olivLaw · European equity research
CAB Payments Holdings plc CABP.L
United Kingdom · London Stock Exchange · ISIN GB00BMCYKB41 · Vertical: Listed companies from United Kingdom
CAB Payments is a UK-regulated bank specialising in foreign exchange, cross-border payments and banking services for hard-to-reach emerging markets. The company reported a difficult 2024, with a sharp drop in adjusted EBITDA margin, and entered a new strategy built on network, clients, banking platform and investment.
At the close of 05 Nov 2026, CAB Payments Holdings plc (CABP.L) stock was 0.81 GBP (−1.22% on the day), with market capitalisation 1.9 m GBP, P/E 0.1 on diluted EPS of 6.00 GBP over the last 12 months, dividend yield 0.00%, beta 0.64, 52-week range 0.50–0.97 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)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 0.80 – 0.85
- in the lower half of the band · %B 0.13 · band width 5.1%
- SMA 50 / 200
- 0.83 / 0.81
- mixed trend
- 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 | −2.4% | −0.6% | −1.8 pp | — |
| 3 months | +1.2% | −4.2% | +5.4 pp | — |
| 6 months | −1.8% | +4.3% | −6.2 pp | — |
| Year to date | +30.9% | +7.5% | +23.3 pp | — |
| 1 year | +57.3% | +9.9% | +47.4 pp | +5.8% |
| 3 years | +21.4% | +49.8% | −28.4 pp | +26.3% |
| 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.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 0.1, median 0.1, max 0.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 109.4 m | 137.1 m | 105.5 m |
| Revenue YoY | unavailable | +25.3% | −23.0% |
| Net income | 31.0 m | 22.7 m | 14.2 m |
| Net income YoY | unavailable | −26.7% | −37.4% |
| Diluted EPS | 0.14 | 10.00 | 6.00 |
| Diluted EPS YoY | unavailable | +7,042.9% | −40.0% |
| net % | 28.3% | 16.6% | 13.5% |
| Free cash flow | -243.4 m | 308.3 m | 82.5 m |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.3 bn GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 146.6 m GBP
- Total assets
- 1.8 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.2%
- ROA
- 0.8%
- FCF margin
- 78.2%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 109.4 m | 137.1 m | 105.5 m | esef· 15 Apr 2025verified |
| Pre-tax income | 43.9 m | 37.6 m | 17.6 m | esef· 15 Apr 2025verified |
| Income tax | 10.5 m | 13.7 m | 3.4 m | esef· 15 Apr 2025verified |
| Net income | 31.0 m | 22.7 m | 14.2 m | esef· 15 Apr 2025verified |
| Diluted EPS | 0.14 | 10.00 | 6.00 | esef· 15 Apr 2025verified |
| Dividend per share | 0.00 | 5.65 | 0.00 | esef· 15 Apr 2025derived |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 907.1 m | 1.2 bn | 1.3 bn | esef· 15 Apr 2025verified |
| Property, plant & equipment, net | 1.6 m | 1.2 m | 2.8 m | esef· 15 Apr 2025verified |
| Total assets | 1.5 bn | 1.7 bn | 1.8 bn | esef· 15 Apr 2025verified |
| Total liabilities | 1.4 bn | 1.6 bn | 1.7 bn | esef· 15 Apr 2025verified |
| Equity | 116.0 m | 131.5 m | 146.6 m | esef· 15 Apr 2025verified |
| Shares outstanding at year end | 221.4 m | 2.3 m | 2.4 m | esef· 15 Apr 2025derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -243.0 m | 308.8 m | 85.0 m | esef· 15 Apr 2025verified |
| Capex | 346.0 k | 422.0 k | 2.4 m | esef· 15 Apr 2025verified |
| Free cash flow | -243.4 m ≈ | 308.3 m ≈ | 82.5 m ≈ | esef· 15 Apr 2025derived |
| Investing cash flow | -4.9 m | -5.8 m | -15.0 m | esef· 15 Apr 2025verified |
| Financing cash flow | -252.0 k | -12.3 m | -539.0 k | esef· 15 Apr 2025verified |
| Dividends paid | 0 | 12.8 m | 0 | esef· 15 Apr 2025verified |
| Share repurchases | — | 0 | 244.0 k | esef· 15 Apr 2025verified |
≈ 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.9 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 13.5% | 57 (vs peers) | 15% |
| FCF conversion · Quality | 580.8% | 100 (on a fixed band) | 15% |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 0.1x | 100 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4,302.4% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 12.7% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 10% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation100/100 · 2/3 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
CAB Payments Holdings PLC (CABP.L). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 105.5 m GBP in 2024; YoY growth -23.0%; net margin 13.5%; ROE 10.2%.
The estimated value range is 67.74–104.47 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 86.56 GBP, the price of 0.81 GBP leaves a potential of 10,585.8% (value / price − 1) and a margin of safety of 99.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 580.8%
- P/E (TTM): 0.1x
- FCF yield: 4,302.4%
- Shareholder yield (distributions): 12.7%
- Payout ratio (FCF): 0.0%
- The price is below the estimated value range
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
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. | 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% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| CABP.LCAB Payments Holdings PLC | 1.9 m | 0.1 | 10.2% | 13.5% | −23.0% | +62% / +41% |
| 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 CABP.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.43 Total return -47% · Per year -47% | 0.77 Total return -5% · Per year -5% | 1.16 Total return 44% · Per year 44% |
| 3 years | 0.34 Total return -58% · Per year -25% | 0.69 Total return -14% · Per year -5% | 1.16 Total return 44% · Per year 13% |
| 5 years | 0.27 Total return -66% · Per year -20% | 0.63 Total return -23% · Per year -5% | 1.16 Total return 44% · Per year 8% |
- Exit P/E± 0.17
- Net margin± 0.12
- Annual revenue growth± 0.11
- Annual dilution± 0.01
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
CAB Payments is a UK-regulated bank specialising in foreign exchange, cross-border payments and banking services for hard-to-reach emerging markets. The company reported a difficult 2024, with a sharp drop in adjusted EBITDA margin, and entered a new strategy built on network, clients, banking platform and investment.1
SWOT
Strengths
- The company is a UK-regulated bank with a strong heritage of trust among clients and institutions.
- Its dedicated emerging-market network allows faster and cheaper payments than traditional routes.
- The business model is largely capital light, and the company remained profitable and cash generative.
Weaknesses
- The adjusted EBITDA margin fell sharply, indicating a fixed cost base that is hard to adjust to declining revenue.
- Cash conversion dropped in 2024 due to high capital expenditure and lower profitability.
- Revenue remains concentrated on a few corridors, although concentration declined from the prior year.
Opportunities
- Expansion into Europe, the Middle East and the Americas could diversify clients and flows.
- Trade finance can be scaled through asset sales and third-party funding, which could bring additional volumes.
- Authorisation in Nigeria could open large naira transactions with the central bank.
Threats
- Central bank interventions and political instability can reduce volumes on key corridors.
- Lower aid commitments from developed states could weigh on development-organisation client volumes.
- Competition from digital payment providers and international banks could pressure pricing.
Risks
- Revenue concentration on corridorsmedium
A small number of corridors generate a large share of revenue, and policy changes can quickly affect volumes.
- Central bank interventionshigh
Currency restrictions and central bank measures could block flows or compress margins on certain currencies.
- Liquidity riskmedium
Client deposits from climate-vulnerable countries could be withdrawn quickly in a shock, according to scenarios the company analysed.
- Execution of the reorganisationmedium
The planned workforce reduction and new strategy carry execution and talent-retention risks.
- Credit risk in trade financelow
Loans to banking and liquidity partners could become impaired if economic conditions in their countries deteriorate.
Investment thesis
What would need to be true (bull case)
- If the new strategy and investment in network and trade finance deliver results, margins could recover to a higher level.
- The UK-regulated bank status and relationships with central banks could strengthen client loyalty.
- The capital-light structure could support cash generation as investment spending normalises.
What would break the thesis
- If revenue on key corridors keeps falling, the high fixed cost base could keep margins below earlier levels.
- If international aid declines further, volumes from development clients could remain weak.
- If digital competition grows, the company could have to cut fees, which would weigh on profitability.
What to watch
- Trajectory of adjusted EBITDA margin and costs after the reorganisation2025
- Volumes on the Nigeria and CFA franc corridorsQ1 2026
- US licence authorisation and implementation of the Abu Dhabi licence2026
- Development of trade finance and asset salesnext 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
CAB Payments focuses on FX, cross-border payments and banking services for hard-to-reach markets, using its network to move money in and out of complex financial environments.1 The company is a UK-regulated bank, which according to the report is an important differentiator in building client trust.1 Clients include banks, supranational institutions, fintechs and governments, and the flows it processes include payments into emerging markets, development aid and remittances.1
The business model relies on dedicated emerging-market infrastructure that allows single-hop payments instead of multiple correspondent transfers, according to the company's description.1 The balance sheet includes trade finance, which grew sharply in 2024 and can bring additional FX and payment volumes.1 The company says the model is largely capital light, although capital expenditure was high in 2024.1
Management announced in the second half of 2024 a new strategy built on four pillars: network, clients, platform and invest and innovate. The company is expanding through offices in Amsterdam, New York and Abu Dhabi and is awaiting authorisation in the USA and its Abu Dhabi licence application.1
Segments
FX and payments
The main revenue segment covers FX and cross-border payments into emerging markets. Wholesale FX and payments revenue, excluding NXX currencies, fell in 2024, and revenue concentration across five corridors declined.1
Banking and trade finance
The banking activity includes net interest income and trade finance, whose limits were extended in 2024. The company says this business can support FX and payment flows.1
Market context
The company describes a global payments market that contracted in 2024, along with lower flows into sub-Saharan Africa, its core region. Management sees the contraction as short-term and a recovery could follow if macroeconomic pressures ease.1
High volumes into emerging markets and development aid were affected by budget policies and reduced aid commitments from developed nations. Uncertainty remains high, particularly after announcements on trade tariffs.1
Trends
- Central bank interventionsmixed
Central bank interventions in Nigeria and the CFA franc zone affected revenue on key corridors. If these interventions ease, revenue could recover.1
- Strength of the US dollarheadwind
A stronger dollar against emerging-market currencies lowered average transaction values, weighing on revenue in 2024.1
- Lower development aid from developed nationsheadwind
Reduced aid commitments from developed states lowered volumes from international development organisation clients, an important segment.1
- Falling market interest ratesmixed
As market interest rates declined, net interest income fell, but the company invested more in higher-yielding trade finance.1
Competitive position
The company differentiates itself through its UK-regulated bank status and relationships with central banks and local banks in emerging markets. Competition includes cross-border payment providers and international banks operating on the same corridors, and the source does not provide a full list of competitors.1
Trade finance is presented as a service many competitors cannot offer integrated with FX and payments, which could support client loyalty.1
- Cross-border payment providers for emerging markets
Firms offering transfers into emerging markets; not named individually in the source.
- International banks with treasury services
Banks competing for institutional FX business; not named in the source.
- Remittance fintechs
Digital platforms processing remittances; not named in the source.
- Locally licensed money transfer operators
Operators licensed in Nigeria and other markets; not named in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202415 Apr 2025
- Annual report 202310 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / CAB Payments 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.