olivLaw · European equity research
Cindrigo Holdings Limited CINH.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Cindrigo Holdings Limited is a London-listed company focused on renewable energy, waste-to-energy and biomass, with assets in Finland and Germany. Its relevance now comes from Europe's push for secure, sustainable energy, while the company could still depend on financing for early-stage projects such as its German geothermal programme.
At the close of 05 Nov 2026, Cindrigo Holdings Limited (CINH.L) stock was 0.02 GBP (−13.04% on the day), with beta 45.00, 52-week range 0.01–0.15 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)
- 32.3
- weak (30–45)
- Bollinger (20, 2)
- 0.01 – 0.02
- in the lower half of the band · %B 0.29 · band width 55.6%
- SMA 50 / 200
- 0.03 / 0.06
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above 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 | −29.4% | +0.4% | −29.8 pp | — |
| 3 months | −57.1% | −3.3% | −53.9 pp | — |
| 6 months | −76.9% | +4.0% | −80.9 pp | — |
| Year to date | −81.8% | +8.1% | −89.9 pp | — |
| 1 year | −87.2% | +10.7% | −97.9 pp | +5.8% |
| 3 years | unavailable | +50.1% | unavailable | +26.3% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 | 2024 | 2025 |
|---|---|---|
| Revenue | 85.0 k | 263.0 k |
| Revenue YoY | unavailable | +209.4% |
| Net income | -11.0 m | -6.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -12,925.9% | -2,582.1% |
| Free cash flow | -5.0 m | -4.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 706.0 k GBP
- Financial debt
- 9.4 m GBP
- Net debt
- 8.6 m GBP
- Equity
- 6.1 m GBP
- Total assets
- 24.2 m GBP
- Debt / equity
- 1.52x
- Current ratio
- 1.34x
- ROE
- -128.0%
- ROA
- -29.7%
- FCF margin
- -1,516.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 85.0 k | 263.0 k | esef· 12 May 2026verified |
| Cost of revenue | 5.0 k | 8.0 k | esef· 12 May 2026verified |
| Gross profit | 80.0 k ≈ | 255.0 k ≈ | esef· 12 May 2026derived |
| Operating income | -10.3 m | -5.9 m | esef· 12 May 2026verified |
| Interest expense | 1.1 m | 956.0 k | esef· 12 May 2026verified |
| Pre-tax income | -11.5 m | -6.9 m | esef· 12 May 2026verified |
| Income tax | 3.0 k | 5.0 k | esef· 12 May 2026verified |
| Net income | -11.0 m | -6.8 m | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 375.0 k | 706.0 k | esef· 12 May 2026verified |
| Receivables | 413.0 k | 648.0 k | esef· 12 May 2026verified |
| Inventories | 163.0 k | 182.0 k | esef· 12 May 2026verified |
| Current assets | 951.0 k | 1.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 688.0 k | 2.0 m | esef· 12 May 2026verified |
| Goodwill | 15.5 m | 15.9 m | esef· 12 May 2026verified |
| Total assets | 21.6 m | 24.2 m | esef· 12 May 2026verified |
| Short-term debt | 390.0 k | 0 | esef· 12 May 2026verified |
| Long-term debt | 10.6 m | 9.4 m | esef· 12 May 2026verified |
| Current liabilities | 1.9 m | 1.1 m | esef· 12 May 2026verified |
| Total liabilities | 17.1 m | 18.0 m | esef· 12 May 2026verified |
| Equity | 4.5 m | 6.1 m | esef· 12 May 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -1.4 m | -2.5 m | esef· 12 May 2026verified |
| Capex | 3.6 m | 1.5 m | esef· 12 May 2026verified |
| Free cash flow | -5.0 m ≈ | -4.0 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -4.7 m | -2.6 m | esef· 12 May 2026verified |
| Financing cash flow | 6.3 m | 5.5 m | esef· 12 May 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
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
27% · 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: 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 | -33.4% | 0 (vs peers) | 38% |
| Net margin · Quality | -2,582.1% | 3 (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 | -6.2x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.3x | 45 (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 sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality1/100 · 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
CINDRIGO HOLDINGS LIMITED (CINH.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 263.0 k GBP in 2025; YoY growth 209.4%; net margin -2,582.1%; ROE -178.4%.
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: -33.4%
- Net margin: -2,582.1%
- Interest coverage: -6.2x
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 CINH.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
Cindrigo Holdings Limited is a London-listed company focused on renewable energy, waste-to-energy and biomass, with assets in Finland and Germany. Its relevance now comes from Europe's push for secure, sustainable energy, while the company could still depend on financing for early-stage projects such as its German geothermal programme 1.
SWOT
Strengths
- The company has long-term biomass and energy offtake agreements and is working to diversify its suppliers 1.
- All German geothermal licences were extended during 2025, providing a base for continued evaluation 1.
- Access to capital has widened through the London admission and funding commitments obtained after the reporting period 1.
Weaknesses
- The company is loss-making and depends on external financing to support its development plan 1.
- The geothermal projects are at an early stage, and the commercial viability of the resources has not yet been verified 1.
- The business depends on a small number of key individuals, and succession planning is still being developed 1.
Opportunities
- Development of the Fuelwood partnership could expand pellet output and operating revenues if the planned stages are achieved 1.
- Public funding programmes for geothermal could cover part of development and drilling costs 1.
- European demand for secure, low-emission energy could support new energy supply contracts 1.
Risks
- Biomass supply at Kaipolahigh
The plant depends on continuous supply and an initial single supplier, and an interruption could reduce revenue and cash flows 1.
- Early-stage exploration riskhigh
There is no assurance that a commercially viable geothermal resource will be found, and unsuccessful drilling costs could be material 1.
- Environmental riskmedium
Breaches of environmental permits or emissions limits could lead to penalties, remediation costs or suspension of operations 1.
- Currency riskmedium
Fluctuations between sterling and the euro could affect earnings and cash flows, particularly if the euro strengthens 1.
Investment thesis
What would need to be true (bull case)
- If the Fuelwood project reaches its planned capacity, the company could have more predictable biomass revenues that depend less on a single client 1.
- If geothermal appraisal confirms commercial resources, the indicative licence potential could become the basis for a significant portfolio 1.
- Funding commitments obtained after the reporting period could ease short-term liquidity pressure if the funds are received on schedule 1.
What would break the thesis
- The company is loss-making and relies on funding not yet received at the report date, which could strain liquidity 1.
- The geothermal projects are at an early stage, and delays in approvals or funding could push back announced timelines 1.
- Reliance on a single biomass supplier and a delayed off-taker could affect Kaipola revenues before the partnership is extended 1.
What to watch
- Receipt of funds from the share subscription and the Fuelwood financing, expected in May 2026Q2 2026
- Exercise of warrants and any drawdown under the standby subscription arrangementAugust 2026
- Timing of Kaipola plant start-up and the initial Fuelwood capacity ramp-up2026
- Results of geothermal field appraisal and decisions on drilling and approvals2027
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
According to the annual report for the year ended 31 December 2025, the company's principal activity is focused on renewable energy, waste-to-energy and the biomass energy sectors 1. It was admitted to the Main Market of the London Stock Exchange on 31 October 2025, with an accompanying share issue raising gross proceeds of £2,040k 1. The Group's loss for 2025 was £6,791k 1.
The company describes its aim as delivering consistent, 24/7 energy by developing sustainable energy assets in Europe, combining proven technology with projects in development 1. Its operations span the UK, Finland and Germany, each with its own regulatory and project risks 1.
The board includes an independent chairman, an executive director, a chief financial officer and non-executive directors, with Grant Thornton Limited as auditor 1. The company is incorporated in Guernsey and did not pay a dividend for 2025 1.
Segments
Biomass and Kaipola (Finland)
The Kaipola plant, operated through Kaipolan Energia Oy, is the main operating asset, but its success depends on a continuous biomass supply and reliable energy off-takers 1. The company has agreed to a Fuelwood Finland Oy partnership, with initial capacity of about 80,000 tonnes per annum by the end of 2026 and a long-term target of 400,000 tonnes per annum 1.
Market context
Trends
- Shift to sustainable energytailwind
Demand for secure, low-emission energy could support the company's projects if they reach commercial production 1.
- Geothermal funding programmetailwind
The KfW programme announced in December 2025 could lower the cost of capital and partly cover drilling risk, if the company's applications are approved 1.
- EU biomass regulationheadwind
Possible changes to EU sustainability criteria for biomass under the Renewable Energy Directive could affect the regulatory and commercial position of the Kaipola plant 1.
- Cost and access to capitalmixed
Dependence on additional financing, together with volatile interest rates and inflation, could make it harder to raise capital on acceptable terms 1.
Competitive position
The report states that the company competes with better-resourced organisations, without naming them 1. Competition may arise both for capital and partners and for energy supply contracts 1.
The supplied sources do not identify US-listed competitors, so the competitive analysis remains limited to the factors the report mentions 1. The company's stated advantages lie in long-term contracts and supplier diversification 1.
- Better-resourced organisations (not named in source)
The report mentions competition from organisations with greater resources, without naming them 1.
- Biomass and energy suppliers in Finland (not named)
Reliance on a single initial biomass supplier makes supply competition relevant, but the source names no entities 1.
- Geothermal partners and investors (not named)
Competition for funds and partners in the geothermal sector is mentioned only generally in the report 1.
- Biomass pellet producers (not named)
The Fuelwood project enters a market whose competitive landscape is not detailed in the source 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cindrigo Holdings Limited · 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.