olivLaw · European equity research
Berkeley Energia Limited BKY.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Berkeley Energia is a mining company developing the Salamanca uranium project in Spain and exploring the Conchas project, where lithium, rubidium and other metals have been reported. The company is currently held back by litigation and the permitting process, with a net loss of AUD 8,698,000 and a compensation claim of USD 1.25 billion in ICSID arbitration against Spain.
At the close of 05 Nov 2026, Berkeley Energia Limited (BKY.L) stock was 0.43 GBP (−1.15% on the day), with beta 0.21, 52-week range 0.20–0.50 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)
- 59.2
- strong (55–70)
- Bollinger (20, 2)
- 0.34 – 0.49
- in the upper half of the band · %B 0.60 · band width 35.1%
- SMA 50 / 200
- 0.32 / 0.27
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.03 / 0.04
- 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 | +59.3% | −0.6% | +59.9 pp | — |
| 3 months | +72.0% | −4.2% | +76.2 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | +72.7% | +7.5% | +65.2 pp | — |
| 1 year | +51.4% | +9.9% | +41.5 pp | +6.7% |
| 3 years | +129.3% | +49.8% | +79.5 pp | +24.8% |
| 5 years | +224.5% | +42.8% | +181.7 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 | 2025 | 2026 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -5.4 m | -8.7 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 62.4 m AUD
- Financial debt
- unavailable AUD
- Net debt
- unavailable AUD
- Equity
- 70.7 m AUD
- Total assets
- 72.9 m AUD
- Debt / equity
- unavailable
- Current ratio
- 29.39x
- ROE
- -11.4%
- ROA
- -11.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (AUD)
Income statement · AUD
Balance sheet · AUD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 73.6 m | 62.4 m | esef· 02 Sept 2026verified |
| Current assets | 73.9 m | 63.0 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 10.5 m | 9.7 m | esef· 02 Sept 2026verified |
| Total assets | 84.5 m | 72.9 m | esef· 02 Sept 2026verified |
| Current liabilities | 2.4 m | 2.1 m | esef· 02 Sept 2026verified |
| Total liabilities | 3.2 m | 2.1 m | esef· 02 Sept 2026verified |
| Equity | 81.4 m | 70.7 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 445.3 m | 446.1 m | esef· 20 Oct 2026derived |
Cash flow · AUD
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
05 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
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 | 29.4x | 100 (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· partial100/100 · 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
BERKELEY ENERGIA LIMITED (BKY.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: ROE -11.4%.
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
- Current ratio: 29.4x
What contradicts it
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.
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 BKY.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
Berkeley Energia is a mining company developing the Salamanca uranium project in Spain and exploring the Conchas project, where lithium, rubidium and other metals have been reported. The company is currently held back by litigation and the permitting process, with a net loss of AUD 8,698,000 1 and a compensation claim of USD 1.25 billion in ICSID arbitration against Spain 1.
SWOT
Strengths
- The company holds substantial cash reserves and an advanced uranium project in Spain, plus a board with experience in the energy sector.
- The Conchas project has drilling data and a resource estimate that provide a starting point for exploration.
- The company has the right to pursue international arbitration, which allows it to defend its investment.
Weaknesses
- The net loss increased compared with the previous year, and arbitration and currency expenses had a material impact.
- The main project lacks the permits needed for construction, and several permits have been annulled or rejected.
- The Conchas resource is classified as Inferred, meaning there is not yet a mineral reserve.
Opportunities
- An amicable resolution of the permitting situation could unlock development of the Salamanca project.
- Extending exploration into lithium and critical metals could create new sources of value.
- Acquisitions or partnerships in the resources sector could complement the current portfolio.
Threats
- New appeals against existing or future permits could delay or halt the project.
- Changes in Spanish energy policy could influence the permitting regime for uranium.
Risks
- Dispute with Spainhigh
The outcome of the ICSID arbitration is uncertain, and the company cannot guarantee success.
- Permits and approvalshigh
Development of Salamanca depends on granting or re-granting several permits, and their annulment could have a material adverse effect.
- Project acquisitionsmedium
The company cannot ensure that new acquisition opportunities will be completed or will succeed.
- Currencymedium
Cash held in US dollars and movements in the AUD against the USD can produce foreign exchange losses.
- Financingmedium
Without sufficient reserves, the company could need additional financing for construction.
Investment thesis
What would need to be true (bull case)
- If permitting is clarified, the Salamanca project could enter production and turn the company's reserves into an operating business.
- A favourable arbitration outcome could bring significant compensation and strengthen the company's position.
- Exploration at Conchas could expand the resource and add value through critical metals.
What would break the thesis
- If the litigation or permitting process is prolonged, the company could consume its cash without reaching production.
- Annulment of permits could reduce asset values and compromise the viability of the Salamanca project.
- The Conchas resource is still at the Inferred stage, meaning its economic value remains unconfirmed.
What to watch
- Hearing on jurisdictional objections in the ICSID arbitrationmid-2027
- Outcome of the NSC II application and permitting procedure2027
- Grant of the IPs for Oliva and La Majadanext 10-K
- Results of additional drilling and metallurgical testing at Conchas2027
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
Berkeley Energia Limited, an Australian company, focuses its activity on developing the Salamanca uranium project in Salamanca province, Spain, with a stated strategic objective of starting construction and bringing it into production 1. The company also explores the Conchas project near the Portuguese border, where drilling was carried out and a mineral resource classified as Inferred was estimated at a USD 100 per tonne NSR cut-off 1. In addition, Berkeley is diversifying exploration into battery and critical metals in Spain and assessing further resource opportunities 1.
The company's financial position depends largely on its cash reserves, which fell to AUD 62,443,000 at 30 June 2026 1. The net loss was influenced by arbitration expenses and foreign exchange losses, while interest income declined along with interest rates 1. Net assets decreased to AUD 70,721,000 1.
Management announced the appointment of a former chief executive of a major Spanish energy utility to the board as an independent non-executive director, to support the permitting effort for Salamanca 1.
Segments
Salamanca project
Salamanca is the main development project, but the permitting bottleneck, including the rejection of the NSC II application and the annulment of the AEUL and UL permits by the regional court, makes development uncertain 1.
Conchas project
Conchas is a lithium and rubidium exploration project with a resource classified as Inferred, and the company intends to expand drilling and carry out a second phase of metallurgical testing 1.
Market context
The uranium and critical metals market in which the company operates is influenced by energy demand and by Spanish government policy, which rejected the company's application and has been central to the dispute 1.
For lithium and critical metals projects in Europe, the company's activity depends on the permitting process and the availability of financing, two elements that are currently uncertain 1.
Trends
- Demand for nuclear energymixed
Interest in nuclear energy in Europe could support interest in uranium projects if permitting becomes clearer 1.
- Demand for critical metalstailwind
Demand for lithium and critical battery metals could support the Conchas project and the diversification of exploration 1.
- Lower interest ratesheadwind
Lower interest rates reduce income on the company's cash holdings, which affects the net result 1.
- International litigationmixed
The arbitration against Spain could affect either the value of assets or access to financing, depending on the outcome of the proceedings 1.
Competitive position
Berkeley competes for capital and exploration resources with other uranium and critical metals companies, and a direct comparison depends on the stage of projects and the regulatory framework in each country 1.
The company's advantage lies in its advanced Salamanca project and the board's experience in the Spanish energy sector, but competitors with already permitted projects could have a timing advantage 1.
- Cameco CorporationCCJ
Uranium producer with extraction and sales operations, comparable in sector to Berkeley but with far larger activity.
- Energy Fuels Inc.UUUU
US uranium and rare earth company with extraction and processing projects.
- Uranium Energy Corp.UEC
US uranium company developing extraction and exploration projects.
- Lithium Americas Corp.LAC
Lithium company with development projects, comparable to the Conchas project in terms of the target metal.
News & filings
In the press
- AI use leads UC Berkeley math professor to see 'no point' in grading homeworkHacker News · 25 Oct 2026 · EN
- Researchers from Stanford and UC Berkeley Introduce TokenGate: Token-Gated Attention Makes Long-Context Prefill Up to 11.3x FasterMarkTechPost (Asia AI) · 25 Oct 2026 · EN
- One Song All Night - Fleetwood Mac Dreams at Freight & Salvage in Berkeley - October 25 , 2026Surge — GDELT DOC · 25 Oct 2026 · RO
- AI Safety Is Mostly a Sex Cult in Berkeley, CaliforniaHacker News · 23 Oct 2026 · EN
- Tranzacţie la cel mai înalt nivel în AI: Anthropic cumpără Opaque, un startup de securitate AI cofondat de românca Raluca Ada Popa, cercetătoare la Google DeepMind şi profesoară la BerkeleyZiarul Financiar · 13 Oct 2026 · RO
- Trump administration alleges UC Berkeley law school favors Black applicantsThe Hill · 10 Sept 2026 · EN
- UC Berkeley Researchers Release CUA-Lite, an Open Platform Unifying Sandboxes, Data, Evaluation and RL for Computer-Use AgentsMarkTechPost (Asia AI) · 06 Sept 2026 · EN
- UC Berkeley indefinitely suspends international student work authorizationsHacker News · 31 Aug 2026 · EN
- Cercetătorii de la UC Berkeley au găsit un potențial nou tratament pentru obezitate și diabet. Diferența față de Ozempic, Wegovy, MounjaroHotNews.ro · 22 Aug 2026 · RO
- Berkeley Law prohibits AI use in classes (by default)Hacker News · 21 Aug 2026 · EN
- UC Berkeley professor admits to using AI to edit op-ed about students’ math skillsThe Guardian World · 20 Aug 2026 · EN
- Berkeley Lab's New Fusion Materials Breakthrough, ExplainedOil Price · 08 Aug 2026 · EN
- Berkeley Genomics Project seeking hires (and collabs)LessWrong · 05 Aug 2026 · EN
- UC Berkeley graduate creates AI-powered app to make learning Korean more immersiveKorea Times — Business · 05 Jun 2026 · RO
- Failing grades soar with AI usage, dwindling math skills in Berkeley CS classesHacker News · 04 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202620 Oct 2026
- Annual report 202602 Sept 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / Berkeley Energia Limited · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.