olivLaw · European equity research
Aterian PLC ATN.L
United Kingdom · London Stock Exchange · ISIN GB00BPJMN573 · Vertical: Listed companies from United Kingdom
Aterian PLC is an exploration and development company holding a diversified portfolio of critical metals projects in Africa, with a focus on Morocco, Rwanda and Botswana. The company reports no revenue and a loss after tax of 1,062 thousand GBP in 2023, so project progress and funding capacity are the main markers to watch.
At the close of 06 Nov 2026, Aterian PLC (ATN.L) stock was 0.21 GBP (−4.65% on the day), with beta 0.08, 52-week range 0.21–0.38 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)
- 31.2
- weak (30–45)
- Bollinger (20, 2)
- 0.21 – 0.25
- below the lower band · %B -0.01 · band width 19.7%
- SMA 50 / 200
- 0.24 / 0.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below 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 | −14.6% | −0.6% | −13.9 pp | — |
| 3 months | −24.1% | −4.2% | −19.9 pp | — |
| 6 months | −16.3% | +4.3% | −20.7 pp | — |
| Year to date | −24.1% | +7.5% | −31.6 pp | — |
| 1 year | −36.9% | +9.9% | −46.8 pp | +5.4% |
| 3 years | −76.6% | +49.8% | −126.4 pp | +24.5% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.4 m | -4.4 m | -1.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.01 | -0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -1.4 m | -819.0 k | -1.2 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 73.0 k GBP
- Financial debt
- 225.0 k GBP
- Net debt
- 152.0 k GBP
- Equity
- 3.4 m GBP
- Total assets
- 4.2 m GBP
- Debt / equity
- 0.07x
- Current ratio
- 0.79x
- ROE
- -31.4%
- ROA
- -25.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | esef· 02 May 2024verified |
| Operating income | -1.4 m | -4.4 m | -1.0 m | esef· 02 May 2024verified |
| Interest expense | 18.0 k | 7.0 k | 54.0 k | esef· 02 May 2024verified |
| Pre-tax income | -1.4 m | -4.4 m | -1.1 m | esef· 02 May 2024verified |
| Income tax | 0 | 0 | 0 | esef· 02 May 2024verified |
| Net income | -1.4 m | -4.4 m | -1.1 m | esef· 02 May 2024verified |
| Diluted EPS | -0.00 | -0.01 | -0.00 | esef· 02 May 2024verified |
Balance sheet · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 196.0 k | 110.0 k | 73.0 k | esef· 02 May 2024verified |
| Receivables | 188.0 k | 319.0 k | 557.0 k | esef· 02 May 2024verified |
| Current assets | 384.0 k | 429.0 k | 630.0 k | esef· 02 May 2024verified |
| Property, plant & equipment, net | 1.2 m | 421.0 k | 296.0 k | esef· 02 May 2024verified |
| Goodwill | 2.2 m | 0 | — | esef· 02 May 2023verified |
| Total assets | 3.8 m | 4.1 m | 4.2 m | esef· 02 May 2024verified |
| Short-term debt | — | 0 | 225.0 k | esef· 02 May 2024verified |
| Long-term debt | 158.0 k | 151.0 k | 0 | esef· 02 May 2024verified |
| Current liabilities | 197.0 k | 595.0 k | 793.0 k | esef· 02 May 2024verified |
| Equity | 3.4 m | 3.3 m | 3.4 m | esef· 02 May 2024verified |
Cash flow · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.2 m | -809.0 k | -1.2 m | esef· 02 May 2024verified |
| Capex | 239.0 k | 10.0 k | 5.0 k | esef· 02 May 2024verified |
| Free cash flow | -1.4 m ≈ | -819.0 k ≈ | -1.2 m ≈ | esef· 02 May 2024derived |
| Investing cash flow | -239.0 k | -118.0 k | -5.0 k | esef· 02 May 2024verified |
| Financing cash flow | 1.6 m | 841.0 k | 1.1 m | esef· 02 May 2024verified |
≈ 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: 20.8% 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
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -24.3% | 4 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -18.7x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 20% |
| 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· partial4/100 · 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
ATERIAN PLC (ATN.L). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 0 GBP in 2023; ROE -31.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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
- ROIC: -24.3%
- Interest coverage: -18.7x
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): Net margin, 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 ATN.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
Aterian PLC is an exploration and development company holding a diversified portfolio of critical metals projects in Africa, with a focus on Morocco, Rwanda and Botswana 1. The company reports no revenue and a loss after tax of 1,062 thousand GBP in 2023 1, so project progress and funding capacity are the main markers to watch.
SWOT
Strengths
- Diversified portfolio of critical metals projects across several African countries, according to company statements 1.
- Management team with experience in capital markets, exploration and trading, and solid local partnerships 1.
- Joint venture with an international mining group for lithium exploration in Rwanda 1.
Weaknesses
- The company generates no sales revenue and relies on external funding to move from exploration to production 1.
- Mining operations have been suspended and performance indicators have changed, making comparison with earlier years difficult 1.
- Shareholdings are concentrated, with a single holder controlling a significant part of the capital 1.
Opportunities
- Demand for critical metals could increase if the energy transition accelerates, supporting project value 1.
- The Botswana acquisition and the Rwanda partnership could expand the asset base if completed successfully 1.
- Membership of the ITSCI programme could open access to customers requesting verified supply chains 1.
Risks
- Funding riskhigh
The group may be unable to raise additional funds when needed, which could delay exploration and development 1.
- Metal price riskhigh
Changes in copper and tantalum prices directly affect financial assumptions and project value 1.
- Political and regulatory riskmedium
Legislative or political changes in Rwanda, Morocco and Botswana could affect operations 1.
- Mineral resource estimate riskmedium
Mineral resources are estimates, and there is no assurance they will become commercially exploitable 1.
- Environmental riskmedium
Unforeseen environmental liabilities from current or past activities could arise and may be costly to remedy 1.
Investment thesis
What would need to be true (bull case)
- If demand for critical metals from the energy transition strengthens, the diversified African portfolio could gain value, and the Rio Tinto partnership and Botswana acquisition could accelerate development 1.
- Management describes the outlook as very positive, and a successful lithium exploration effort could re-rate the portfolio 1.
- Access to verified supply chains could become a competitive advantage if customers increasingly require responsible sources 1.
What would break the thesis
- With no revenue and continued losses, the company could keep relying on new share issues, which could dilute existing shareholders 1.
- Falling metal prices or delayed funding could postpone projects and reduce investor confidence 1.
- Political and regulatory risks in operating countries could affect project feasibility, even though management says it monitors them 1.
What to watch
- Completion of the Atlantis Metals acquisition in Botswana and its effect on the asset base2024
- Progress of the lithium exploration joint venture with Rio Tinto in Rwanda2024
- Ability to raise additional funding for exploration programmes2024
- Volumes of concentrate bought and exported in the trading activitynext annual report
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
Aterian PLC is a UK public limited company, listed on the Main Market of the London Stock Exchange, that explores and develops critical metals projects in Africa 1. The company seeks to acquire and develop new critical metal resources to strengthen its asset base while supporting ethical and sustainable supply chains 1.
According to the 2023 annual report, the group is at the exploration stage and generated no revenue in the year ended 31 December 2023 1. Trading of concentrate bought from small-scale miners was highlighted as a growth area, and key performance indicators track tonnes acquired, tonnes exported and hectares under exploration 1.
Total assets were 4,211 thousand GBP and total equity 3,418 thousand GBP at 31 December 2023 1. Shareholdings are concentrated, with the largest holder owning 22.14% of share capital 1.
Segments
Exploration and development of critical metals projects
This is the core of the business, focused on projects in Morocco, Rwanda and Botswana, where the company targets metals used in renewable energy, automotive and electronics 1. The report indicates that project management depends on later funding and exploration results.
Concentrate trading
The company buys concentrate from small-scale miners and exports the traded tonnage, an activity that became the new operational focus after operations at the Musasa mine were suspended 1. The 2023 performance indicators were set around this activity and exploration.
Lithium projects and partnerships
The company announced a joint venture with Rio Tinto for lithium exploration in Rwanda, and after the period it signed an agreement to acquire a controlling 90% interest in Atlantis Metals (Pty) Ltd in Botswana 1. These moves could change the portfolio structure if completed.
Market context
The company operates in critical metals markets, which are essential to renewable energy, automotive and electronics sectors that play a growing role in reducing carbon emissions 1. Copper and tantalum prices are cited in the report as key factors affecting project viability 1.
Management views medium-term prospects as dependent on macroeconomic conditions, the stability of local governments and access to capital in equity and debt markets 1. If these conditions weaken, project timing could be affected.
Trends
- Demand for critical metals from the energy transitiontailwind
Metals used in renewable energy and automobiles are described as vital for cutting emissions, which could support interest in exploration projects 1.
- Volatility of copper and tantalum pricesheadwind
Management cites copper and tantalum prices among the key assumptions of its financial plans, and a decline could reduce project value 1.
- Difficulty in accessing financeheadwind
The report warns the group may not be able to raise additional funds when needed, which could delay exploration and development 1.
- Requirements for responsible sourcingmixed
Membership of the ITSCI programme for responsible mineral supply chains could help access customers who require verified sources, but it also imposes additional standards 1.
Competitive position
The annual report does not name competitors. The company is implicitly compared with other explorers and developers of critical metals in Africa, which compete for the same licences and funding 1.
The company states its advantage lies in a management team experienced in capital markets, mineral exploration and trading, plus local partnerships in Rwanda and Morocco 1. Competition for licences and capital remains an important factor.
- Rio Tinto
Partner in the joint venture for lithium exploration in Rwanda mentioned in the report, not a declared direct competitor 1.
- Other critical metals explorers in Africa
Unnamed companies in the report that compete for licences and funding in the same regions.
- Small-scale miners in the supply chain
Concentrate suppliers the company works with through its trading activity, not direct competitors 1.
- Large mining groups with copper and tantalum portfolios
Larger players that may access capital and projects more easily, competing indirectly for investment in the same metals.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202302 May 2024
- Annual report 202202 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Aterian PLC · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.