Archive
Analyses on Small Cap
4 articles — sorted by date
Tatton Asset Management — The Wealth Manager That Owns No Wealth
ROIC 42.2%, 98.3% retention and a fee margin that rises instead of falling. Why the largest client loss in the company's history was a gain.
Foxtons Group: The Lettings Core Holds, the Valuation No Longer Does
Lettings is growing and the 24–26% M&A ROIC stands, but H1 2026 cuts the earnings base by 19%. Fair value £0.45, bear case at the share price: Hold.
Lumine Group: The Quality Holds, the Discovery Discount Is Gone
Recurring revenue, niche markets, strong cash generation: the quality is not in dispute. The open question is the price.
CHAPTERS Group: The Loss Is Accounting, the Price Is the Problem
HGB accounting forces a book loss while cash grows 64% a year. Still: watchlist, not a core position. At 20x EBITDA there is no margin of safety.