olivLaw · European equity research
Amala Foods PLC DISH.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Amala Foods PLC is a Jersey-registered cash shell with no operating business, seeking a new reverse takeover after a planned deal with a Philippines-linked healthcare group lapsed. The company carries overdue debt above one million pounds and its auditor issued an adverse opinion on going concern.
At the close of 30 Oct 2026, Amala Foods PLC (DISH.L) stock was 0.00 GBP (+0.00% on the day), with beta -2.40, 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 0.00 – 0.00
- in the lower half of the band · %B 0.35 · band width 19.0%
- SMA 50 / 200
- 0.00 / 0.00
- mixed trend
- 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 | unavailable | −2.2% | unavailable | — |
| 3 months | −6.3% | −3.6% | −2.7 pp | — |
| 6 months | −34.8% | +4.2% | −39.0 pp | — |
| Year to date | −31.8% | +5.8% | −37.6 pp | — |
| 1 year | −25.0% | +7.6% | −32.6 pp | +8.9% |
| 3 years | +7,400.0% | +51.0% | +7,349.0 pp | +29.3% |
| 5 years | unavailable | +44.2% | 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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -440.1 k | -424.6 k | -200.5 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 2025 · 31 Mar 2025
- Cash
- 3.4 k GBP
- Financial debt
- 1.1 m GBP
- Net debt
- 1.1 m GBP
- Equity
- -1.4 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 0.00x
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 318.2 k | 98.8 k | 3.4 k | esef· 17 Sept 2025verified |
| Receivables | 101.2 k | 0 | — | esef· 03 Oct 2024verified |
| Current assets | 419.4 k | 98.8 k | 3.4 k | esef· 17 Sept 2025verified |
| Short-term debt | 1.2 m | 1.1 m | 1.1 m | esef· 17 Sept 2025verified |
| Current liabilities | 1.3 m | 1.3 m | 1.4 m | esef· 17 Sept 2025verified |
| Equity | -896.8 k | -1.2 m | -1.4 m | esef· 17 Sept 2025verified |
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
30 Oct 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
AMALA FOODS PLC (DISH.L). Latest full fiscal year: 2025; data up to 2025-03-31.
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. | 101.6 bn | 13.2 | 16.5% | 30.3% | −1.0% | +18% / +87% |
| ABF.LAssociated British Foods PLC | 13.9 bn | 13.6 | 9.2% | 5.3% | −3.1% | −16% / −5% |
| 0EV1.LCarnival PLC | 5.4 bn | 4.0 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.8 | 34.7% | 4.1% | +7.2% | −16% / +162% |
| AUTO.LAutotrader Group PLC | 4.6 bn | 15.8 | 60.2% | 47.1% | +3.9% | −31% / −13% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.5 | 23.2% | 2.8% | +15.2% | +28% / +177% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.4 | 8.0% | 28.9% | −2.1% | +9% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.3 bn | 10.5 | 8.8% | 13.4% | −4.2% | −14% / −17% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 16.9 | 21.2% | 2.8% | +3.7% | +53% / −48% |
| AJB.LAj Bell PLC | 2.4 bn | 22.7 | 49.9% | 33.1% | +18.0% | +8% / +129% |
| ASHM.LAshmore Group PLC | 1.5 bn | 14.9 | 13.1% | 71.6% | −0.1% | +19% / +32% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 21.6 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 736.0 m | 34.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 647.4 m | 13.9 | 14.4% | 10.8% | +4.0% | −13% / +18% |
| ASC.LAsos PLC | 513.0 m | — | -81.3% | -12.0% | −14.7% | +69% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 493.3 m | 16.5 | 61.5% | 23.8% | +15.3% | −27% / +11% |
| AML.LAston Martin Lagonda Global Holdings PLC | 375.9 m | — | -93.4% | -39.2% | −20.6% | −39% / −83% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −32% / −12% |
| BMS.LBraemar PLC | 72.3 m | 36.2 | 2.7% | 1.7% | −4.4% | −2% / −1% |
| AMGO.LAmigo Holdings PLC | 11.6 m | — | — | — | −81.9% | +560% / +519% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −6% / +129% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +29% / +80% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +50% / +48% |
1- and 3-year price returns: for DISH.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
Amala Foods PLC is a Jersey-registered cash shell with no operating business, seeking a new reverse takeover after a planned deal with a Philippines-linked healthcare group lapsed. The company carries overdue debt above one million pounds and its auditor issued an adverse opinion on going concern.
SWOT
Strengths
- The company is listed in London, providing a formal platform for a possible reverse takeover.
- Management has cut costs and waived remuneration until a transaction is completed, showing an effort to conserve cash.
- The simple Jersey legal structure and absence of operations could make the search for a new target faster.
Weaknesses
- The company has no operating revenue and relies on periodic financing to cover its expenses.
- Overdue debt owed to convertible noteholders and to Riverfort exceeds the resources available.
- The board and audit committee are small, and dependence on a few key people raises operational risk.
Opportunities
- A new reverse takeover could bring an operating business and could improve the financial position.
- If new investors accept the company's terms, fresh funds could allow the repayment of overdue debt.
- Interest in Southeast Asian healthcare could offer a new target if negotiations succeed.
Threats
- If creditors demand immediate repayment, the company could enter liquidation or administration.
- The auditor issued an adverse opinion, which could weaken confidence among investors and potential partners.
- A failed new transaction could force management to resume the search and raise additional capital.
Risks
- Going concern riskhigh
The auditor considers the use of the going concern basis inappropriate, and overdue debt could lead to liquidation or administration.
- Funding riskhigh
The company has no revenue and it is uncertain it can raise capital when needed, which could block any new transaction.
- Transaction riskhigh
There is no guarantee that a suitable target will be identified or that a transaction will be completed, and even a success might not deliver the value hoped for.
- Key personnel riskmedium
The company depends on the experience of a few directors, and the departure of one could negatively affect its prospects.
- Governance riskmedium
The company only partially applies corporate governance principles and could adopt them fully only after a successful transaction, which limits transparency.
Investment thesis
What would need to be true (bull case)
- If a reverse takeover completes with an operating target, the company could gain a new revenue base and could repay its debt.
- A London listing and management's cost discipline could attract investors seeking a quick route to the market through an existing company.
- If new investors agree to finance the overdue debt, the company could avoid liquidation and continue its transformation.
What would break the thesis
- Overdue debt and lack of revenue could push creditors to demand repayment, and the company could enter liquidation.
- The auditor's adverse opinion signals a serious financial position, which could discourage investors and transaction partners.
- If the new transaction does not complete, the company could remain without activity and resume its search with even fewer resources.
What to watch
- Identification of a new reverse takeover transaction and an operating targetnext 12 months
- How creditors treat the convertible loan notes and the overdue Riverfort loansnext fiscal year
- Raising of new capital and the pace of cash consumption2026
- Any change in the audit opinion and a return to the going concern basisnext 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
Amala Foods PLC is a Jersey-registered company listed on the London Stock Exchange that, in the year ended 31 March 2025, did not run any business of its own. Management describes it as a cash shell whose sole focus was completing a reverse takeover (RTO) with Healthcare Medical Plus Pte Ltd., a healthcare group with subsidiaries in the Philippines. The transaction was not completed by the required date and the RTO lapsed after the period, so the company must identify a new transaction and raise further capital. The net loss was 200,515 pounds, and current liabilities exceed current assets.
The funding structure is dominated by debt. Convertible loan notes of 405,000 pounds were raised in 2023 and Riverfort loans of 707,569 pounds are outstanding. Both are past their due dates, and holders could call for repayment. Management has reduced costs, including by waiving remuneration until a successful transaction.
Ownership is concentrated. The largest shareholder, Fiske Nominees Limited, holds 24.54% of share capital, while Monza Capital Ventures Limited, associated with the executive director, holds 55,018,687 shares. The company has no significant staff, and the board consists of one executive director and two non-executive directors.
Segments
Cash shell activity
In fiscal 2025 the only activity was the search for and negotiation of a reverse takeover. No operating revenue is reported, and the near-term goal is to identify a new transaction partner.
Financing and debt
Overdue convertible loan notes and Riverfort loans are the main pressure on the company. The lack of own resources raises questions about its ability to repay if creditors demand payment.
Governance and compliance
The company operates under Jersey law and only partially applies the UK Corporate Governance Code. The audit committee has two members, and the board could change if a transaction is completed.
Market context
The company does not operate in a product market in the usual sense. Its relevance lies in the market for reverse takeovers and London-listed cash shells that seek an operating target. In that market, the outcome depends on access to capital and the quality of the target identified.
The latest fiscal year showed a strict regulatory framework for cash shells. The regulator was involved in the RTO process, and a failed transaction could require the company to resume its search and raise new funds.
Trends
- Interest in reverse takeoversmixed
Listed companies without operations can become an alternative route to the public market for private firms. If investor appetite for such deals grows, Amala Foods could find a partner more easily.
- Restrictive funding conditionsheadwind
Access to capital for small companies without revenue is difficult. The lack of funds was the main risk identified by management, and tighter conditions could delay or prevent a new transaction.
- Heightened scrutiny by auditors and regulatorsheadwind
Control over financial reporting and going concern assessments has intensified. The auditor's adverse opinion shows that standards are checked strictly, which could limit the company's flexibility.
- Interest in Southeast Asian healthcaremixed
The initial transaction targeted a healthcare group in the Philippines, showing the company's interest in this segment. A new target could come from the same region if financing conditions allow.
Competitive position
Amala Foods does not compete in a product or service market, but in the market for cash shells seeking reverse takeovers. Competitors are other listed companies without operations that try to attract the same private targets and investors.
The company's relative advantage could come from its London listing and management's experience in regulated processes. Its main disadvantage is the lack of resources and overdue debt, which could reduce its appeal to potential partners.
- Other London-listed cash shells
Companies without operating business that seek similar reverse takeovers with comparable access to investor capital.
- Investment funds specialised in reverse transactions
Investors that can finance a private target in exchange for control of a listed company, serving as alternatives to the financing Amala Foods could offer.
- Listed healthcare companies in Southeast Asia
Companies with operating businesses that could become transaction partners or, alternatively, rivals for the same target.
- Cash shells registered in Jersey or Guernsey
Similar structures under the same legal framework that may compete for investors looking for a route into the market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Sept 2025
- Annual report 202403 Oct 2024
Sources
- [1] Annual report, fiscal year ended 2025-03-31 (ESEF) · SEC / Amala Foods PLC · 31 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.