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Albion Enterprise VCT

AAEV.L
32
Asset Management · Financial Services
Price
104.50 GBp
+0.00 (+0.00%)
Market Cap
£261.2M
Exchange
London Stock Exchange
Winston Score
32
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Weak
Stability
Good
Valuation
Weak
Dividends
Exceptional

Share count rising — dilution

+221.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 75.4M (2022) → 242.7M (2026)

Winston Score History

The full picture

Albion Enterprise VCT PLC is a Venture Capital Trust (VCT) based in the United Kingdom. It pools money from individual investors and uses it to back small, early-stage British companies that need funding to grow. The fund focuses on businesses in sectors like technology, healthcare, and services, and it is managed by Albion Capital Group.

The company makes money by charging management fees on the assets it oversees and by earning returns when its portfolio companies grow or are sold. Because it is structured as a VCT, UK investors who buy its shares receive significant tax breaks from the government, which is a key reason people choose it over other investment options. The trust operates entirely within the UK, and its competitive position depends heavily on deal flow — finding good small companies to invest in before others do. The main risk is that early-stage businesses fail at high rates, meaning poor investment picks could erode returns and make the tax benefits less attractive to investors.

Score breakdown

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Quality

Profit per sale
Gross Margin
28.6%
Modest — 28.6% gross margin
Profit after running costs
Operating Margin
142.6%
Excellent — 142.6% operating margin
Return on the money invested
ROCE
1.4%
Weak — 1.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-53.5%
Shrinking sales (-53.5% YoY)
Profit growth
EPS YoY
-85.1%
Earnings shrinking (-85.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
-75%
Weak — only -75% of profit becomes cash
Spare cash per sale
FCF Margin
-45.7%
Burning cash (-45.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
62.6x
Expensive — P/E 62.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
5.33%
Healthy income — 5.33% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+78.7%
Dividend growing fast (78.7% YoY)

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