olivLaw · European equity research
Boston International Holdings Plc BIH.L
United Kingdom · London Stock Exchange · ISIN GB00BD70S874 · Vertical: Listed companies from United Kingdom
Boston International Holdings Plc is a London-listed company with no trading activity, searching for an acquisition in any sector or region. Its 2024 loss and net liabilities raise questions about going concern, so external funding is decisive. The annual report flags a material uncertainty, with no binding financing agreements in place when the accounts were approved.
At the close of 04 Nov 2026, Boston International Holdings Plc (BIH.L) stock was 0.00 GBP (+0.00% on the day), with beta -10.43, 52-week range 0.00–0.00 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)
- 39.6
- weak (30–45)
- Bollinger (20, 2)
- -0.00 – 0.00
- in the lower half of the band · %B 0.37 · band width 762.3%
- SMA 50 / 200
- 0.00 / 0.01
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | 0.0% | +4.0% | −4.0 pp | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | unavailable | +10.7% | unavailable | +6.7% |
| 3 years | unavailable | +50.1% | unavailable | +24.8% |
| 5 years | −99.8% | +43.6% | −143.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -484.9 k | -421.4 k | -323.9 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 9.1 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- -532.6 k GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 0.03x
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
Cash flow · GBP
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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
4% · 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: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 100% |
| 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 sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 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
BOSTON INTERNATIONAL HOLDINGS PLC (BIH.L). Latest full fiscal year: 2024; data up to 2024-12-31.
Financial indicators are unavailable.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% 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
- Current ratio: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| 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% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BIH.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
Boston International Holdings Plc is a London-listed company with no trading activity, searching for an acquisition in any sector or region. Its 2024 loss and net liabilities raise questions about going concern, so external funding is decisive. The annual report flags a material uncertainty, with no binding financing agreements in place when the accounts were approved.
SWOT
Strengths
- The company has an existing London listing and a major shareholder who has shown support for at least twelve months from the signing of the accounts.
- The governance structure is simple, with non-executive directors, which could allow quick decisions when a target appears.
- The absence of sector or geographic restrictions gives flexibility in choosing a target.
Weaknesses
- The company has no operating revenue and no trading activity in the reporting period.
- Net liabilities exceed assets and available cash is very low.
- Dependence on a single shareholder for funding creates a serious vulnerability.
Opportunities
- A successful acquisition could turn the company into an entity with operating activity and revenue.
- Raising capital through new share issues could strengthen the balance sheet and fund an acquisition.
- The lack of a defined sector allows exploring opportunities in any industry or region.
Threats
- If financing does not materialise, the company could be unable to meet its liabilities and could have to reduce activity.
- New share issues could significantly dilute existing shareholders.
- High-interest loans with a 2026 maturity could put pressure on liquidity.
Risks
- Going concernhigh
Directors acknowledge a material uncertainty over the company's ability to continue as a going concern, given historic losses and dependence on external funding.
- Low liquidityhigh
Available cash is very limited, and payments to creditors depend on support from the majority shareholder or on new funds.
- Shareholder dilutionmedium
If financing comes through share issues, the interests of existing shareholders could be substantially diluted.
- Loan maturitymedium
Loans fall due by 30 June 2026 at the latest or on receipt of fundraising proceeds, which could force quick decisions if an acquisition is delayed.
- Lack of transparency on targetlow
No acquisition target has been identified, so the risks of a future transaction cannot be assessed from current documents.
Investment thesis
What would need to be true (bull case)
- If a successful acquisition brings an operating business, the company could move from a structure without revenue to one with real activity.
- Support from the majority shareholder and the agreed bridging loan could provide extra time to identify a target.
- Flexibility on sector and region could allow choosing an acquisition with growth potential.
What would break the thesis
- With no revenue and very low cash, the company could remain dependent on financing that is not secured by binding contracts.
- If fundraising is delayed, debts could become hard to manage before the 2026 maturity.
- The share issues needed could considerably reduce existing shareholders' participation in the company's value.
What to watch
- Identification and announcement of an acquisition target2025
- Use of the loan facility and evolution of debts2025
- Binding financing or creditor extension commitmentsnext 10-K
- Loan maturity or fundraising, whichever comes first2026
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
The company was originally formed to acquire a target in the FX sector, but due to a lack of opportunities there, since 2019 its search is no longer limited to one industry or geographic region 1. According to the report, the company is pre-revenue and did not trade in 2024, with no customers or employees 1. Its stated aim is that after an acquisition it will operate the acquired business and generate value through operational improvements and possible complementary acquisitions 1. The total comprehensive loss after tax for 2024 was £323,900, and cash at bank only £9,110 1.
The governance structure is fully non-executive, and the board has no separate audit or remuneration committees until an acquisition is made 1. The company was incorporated in England and Wales and admitted to trading on the London Stock Exchange main market in October 2016 1. No dividends were paid or proposed for 2024, and the stated policy envisages dividends only after an acquisition, if any 1.
Equity is dominated by a single shareholder: Zarara Energy Limited held 60% of shares at 31 December 2024 1. The company relies on equity and debt funding, and after year end it agreed a bridging loan with this major shareholder 1.
Segments
Acquisition search under evaluation
The company's only real activity is identifying and assessing potential acquisitions, with no target value set, and unused funds are expected to go to future acquisitions and working capital 1.
Market context
The company does not operate in a product or service market; it is searching for an acquisition target in the capital markets, where it competes with other shell companies for investors and capital 1. The report provides no data on market size or market share.
Foreign exchange exposure is limited to transactions and balances in currencies other than sterling, and there are no major credit concentrations 1. The main risk remains financing, given possible dilution from new share issues or restrictions from any debt taken on 1.
Trends
- Dependence on shareholder fundingmixed
Continued support from the majority shareholder and the recent loans could keep the company operating if that support is extended. Without new funding, the company's plans could be delayed.
- Going concern uncertaintyheadwind
Directors acknowledge a material uncertainty, as there are no binding financing commitments or extensions with creditors yet 1. If fundraising is delayed, the company could be forced to cut costs further.
- Acquisition search without a defined sectormixed
The lack of a fixed sector gives flexibility in choosing a target, but makes outlook hard to assess because no concrete operating plan has been published 1.
- No operating revenueheadwind
The company had no customers or trading activity in 2024, so any change of direction depends on completing an acquisition rather than on growth of current business 1.
Competitive position
The company has no product competitors, but it competes with other listed shell companies for funds and for an attractive acquisition target. An existing listing and capital structure could be advantages if they are maintained.
Competition for acquisitions is not described in the report, and the available data does not allow a comparison of performance with other entities. The analysis remains limited to the company's own situation.
- Other London-listed shell companies
Compete for the same investment funds and acquisition targets; the report does not name them.
- Externally listed acquisition vehicles (SPACs)
May attract investors looking for acquisition deals in any sector; not identified in the source.
- Private investors in pre-acquisition companies
Could provide alternative financing to share issues, reducing dependence on the majority shareholder; not named in the source.
- FX-sector companies with operating activity
Represent the originally targeted sector, where the company found no opportunities; not identified in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202417 Jun 2025
- Annual report 202312 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Boston International Holdings Plc · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.