Ramsdens Holdings (RFX) AI Stock Analysis

• Market Cap: £135.89M
• Dividend Yield: 3%
• Average Volume (3M): 99.61K
• Price to Earnings (P/E): 11.3
• Beta (1Y): 0.31
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: 510.00p ▲(31.78% Upside)

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 and profitability recovery

Multi-year revenue expansion and a material profit recovery indicate the company has scaled its retail and services mix successfully. Strong top-line growth and restoring net income support durable cash flow potential, reinvestment for expansion, and improved operating leverage.

Diversified retail-led income streams

A multi-channel model (currency, pawnbroking, retail, gold buying, cards/IMT) spreads revenue drivers and reduces dependence on any single market. Structural diversity supports revenue resilience across travel cycles, commodity swings and local retail demand over the medium term.

Conservative balance sheet and liquidity

Healthy net assets, meaningful cash and an undrawn revolving facility provide financial flexibility to fund new store rollouts and buffer commodity or retail shocks. Moderate leverage and rising equity underpin capital allocation optionality and lower refinancing risk.

Negative Factors

Volatile cash generation and FCF decline

Inconsistent conversion of earnings into cash and a sharp FCF decline reduce ability to fund growth from operating cash, raise return volatility, and increase reliance on external financing or working-capital draws during expansion or commodity-driven swings.

Earnings sensitive to gold price volatility

Large exposure to gold buying and jewellery input costs means earnings can swing materially with metal prices. This structural sensitivity complicates forecasting, can compress retail margins if costs can't be passed on, and increases earnings cyclicality.

Currency segment margin pressure

A secular shift toward lower-margin channels (cards, click-and-collect) and falling average transaction values structurally pressures currency gross margins. Persistent margin erosion in a core service could cap segment profitability and limit overall margin expansion.

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	116.80M	116.80M	95.61M	83.81M	66.10M	40.68M
Gross Profit	27.07M	57.91M	51.53M	45.76M	34.53M	18.79M
EBITDA	20.18M	21.61M	16.52M	14.68M	12.78M	3.02M
Net Income	11.89M	11.89M	8.30M	7.76M	6.59M	366.00K
Balance Sheet
Total Assets	91.09M	91.09M	81.69M	74.28M	68.32M	52.72M
Cash, Cash Equivalents and Short-Term Investments	15.36M	15.36M	15.78M	13.02M	15.28M	13.03M
Total Debt	17.05M	17.05M	18.07M	18.11M	16.40M	8.60M
Total Liabilities	28.20M	28.20M	28.08M	26.11M	26.47M	16.57M
Stockholders Equity	62.90M	62.90M	53.61M	48.17M	41.84M	36.14M
Cash Flow
Free Cash Flow	5.19M	5.19M	9.30M	561.00K	92.00K	-553.00K
Operating Cash Flow	6.11M	6.11M	11.88M	3.28M	2.94M	1.08M
Investing Cash Flow	-914.00K	-914.00K	-3.21M	-3.00M	-3.75M	-1.63M
Financing Cash Flow	-5.62M	-5.62M	-5.91M	-2.53M	3.06M	-2.30M

Ramsdens Holdings Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RFX, the sentiment is Positive. The current price of 387 is below the 20-day moving average (MA) of 420.17, above the 50-day MA of 380.96, and above the 200-day MA of 340.05, indicating a neutral trend. The MACD of 16.75 indicates Positive momentum. The RSI at 54.33 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	£135.89M	11.35	19.29%	3.00%	16.79%	26.31%
MACF	72 Outperform	£112.88M	9.56	10.01%	5.24%	6.97%	-18.59%
WIL	70 Outperform	£266.88M	23.15	10.14%	3.78%	3.22%	-71.97%
ULTP	68 Neutral	£45.25M	7.91	12.08%	11.65%	-3.45%	-44.02%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
MOTR	55 Neutral	£110.28M	26.53	16.70%	1.48%	20.64%	―
EVOK	41 Neutral	£111.44M	-0.98	―	―	5.26%	32.20%

Ramsdens Holdings Corporate Events

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.

Ramsdens Holdings Director Increases Shareholding

Ramsdens Holdings PLC announced that Simon Herrick, a Non-Executive Director, acquired 196 ordinary shares at a price of 343.7p per share, increasing his total holdings to 27,735 shares. This transaction, conducted on the London Stock Exchange’s AIM, reflects continued confidence in the company’s diversified financial services and retail operations, potentially impacting its market perception and stakeholder interests.

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 Director Increases Shareholding

Ramsdens Holdings PLC announced that Simon Herrick, a Non-Executive Director, acquired 2,724 ordinary shares at a price of 364.9p per share, increasing his total holdings to 27,539 shares. This transaction, conducted on the London Stock Exchange’s AIM, reflects continued confidence in the company’s growth and stability within the financial services and retail sectors.

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 PLC to Present at Investor Event

Ramsdens Holdings PLC announced that its CEO, Peter Kenyon, and CFO, Martin Clyburn, will present at the Yellowstone Advisory Private Investor evening on 19 November 2025 in London. This event signifies Ramsdens’ proactive engagement with investors, reflecting its commitment to transparency and potential growth opportunities, which could positively impact its market position and stakeholder confidence.

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.