olivLaw · European equity research
Hellenic Dynamics Plc HELD.L
United Kingdom · London Stock Exchange · ISIN GB00BRXCFB77 · Vertical: Listed companies from United Kingdom
Hellenic Dynamics Plc is a UK-listed company on the London Stock Exchange Main Market that pursues contract cultivation of medical cannabis in fully controlled indoor facilities in Greece, aimed at European distributors. The company remains at an early stage with no reported revenues, and its licence for commercial cultivation over 40000 square metres of active area could define how quickly it moves into production.
At the close of 05 Nov 2026, Hellenic Dynamics Plc (HELD.L) stock was 0.00 GBP (+0.00% on the day), with beta -3.23, 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)
- 32.2
- weak (30–45)
- Bollinger (20, 2)
- -0.01 – 0.01
- in the lower half of the band · %B 0.36 · band width 667.7%
- SMA 50 / 200
- 0.01 / 0.03
- 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 | unavailable | −0.2% | unavailable | — |
| 3 months | unavailable | −5.4% | unavailable | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +6.5% | unavailable | — |
| 1 year | unavailable | +10.0% | unavailable | +3.7% |
| 3 years | −99.8% | +48.6% | −148.4 pp | +24.5% |
| 5 years | unavailable | +41.4% | 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.
Fiscal years
| Fiscal year | 2021 |
|---|---|
| Revenue | 0 |
| Revenue YoY | unavailable |
| Net income | -349.4 k |
| Net income YoY | unavailable |
| Diluted EPS | -0.00 |
| Diluted EPS YoY | unavailable |
| net % | unavailable |
| Free cash flow | -475.3 k |
Balance sheet & financial health
Fiscal year 2021 · 31 Dec 2021
- Cash
- 5.0 k GBP
- Financial debt
- 0 GBP
- Net debt
- -5.0 k GBP
- Equity
- 455.0 k GBP
- Total assets
- 1.0 m GBP
- Debt / equity
- 0.00x
- Current ratio
- 0.66x
- ROE
- unavailable
- ROA
- -34.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2021 | Source (latest year) |
|---|---|---|
| Revenue | 0 | esef· 22 Aug 2023verified |
| Cost of revenue | 0 | esef· 22 Aug 2023verified |
| Gross profit | 0 | esef· 22 Aug 2023verified |
| Operating income | -334.6 k | esef· 22 Aug 2023verified |
| Pre-tax income | -349.4 k | esef· 22 Aug 2023verified |
| Income tax | 0 | esef· 22 Aug 2023verified |
| Net income | -349.4 k | esef· 22 Aug 2023verified |
| Diluted EPS | -0.00 | esef· 22 Aug 2023verified |
Balance sheet · GBP
| Line | 2021 | Source (latest year) |
|---|---|---|
| Cash | 5.0 k | esef· 22 Aug 2023verified |
| Receivables | 168.3 k | esef· 22 Aug 2023verified |
| Current assets | 173.3 k | esef· 22 Aug 2023verified |
| Property, plant & equipment, net | 528.1 k | esef· 22 Aug 2023verified |
| Intangibles (excl. goodwill) | 8.4 k | esef· 22 Aug 2023verified |
| Total assets | 1.0 m | esef· 22 Aug 2023verified |
| Accounts payable | 209.4 k | esef· 22 Aug 2023verified |
| Long-term debt | 0 | esef· 22 Aug 2023verified |
| Current liabilities | 264.0 k | esef· 22 Aug 2023verified |
| Equity | 455.0 k | esef· 22 Aug 2023verified |
Cash flow · GBP
| Line | 2021 | Source (latest year) |
|---|---|---|
| Operating cash flow | -381.3 k | esef· 22 Aug 2023verified |
| Capex | 94.0 k | esef· 22 Aug 2023verified |
| Free cash flow | -475.3 k ≈ | esef· 22 Aug 2023derived |
| Investing cash flow | -87.0 k | esef· 22 Aug 2023verified |
| Financing cash flow | 464.3 k | esef· 22 Aug 2023verified |
≈ 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: 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
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 | 2.4x | 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
HELLENIC DYNAMICS PLC (HELD.L). Latest full fiscal year: 2021; data up to 2023-03-31.
Figures computed from the financial statements: revenue 0 GBP in 2021.
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: 2.4x
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 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. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| 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% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for HELD.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
Hellenic Dynamics Plc is a UK-listed company on the London Stock Exchange Main Market that pursues contract cultivation of medical cannabis in fully controlled indoor facilities in Greece, aimed at European distributors. The company remains at an early stage with no reported revenues, and its licence for commercial cultivation over 40000 square metres of active area could define how quickly it moves into production.
SWOT
Strengths
- Fully controlled indoor cultivation that reduces exposure to microbiology and heavy metals.
- POD model that makes facility owners the end buyers, with stronger quality control for export.
- Commercial cultivation licence for a large active area and relationships already established with distributors.
Weaknesses
- Limited operating history, active since 2019, and no revenues reported at the date of the report.
- Reliance on a small number of key employees and consultants, with no guarantee of their retention.
- The board has no female directors and no finance director, a situation the company acknowledges.
Opportunities
- Expansion of the European distributor network, if contracts at an advanced stage are concluded.
- Rapid adaptation to legislative change could open new European export markets.
- Capturing customer demand for lower-carbon products, if a climate strategy is defined.
Threats
- Failure to comply with licence conditions could lead to the loss of the licence.
- Non-compliance with German import requirements could delay revenue generation.
- Rising energy, water and materials costs could weigh on margins once operations begin.
Risks
- Failure to obtain commercial licencehigh
The company cannot run commercial activity until its final self-certified energy affidavit is submitted, and any delay would postpone all revenue.
- Non-compliance with import requirementshigh
Germany, the initial market, has strict controls on microbiology and heavy metals, and failure to meet them could delay sales.
- Lack of operating historymedium
Activity since 2019 is still limited, and there is no guarantee that the business model will generate the anticipated revenue.
- Dependence on key personnelmedium
Progress has relied on the experience of the founders and management team, and their retention is not assured.
- Climate and cost riskslow
High temperatures, disruption to borehole water supply and supplier disruption could raise operating costs.
Investment thesis
What would need to be true (bull case)
- If the commercial licence is activated and the first distributor contracts are concluded, the company could move quickly from development to revenue generation.
- The POD model and controlled indoor cultivation could offer a quality advantage for export into markets with strict regulation.
- Demonstrated adaptability to sector change could allow the company to benefit from new legislative openings in Europe.
What would break the thesis
- The company reported no revenues at the date of the document, and if production is delayed, losses could continue for an extended period.
- Dependence on a small number of key people and a board without a finance director could increase execution risk.
- The sector is new and regulated, and legislative changes could alter or undermine the business model.
What to watch
- Submission of the final self-certified affidavit and start of commercial cultivation2023
- Signing of supply agreements that are at an advanced stage2023
- First revenues reported after commercial production beginsnext annual report
- Evolution of the regulatory framework and German import requirements2024
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
Hellenic Dynamics Plc, formerly U.K. SPAC Plc, operates in contract cultivation of medical cannabis in Greece within a fully controlled indoor environment, where plants have less exposure to microbiology. The chosen substrate, a mix of rock wool and coconut husk, is designed to keep plants free of heavy metals. Under a POD model the facility owners are the end buyers, which could support quality control for export to distributors. According to the annual report for the period ended 31 March 2023 1, the company had not yet generated any revenues.
The company aims to become the dominant wholesale supplier of medical cannabis flowers in Europe, with Germany as its initial market, one of the strictest jurisdictions in Europe on microbiology and heavy metal controls 1. The strategy relies on a network of strategic partners and on supply terms already discussed with distributors, though the report gives no assurance that the business model will succeed.
The governance structure follows the QCA Code for small and mid-sized companies, with a non-executive chair, an executive director and a chief executive, and the organisation is still at an early stage in assessing its climate-related risks 1.
Segments
POD contract cultivation
The core activity is medical cannabis cultivation under a POD arrangement, in which facility owners are the end buyers. The licence allows commercial cultivation over 40000 square metres of active area, but moving to the commercial stage depends on submitting four self-certified affidavits 1.
Wholesale supply to distributors
The company intends to sell first-phase production through existing term sheets with distributors, and further supply agreements are reported to be at an advanced stage 1. No revenue from this segment has yet been reported.
Market context
The European medical cannabis market is fragmented by legislation, and import requirements differ from one country to another. The company chose Germany as its initial market, where quality controls are among the strictest in Europe 1. The size of the market is not quantified in the analysed source.
Regulatory change in the sector is a factor that could alter operating conditions, and the company states it is ready to adapt quickly, as it did with the move to the POD model 1.
Trends
- Evolving regulationmixed
The European legal framework for medical cannabis is changing, creating uncertainty but also the possibility of adapting the business model.
- Strict import quality standardsheadwind
Controls on microbiology and heavy metals, especially in Germany, could delay revenue generation if they are not met.
- Demand for lower-carbon productsmixed
Future demand from patients and consumers for lower-carbon products is identified by the company as a climate-related risk.
- Pressure on input costsheadwind
Costs of climate control, energy and building materials could rise under high temperatures, according to the company's climate assessment.
Competitive position
The analysed annual report does not name direct competitors. Competition appears indirectly, through access to capital for storage and solar capacity, and through competition for solar energy suppliers 1.
Companies cultivating medical cannabis in Europe that already hold licences or distributor contracts could quickly occupy the initial German market, and Hellenic may need time to establish itself 1.
- Unnamed competitors
The annual report analysed does not name direct competitors; no data on rival companies is provided.
- Greek medical cannabis producers
The source does not name these producers; competition for licences and distributors is mentioned only in general terms.
- Solar energy suppliers
Competition for solar energy supplies is flagged as a climate risk, with no further detail on rivals.
- Capital providers for storage
Competition for debt and equity capital to fund storage is flagged as a risk, without naming institutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202322 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2023-03-31 (ESEF) · SEC / Hellenic Dynamics Plc · 31 Mar 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.