olivLaw · European equity research
World Chess Plc CHSS.L
United Kingdom · London Stock Exchange · ISIN GB00BN70RC41 · Vertical: Listed companies from United Kingdom
World Chess Plc operates the World Chess Online Arena, the official online chess platform recognised by FIDE, and has shifted its business towards digital after closing its Berlin venue. According to the annual report, the relationship with FIDE and the ability to attract and retain subscribers are the factors that matter most for the company's outlook.
At the close of 04 Nov 2026, World Chess Plc (CHSS.L) stock was 0.01 GBP (−8.33% on the day), with beta -41.57, 52-week range 0.00–0.01 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)
- 45.9
- neutral
- Bollinger (20, 2)
- 0.01 – 0.01
- below the lower band · %B -0.03 · band width 20.8%
- SMA 50 / 200
- 0.00 / 0.01
- 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 | −12.0% | −0.6% | −11.4 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | +66.7% | +4.3% | +62.3 pp | — |
| Year to date | −15.4% | +7.5% | −22.9 pp | — |
| 1 year | unavailable | +9.9% | unavailable | +5.8% |
| 3 years | −92.1% | +49.8% | −142.0 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
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 | 2.3 m | 1.8 m | 2.0 m |
| Revenue YoY | unavailable | −22.4% | +11.5% |
| Net income | -4.7 m | -3.8 m | -3.7 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.01 | -0.01 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -199.7% | -208.4% | -180.3% |
| Free cash flow | -3.9 m | -2.4 m | -2.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 40.7 k EUR
- Financial debt
- 0 EUR
- Net debt
- -40.7 k EUR
- Equity
- 1.5 m EUR
- Total assets
- 3.4 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 0.17x
- ROE
- -303.8%
- ROA
- -74.6%
- FCF margin
- -122.9%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.3 m | 1.8 m | 2.0 m | esef· 29 Apr 2026verified |
| Cost of revenue | 2.2 m | 1.3 m | 1.4 m | esef· 29 Apr 2026verified |
| Gross profit | 179.1 k | 489.0 k | 609.5 k | esef· 29 Apr 2026verified |
| Operating income | -4.5 m | -2.8 m | -2.7 m | esef· 29 Apr 2026verified |
| Interest expense | 191.4 k | 22.4 k | 21.9 k | esef· 29 Apr 2026verified |
| Pre-tax income | -4.7 m | -2.8 m | -2.7 m | esef· 29 Apr 2026verified |
| Income tax | 13.6 k | 217 | 192 | esef· 29 Apr 2026verified |
| Net income | -4.7 m | -3.8 m | -3.7 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.01 | -0.01 | -0.01 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 186.9 k | 267.4 k | 40.7 k | esef· 29 Apr 2026verified |
| Receivables | 256.5 k | 234.2 k | 137.6 k | esef· 29 Apr 2026verified |
| Inventories | 187.0 k | 147.5 k | 129.5 k | esef· 29 Apr 2026verified |
| Current assets | 630.4 k | 713.8 k | 317.5 k | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 1.0 m | 935.2 k | 8.7 k | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 3.1 m | 3.5 m | 3.0 m | esef· 29 Apr 2026verified |
| Total assets | 6.0 m | 6.5 m | 3.4 m | esef· 29 Apr 2026verified |
| Short-term debt | 33.0 k | 1.4 m | 0 | esef· 29 Apr 2026verified |
| Current liabilities | 2.0 m | 4.2 m | 1.9 m | esef· 29 Apr 2026verified |
| Total liabilities | 3.5 m | 5.5 m | 1.9 m | esef· 29 Apr 2026verified |
| Equity | 2.5 m | 950.8 k | 1.5 m | esef· 29 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.3 m | -2.4 m | -2.5 m | esef· 29 Apr 2026verified |
| Capex | 631.6 k | 39.3 k | 2.7 k | esef· 29 Apr 2026verified |
| Free cash flow | -3.9 m ≈ | -2.4 m ≈ | -2.5 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -1.5 m | -1.0 m | -163.1 k | esef· 29 Apr 2026verified |
| Financing cash flow | 4.9 m | 3.4 m | 2.5 m | esef· 29 Apr 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: 4 of at least 6
- score weight coverage: 27.1% 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
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- 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
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -127.8% | 0 (vs peers) | 38% |
| Net margin · Quality | -180.3% | 6 (vs peers) | 23% |
| 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 | -121.9x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 15% |
| 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
- Quality2/100 · 2/3 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
WORLD CHESS PLC (CHSS.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.0 m EUR in 2025; YoY growth 11.5%; net margin -180.3%; ROE -303.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% 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: -127.8%
- Net margin: -180.3%
- Interest coverage: -121.9x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): 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. | 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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for CHSS.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
World Chess Plc operates the World Chess Online Arena, the official online chess platform recognised by FIDE, and has shifted its business towards digital after closing its Berlin venue. According to the annual report, the relationship with FIDE and the ability to attract and retain subscribers are the factors that matter most for the company's outlook.
SWOT
Strengths
- The company operates the official online platform recognised by FIDE, a market position that is hard to replicate quickly 1.
- The predominantly digital model limits exposure to the costs of physical venues and to direct climate risks 1.
- The group has invested in governance, compliance and anti-cheating systems that support user trust 1.
Weaknesses
- Dependence on a small number of key management personnel means that the loss of individuals could affect operations 1.
- The adoption of online ratings is still uncertain, which may limit platform growth 1.
- Revenue depends on a relatively concentrated set of factors, including subscribers and a single principal agreement 1.
Opportunities
- If the rules on online ratings become clearer, the platform could attract more players and organisers 1.
- Improving digital efficiency and using renewable-powered infrastructure could reduce costs and support reputation 1.
- Partnerships with responsible venues and international events could extend brand visibility 1.
Risks
- Subscriber retentionhigh
Failure to retain and attract subscribers could affect revenue growth and the group's financial performance 1.
- FIDE agreementhigh
The initial term expires in August 2026, and failure to extend or maintain the agreement could have a material impact on the business; the company is currently in dialogue with FIDE 1.
- Platform stabilitymedium
Significant disruptions to the group's own systems or to third-party providers could damage reputation and lead to loss of users 1.
- Data securitymedium
Actual or perceived failures to safeguard user data could attract regulatory sanctions or legal claims, particularly under GDPR 1.
- Cheating and competitive integritymedium
The use of external assistance or software by players can undermine trust in the platform and the integrity of ratings 1.
Investment thesis
What would need to be true (bull case)
- The status as the official online platform recognised by FIDE, combined with a scalable digital model, could support growth if subscribers and adoption of online ratings continue to increase 1.
- If the relationship with FIDE is extended without difficult conditions, the company could strengthen its long-term position as a leading digital organiser 1.
- The predominantly digital model, with limited physical assets, could offer flexibility and lower exposure to direct climate risks 1.
What would break the thesis
- If FIDE decided to operate the platform itself or accept a third-party offer that the company could not match, the core business could be severely affected 1.
- Slow adoption of online ratings and undeveloped over-the-board rules could limit the platform's attractiveness and subscriber growth 1.
- Dependence on a few key managers and on third-party cloud infrastructure could create operational vulnerabilities that are hard to manage quickly 1.
What to watch
- Progress of discussions and any extension of the FIDE agreement2026
- Development of World Chess Online Arena subscriber numbersnext 10-K
- Progress on climate targets, including the move to renewable electricity2027
- Development of rules linking online ratings to over-the-board ratings2027
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
World Chess Plc is a company incorporated in England and Wales, admitted to the Main Market of the London Stock Exchange in April 2023. The group operates the World Chess Online Arena, which is, according to the annual report for the year ended 31 December 2025, the official online chess platform recognised by FIDE 1. The company has moved to a predominantly digital model after closing its Berlin venue 1.
The group carries out its activity through digital platforms, chiefly the World Chess Online Arena, and through chess events and tournaments organised in cities such as London, New York and, until closure, Berlin 1. Online subscribers and players who obtain FIDE ratings through play are central to the revenue model described in the report 1.
The digital infrastructure relies on cloud and network services provided partly by third parties, which makes platform stability and user data protection management priorities 1. The company recently appointed a Head of Governance, Risk and Compliance to oversee data governance and information security 1.
Segments
World Chess Online Arena
The online platform is the group's main segment and gives players the opportunity to obtain recognised FIDE ratings and titles through online play 1. The development of this segment depends on subscriber numbers, product quality and the wider adoption of online ratings in the chess community 1.
Events and physical tournaments
Tournaments and events organised by the group, including in London and New York, support participation in chess and contribute to the competitive ecosystem, although the report shows that exposure to physical venues has reduced after the closure of Berlin 1.
Market context
The market in which the company operates is online chess and digital entertainment, a segment where competitive play and official ratings have become more relevant. The report notes that recognition of online ratings within the traditional over-the-board system is still evolving and may require additional regulation 1. The agreement with FIDE, with an initial term expiring in August 2026, defines the framework of access to this market 1.
According to the report, direct physical climate exposure is considered limited given the company's predominantly digital model, but climate reporting regulation and stakeholder expectations are evolving 1. These changes could influence the company's compliance costs if they accelerate.
Trends
- Growth of online chesstailwind
Wider adoption of online play and digital entertainment could support growth in World Chess Online Arena subscribers, if the products and user experience remain competitive 1.
- Recognition of online ratingsmixed
If the rules linking online ratings to over-the-board ratings develop, the platform could benefit from broader recognition; without this evolution, slow adoption could slow growth 1.
- Regulation and data protectionheadwind
GDPR requirements and other data regulation impose compliance costs and could lead to regulatory action or legal claims if user data protection is deficient 1.
- Climate reporting and ESGmixed
Investor and partner expectations on ESG reporting could raise operating costs, but may also support the company's reputation and credibility 1.
Competitive position
The annual report does not explicitly name competitors. The position of World Chess depends mainly on its status as the official online platform recognised by FIDE, an advantage that could be called into question if FIDE chose to operate the platform itself or accept a third-party offer 1.
Competition comes in principle from other online chess platforms and from digital entertainment games that attract the same audience, and the company's ability to protect its subscriber base against these alternatives is a key issue 1.
- Unnamed online chess platforms
The annual report does not name direct competitors, but online chess platforms and digital games could represent alternatives for the same users.
- FIDE as alternative operator
If FIDE decided to operate the platform directly or accept a third-party offer, this would become a form of competition for World Chess in the official platform segment 1.
- Digital entertainment providers
Games and digital entertainment platforms compete for users' time and attention, which can influence subscriber retention 1.
- Third-party bidders for the FIDE platform
The report mentions the possibility of a bona fide third-party offer that World Chess might not be able to match, a scenario that would change the platform's competitive structure 1.
News & filings
In the press
- Ukrainian grandmaster Ivanchuk inducted into World Chess Hall of FameUkrainska Pravda (UA, EN) · 26 Oct 2026 · EN
- Russian-born Kazakhstani billionaire Timur Turlov is the new president of world chess. His election has divided Ukrainian officials, and Russia has abruptly dropped its case against him.Meduza English (independent RU/exile) · 21 Oct 2026 · EN
- El Mundo reports Russian authorities plotted to kill former Russian lawmaker Ilya Ponomarev and former world chess champion Garry Kasparov in the U.S.Meduza English (independent RU/exile) · 30 Sept 2026 · EN
- Timur Turlov of Kazakhstan elected World Chess Federation presidentTASS (RU, EN) · 26 Sept 2026 · EN
- Dommaraju, Sindarov to play for World Chess crown next month in GenevaTASS (RU, EN) · 14 Sept 2026 · EN
- FIDE Council bars Russian players from 2026 World Chess OlympiadTASS (RU, EN) · 24 Aug 2026 · EN
- Ukrainian grandmaster Ivanchuk to be induced into World Chess Hall of FameUkrainska Pravda (UA, EN) · 07 Aug 2026 · RO
- World chess chief faces endgame after EU announces Russia war sanctionsBBC World News · 24 Jul 2026 · EN
- World chess chief steps aside after EU sanctionsPolitico EU · 24 Jul 2026 · RO
- Russia’s Dvorkovich runs for 3rd term as president of World Chess Federation — FIDETASS (RU, EN) · 29 Jun 2026 · RO
- World chess body suspends Russia over activities in occupied-UkraineAl Jazeera English · 11 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / World Chess 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.