to exceed £18m, underlining confidence in its growth strategy and cash-generative model.

The most recent analyst rating on (GB:RFX) stock is a Hold with a £348.00 price target. To see the full list of analyst forecasts on Ramsdens Holdings stock, see the GB:RFX Stock Forecast page.

Ramsdens to Host Online Investor Presentation on Annual Results

Ramsdens Holdings has announced that chief executive Peter Kenyon and chief financial officer Martin Clyburn will host a live online investor presentation on 15 January 2026 via the Investor Meet Company platform, following the publication of the group’s annual results on 14 January 2026. The session, which is open to existing and prospective shareholders, aims to enhance engagement and transparency by allowing investors to submit questions in advance or during the event, underscoring the company’s efforts to maintain active communication with the market as it continues to expand its diversified financial services and retail operations.

The most recent analyst rating on (GB:RFX) stock is a Hold with a £361.00 price target. To see the full list of analyst forecasts on Ramsdens Holdings stock, see the GB:RFX Stock Forecast page.

Ramsdens Holdings Appoints New Nominated Adviser and Broker

Ramsdens Holdings PLC has appointed Cavendish Capital Markets Limited as its new Nominated Adviser and Broker. This strategic move is expected to enhance Ramsdens’ financial advisory capabilities and potentially strengthen its market position, benefiting stakeholders by aligning with a reputable adviser.

The most recent analyst rating on (GB:RFX) stock is a Hold with a £361.00 price target. To see the full list of analyst forecasts on Ramsdens Holdings stock, see the GB:RFX Stock Forecast page.