olivLaw · European equity research
Aminex PLC AEX.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Aminex PLC is a London-listed company, not yet in production, developing natural gas in Tanzania at the Ntorya project. Its strategy rests on Tanzania's energy shift from charcoal to natural gas, which the company sees as an opportunity while also facing climate and regulatory risks. The company is now approaching operational status and revenue generation in 2026.
At the close of 06 Nov 2026, Aminex PLC (AEX.L) stock was 0.02 GBP (+0.00% on the day), with beta 0.13, 52-week range 0.01–0.03 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.2
- strong (55–70)
- Bollinger (20, 2)
- 0.02 – 0.02
- in the upper half of the band · %B 0.81 · band width 27.6%
- SMA 50 / 200
- 0.02 / 0.02
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.2% | −0.6% | +12.8 pp | — |
| 3 months | +72.9% | −4.2% | +77.1 pp | — |
| 6 months | −13.5% | +4.3% | −17.9 pp | — |
| Year to date | +20.3% | +7.5% | +12.8 pp | — |
| 1 year | +29.7% | +9.9% | +19.8 pp | +3.7% |
| 3 years | +93.0% | +49.8% | +43.2 pp | +24.2% |
| 5 years | +207.4% | +42.8% | +164.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 112.0 k | 39.0 k | 49.0 k |
| Revenue YoY | unavailable | −65.2% | +25.6% |
| Net income | -1.1 m | -5.3 m | -5.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.00 | -0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -999.1% | -13,592.3% | -10,169.4% |
| Free cash flow | -2.9 m | -2.4 m | -2.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 28.1 m USD
- Total assets
- 43.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.63x
- ROE
- -17.9%
- ROA
- -11.7%
- FCF margin
- -4,930.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 112.0 k | 39.0 k | 49.0 k | esef· 12 May 2026verified |
| Cost of revenue | 82.0 k | 51.0 k | 59.0 k | esef· 12 May 2026verified |
| Gross profit | 30.0 k | -12.0 k | -10.0 k | esef· 12 May 2026verified |
| Operating income | -1.1 m | -5.2 m | -2.9 m | esef· 12 May 2026verified |
| Interest expense | 159.0 k | 153.0 k | 542.0 k | esef· 12 May 2026verified |
| Pre-tax income | -1.1 m | -5.3 m | -5.0 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -1.1 m | -5.3 m | -5.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.00 | -0.00 | -0.00 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.0 m | 1.1 m | 3.4 m | esef· 12 May 2026verified |
| Receivables | 1.6 m | 1.5 m | 1.4 m | esef· 12 May 2026verified |
| Current assets | 4.6 m | 2.6 m | 4.9 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 4.0 k | 1.0 k | 3.0 k | esef· 12 May 2026verified |
| Total assets | 42.6 m | 41.5 m | 43.9 m | esef· 12 May 2026verified |
| Current liabilities | 8.2 m | 8.2 m | 7.7 m | esef· 12 May 2026verified |
| Total liabilities | 10.0 m | 13.9 m | 15.8 m | esef· 12 May 2026verified |
| Equity | 32.6 m | 27.6 m | 28.1 m | esef· 12 May 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.7 m | -2.2 m | -2.1 m | esef· 12 May 2026verified |
| Capex | 202.0 k | 219.0 k | 288.0 k | esef· 12 May 2026verified |
| Free cash flow | -2.9 m ≈ | -2.4 m ≈ | -2.4 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -264.0 k | -259.0 k | -348.0 k | esef· 12 May 2026verified |
| Financing cash flow | 0 | 452.0 k | 4.8 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -10,169.4% | 0 (vs peers) | 38% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -5.3x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Aminex PLC (AEX.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 49.0 k USD in 2025; YoY growth 25.6%; net margin -10,169.4%; ROE -17.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -10,169.4%
- Interest coverage: -5.3x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for AEX.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Aminex PLC is a London-listed company, not yet in production, developing natural gas in Tanzania at the Ntorya project. Its strategy rests on Tanzania's energy shift from charcoal to natural gas, which the company sees as an opportunity while also facing climate and regulatory risks. The company is now approaching operational status and revenue generation in 2026.
SWOT
Strengths
- The company holds a long-term development licence for the Ntorya project and an exploration agreement in the Ruvuma area. It aligns its strategy with Tanzania's national energy policy, supporting the market case.
- The funding structure was simplified, with no bank borrowings at the end of 2025 after funding was converted into equity. This reduces immediate pressure on debt.
- The company carried out a detailed climate risk and opportunity assessment with scenario analysis, giving it a structured framework for managing risks.
Weaknesses
- The company has no production or operating revenue yet, so cash flows depend on a development timeline that is not yet confirmed.
- Gas sales depend on one major customer, TPDC, concentrating credit and contract risk.
- The company cannot yet report meaningful greenhouse gas emissions and its climate targets are at an early stage, limiting transparency for investors.
Opportunities
- If Tanzania's natural gas expansion programme proceeds, demand for the company's output could grow significantly over time.
- The shift from charcoal to gas could open new market segments, including power generation and household use.
- If the Ntorya project enters production, the company could extend its infrastructure and attract new partners and funding.
Threats
- Climate policy and regulatory risks could restrict licences or raise compliance costs.
- Extreme weather and long-term climate change could affect infrastructure and the safety of operations.
- A shift in investor sentiment against fossil fuels could reduce access to capital and affect the share value.
Risks
- Dependence on a single customerhigh
Revenue from gas depends on sales to TPDC, so a payment problem or contract change could directly affect cash flows.
- Delay in moving to productionhigh
The company is not yet operational, and delays in developing Ntorya could postpone revenue and increase funding needs.
- Policy and climate regulation risksmedium
Policy changes in Tanzania or the UK could limit licences, impose fines and reduce asset values.
- Physical climate risksmedium
Extreme weather could disrupt operations and lead to repair or decommissioning costs at some sites.
- Currency exposurelow
The company reports in dollars but has obligations in sterling and euro, so a significant currency move could affect its financial result.
Investment thesis
What would need to be true (bull case)
- If Tanzania follows its natural gas expansion plan and the Ntorya project enters production, the company could turn its licences into significant revenue.
- The simplified capital structure after funding was converted into equity could give the company more flexibility to develop the project.
- Positioning natural gas as a cleaner alternative to charcoal could support long-term demand and access to partners.
What would break the thesis
- With no production at present, the company depends on projects not yet confirmed, and delays could extend its reliance on external funding.
- Concentrating sales on one customer could make revenue vulnerable to payment problems or contract changes.
- If regulatory pressure and investor sentiment against fossil fuels intensify, access to capital could become more expensive.
What to watch
- Start of operations and revenue generation from the Ntorya project2026
- Developments in the relationship with TPDC and the contract terms for gas sales2026
- Updates to the company's emissions reduction plan and climate targetsnext 10-K
- Review of climate scenarios and the risk register, scheduled at least every three years2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Aminex PLC is an oil and gas company incorporated in Ireland and listed on the London Stock Exchange, operating in Tanzania. According to its 2025 annual report, the company's strategy is to be a responsible producer of natural gas in Tanzania, supporting the country's shift to cleaner energy sources. The company is in a non-operational phase with no production activities, and the move to operator status and gas sales revenue is expected in 2026, as the Ntorya project develops.
The group's activity is organised around its Tanzanian licences, especially the Ntorya Development Licence, which ends in 2049, and the Ruvuma production sharing agreement. Operations are run with partners, through an operating committee for Ntorya. The annual report notes that gas sales depend heavily on Tanzania Petroleum Development Corporation (TPDC), concentrating the company's credit risk on a single customer.
On the financial side, the group reports in US dollars and has a changed capital structure: dollar funding from Eclipse Investments LLC was converted into equity in October 2025. At the end of 2025 there were no bank borrowings or overdraft facilities, and liquid resources were held in current accounts.
Segments
Natural gas development and production in Tanzania
The main activity, concentrated on the Ntorya project, targets natural gas production for the Tanzanian market. The company is preparing to become operational and to generate revenue from gas sales, with customers such as TPDC.
Exploration in the Ruvuma area
Exploration and evaluation activity in the Ruvuma area is governed by a production sharing agreement and contributes to the company's asset portfolio. The company described progress in 2025 as in line with expectations.
Market context
The target market is Tanzania's energy sector, where demand for natural gas is encouraged by national fuel-switching policy. The national climate change response strategy foresees natural gas use rising from 890 MW in 2019 to 6,700 MW by 2044, which could support market growth for the gas the company produces.
The company operates in a setting where investor sentiment and the advance of renewable energy can influence access to capital and long-term asset values. The report also describes the risk that licences could be revoked or made conditional if the regulatory or energy policy environment changes.
Trends
- Shift from charcoal to natural gastailwind
Tanzania's energy policy aims to replace charcoal with natural gas, which could create demand for the company's output. The company sees this as a market climate opportunity, with a considered high impact over the medium and long term in its climate scenario analysis.
- Climate regulation and pressure on hydrocarbonsheadwind
Stricter rules on emissions and fossil fuel use could raise compliance costs and the risk of fines. The company identified this policy and legal risk as significant over the long term in its orderly transition scenario.
- Physical climate risksheadwind
Extreme weather and longer-term shifts in climate patterns could disrupt operations, supply chains and infrastructure. The company considers insurance cover and emergency plans to partly reduce its exposure.
- Investor sentiment and access to capitalmixed
Changing investor views on fossil fuels could raise the cost of capital and reduce access to UK funding. At the same time, proven cash flows and a solid development plan could mitigate this risk.
Competitive position
The annual report does not detail direct competitors, but the Tanzanian gas market includes other hydrocarbon operators and energy suppliers competing for contracts and capital. The company's position depends on its ability to turn licences and discoveries into commercial production.
Compared with charcoal and other energy sources, natural gas has a lower cost and emissions profile in national policy, which could support the company's position. Competition from renewable energy over the long term remains a point of attention, and the report gives no comparative market share data.
- Gas and oil operators in Tanzania
Companies exploring or producing hydrocarbons in Tanzania that compete for licences, partners and funding. The report does not name them individually.
- Charcoal and other fuel suppliers
Traditional fuels that natural gas could replace, making them an indirect competitor for energy demand.
- Renewable energy producers
Solar, wind and hydro projects indirectly compete over the long term for investment and regional energy demand.
- Partners and joint venture operators
Partners in operating agreements can also be competitors for resources, capital and investment decisions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Aminex PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.