Various Eateries PLC ADR (VARE) AI Stock Analysis

• Market Cap: £23.63M
• Dividend Yield: N/A
• Average Volume (3M): 165.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.75
• Revenue Growth: 8.14%
• EPS Growth: 79.37%
• Country: UK
• Employees: 951
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Restaurants
• EPS (TTM): >-0.01
• Shares Outstanding: 175,045,260
• 10 Day Avg. Volume: 435,225
• 30 Day Avg. Volume: 165,443
• PEG Ratio: 0.29
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 0.33
• P/FCF Ratio: 3.95
• 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): -0.01
• Revenue Forecast (FY): £55.50M

• Rating: 51 Neutral
• Price Target: 13.50p ▲(17.39% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily held back by weak profitability and higher leverage despite strong revenue growth and improved cash generation. Technicals are mildly supportive in the short term (price above key shorter moving averages), while valuation is constrained by negative earnings and no dividend support.

Positive Factors

Revenue Growth

A very large step-up in reported revenue growth indicates the company is materially expanding sales and market penetration. Sustained top-line momentum supports scale economics, provides runway to absorb fixed costs, and underpins medium-term recovery of operating leverage and cash generation.

Free Cash Flow Recovery

Conversion to positive free cash flow is a durable operational improvement, reducing reliance on external funding for working capital and capex. Positive FCF strengthens liquidity, enables organic reinvestment or debt paydown, and materially improves financial flexibility over the next several quarters.

Improved EBITDA Margin

A double-digit EBITDA margin reflects better underlying operating efficiency and potential for scalable margins as revenue grows. If sustained, this improvement provides a structural cushion to absorb variable cost shocks and supports eventual transition from EBITDA-positive to consistent net profitability.

Negative Factors

Elevated Leverage

Rising leverage meaningfully increases financial risk: higher interest and principal obligations reduce flexibility, constrain strategic investment, and raise refinancing risk if markets tighten. With leverage at these levels, weaker cash flow or margin contraction would rapidly stress the balance sheet.

Persisting Net Losses

Despite revenue growth and EBITDA gains, the company remains loss-making at the bottom line and delivers negative ROE. Persistent net losses limit retained earnings accumulation, restrict shareholder returns, and may force ongoing external financing until underlying profitability is restored.

Compressed Gross Margin

A sharp decline in gross margin signals pricing pressure or rising direct costs, which erodes the core profit buffer needed to cover fixed expenses. Without structural improvements to margin or cost of goods, operating leverage gains and cash flow are fragile and vulnerable to input-cost volatility.

Various Eateries PLC ADR Business Overview & Revenue Model

Company Description

Various Eateries PLC, together with its subsidiaries, owns, develops, and operates restaurant and hotel sites in the United Kingdom. It operates in two segments, Restaurant and Hotel. The company operates two brands across 13 locations, which include Coppa Club, a multi-use, all-day concept that combines restaurant, terrace, café, lounge, bar, and workspaces; and Tavolino, a restaurant for Italian food. It is also involved in buying and selling of real estate properties. The company was founded in 2014 and is based in London, the United Kingdom.

How the Company Makes Money

Various Eateries PLC generates revenue primarily through the operation of its restaurant chains and dining venues. The company earns money from direct sales of food and beverages to customers, while also benefiting from ancillary revenue streams such as catering services, special events, and merchandise sales. Additionally, VARE may engage in strategic partnerships with suppliers for exclusive products and promotional collaborations, enhancing its market presence and profitability. The company's focus on brand development and effective marketing strategies further contributes to its earnings by attracting a loyal customer base and increasing foot traffic to its locations.

Various Eateries PLC ADR Financial Statement Overview

Summary

Strong revenue growth and a clear cash-flow rebound (positive free cash flow in 2025) are positives, but the company remains loss-making with sharply compressed gross margin and elevated, rising leverage (debt-to-equity ~2.10). Overall improvement is offset by ongoing profitability and balance-sheet risk.

Income Statement

Revenue growth has been strong over the last several years (2025: +176.6% vs. 2024: +8.8%), but profitability remains weak. Gross margin compressed sharply in 2025 (to ~1.6% from ~7.0% in 2024), and the company is still loss-making with a negative net margin (~-5.2% in 2025). Losses have narrowed materially versus 2022–2023, and EBITDA margin improved to ~10.3% in 2025, but the business has not yet reached sustainable bottom-line profitability.

Balance Sheet

Leverage is elevated and has risen in 2025, with debt-to-equity increasing to ~2.10 (from ~1.17 in 2024). Equity is positive, but returns on equity remain negative (about -10% in 2025), reflecting ongoing net losses. Total assets are relatively stable, yet the higher debt load increases financial risk if operating performance softens.

Cash Flow

Cash generation improved meaningfully in 2025: operating cash flow increased to ~6.1m (from ~2.3m in 2024) and free cash flow turned positive (~4.4m vs. negative ~2.0m in 2024). Cash flow is also higher than reported earnings (loss-making net income alongside positive free cash flow), which is a near-term positive. However, operating cash flow covers only a modest portion of debt (~0.34 in 2025), so the balance sheet still depends on continued cash generation and/or refinancing capacity.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	52.38M	49.49M	45.49M	40.67M	22.35M
Gross Profit	817.00K	3.46M	1.90M	3.67M	1.62M
EBITDA	5.37M	4.58M	1.36M	-508.00K	1.88M
Net Income	-2.73M	-3.36M	-6.68M	-7.21M	-3.74M
Balance Sheet
Total Assets	70.32M	73.75M	66.64M	71.68M	70.50M
Cash, Cash Equivalents and Short-Term Investments	7.98M	5.83M	1.90M	9.39M	19.72M
Total Debt	57.39M	34.49M	44.85M	44.78M	37.41M
Total Liabilities	43.01M	44.27M	55.30M	53.73M	46.17M
Stockholders Equity	27.31M	29.49M	11.34M	17.95M	24.33M
Cash Flow
Free Cash Flow	4.43M	-2.01M	-4.76M	-6.99M	-1.77M
Operating Cash Flow	6.07M	2.31M	2.08M	1.86M	3.29M
Investing Cash Flow	-1.63M	-4.31M	-6.84M	-8.85M	-5.04M
Financing Cash Flow	-2.29M	5.93M	-2.73M	-3.33M	20.57M

Various Eateries PLC ADR Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.50
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:VARE, the sentiment is Positive. The current price of 11.5 is below the 20-day moving average (MA) of 13.10, below the 50-day MA of 12.12, and below the 200-day MA of 12.18, indicating a bullish trend. The MACD of 0.44 indicates Positive momentum. The RSI at 83.98 is Negative, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:VARE.

Various Eateries PLC ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FSTA	79 Outperform	£376.52M	5.12	4.82%	2.81%	6.94%	9.99%
JDW	69 Neutral	£717.41M	13.44	17.81%	1.50%	4.52%	50.39%
MARS	66 Neutral	£370.20M	3.47	9.91%	―	-0.08%	―
MAB	66 Neutral	£1.73B	8.30	6.58%	―	3.87%	18.31%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
VARE	51 Neutral	£23.63M	-6.40	-6.15%	―	8.14%	79.37%
MEX	45 Neutral	£29.00M	-2.02	-9999.00%	―	12.39%	-627.32%

Various Eateries PLC ADR Corporate Events

Various Eateries Publishes Annual Report and Sets March AGM

Various Eateries PLC has published its annual report and accounts for the 52 weeks ended 28 September 2025 and is circulating these documents to shareholders. The materials are also available on the company’s website, providing investors and other stakeholders with detailed insight into the group’s recent financial performance and strategic progress.

The company has scheduled its annual general meeting for 12:30 p.m. on 19 March 2026 at The Swan at Streatley in Berkshire. The AGM will offer shareholders an opportunity to engage with management, vote on key corporate matters and assess the group’s positioning in the competitive UK hospitality market.

The most recent analyst rating on (GB:VARE) stock is a Hold with a £12.00 price target. To see the full list of analyst forecasts on Various Eateries PLC ADR stock, see the GB:VARE Stock Forecast page.

Various Eateries Delivers Record Earnings as It Refocuses on Core Brands and Prepares for Growth

Various Eateries PLC reported a strong improvement in performance for the 52 weeks to 28 September 2025, with revenue up 6% to £52.4m, like-for-like sales returning to growth at 2%, and record adjusted EBITDA rising to £1.4m amid a 64% jump in gross profit. Management attributed the turnaround to tighter operational execution, improved site-level leadership, sharper cost and labour control, and a strategic refocus of the estate around its Coppa Club and Noci brands, supported by a strengthened leadership team under CEO Mark Loughborough. The group entered FY26 with solid momentum, highlighted by a 9% like-for-like sales increase over the festive trading period and a stronger balance sheet with higher cash and net cash, and is now positioning for its next growth phase by selectively expanding Coppa Club, continuing to develop Noci, and actively evaluating complementary acquisition opportunities, while leveraging its now more scalable operating platform to pursue disciplined, long-term expansion.

The most recent analyst rating on (GB:VARE) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Various Eateries PLC ADR stock, see the GB:VARE Stock Forecast page.

Various Eateries Delivers Record Earnings and Sharp Turnaround in Profitability

Various Eateries PLC reported record full-year results for the 52 weeks to 28 September 2025, with revenue up 6% to £52.4m, a return to like-for-like sales growth of 2% led by Coppa Club, and a sharp rise in gross profit and adjusted EBITDA to £1.4m. The company highlighted clear operational gains, including tighter cost control, improved service and labour efficiency, and stronger site-level leadership, supported by a refreshed management team under CEO Mark Loughborough and a new Managing Director and Culinary Director. Entering FY26 with £8.0m of cash and net cash of £4.6m, the group reported a strong festive trading performance with like-for-like sales up 9%, and is consolidating its portfolio around the Coppa Club and Noci brands while exploring new sites and selective, complementary M&A. Management positions FY25 as an inflection year that has strengthened the operating platform and scalability of the business, with the focus now shifting toward disciplined expansion and long-term value creation despite ongoing cost and consumer headwinds in the UK hospitality sector.

The most recent analyst rating on (GB:VARE) stock is a Hold with a £13.50 price target. To see the full list of analyst forecasts on Various Eateries PLC ADR stock, see the GB:VARE Stock Forecast page.