olivLaw · European equity research
Helical plc HLCL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Helical plc is a London developer focused on high-quality offices, delivered in partnership and with capital-efficient structures. It matters now because demand for central London office space exceeds supply, with new build vacancy of about 1.1%.
At the close of 05 Nov 2026, Helical plc (HLCL.L) stock was 1.92 GBP (−1.79% on the day), with market capitalisation 235.9 m GBP, P/E 41.6 on diluted EPS of 0.05 GBP over the last 12 months, dividend yield 52.22%, beta 0.42, 52-week range 1.75–2.22 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)
- 57.6
- strong (55–70)
- Bollinger (20, 2)
- 1.72 – 1.97
- in the upper half of the band · %B 0.79 · band width 13.3%
- SMA 50 / 200
- 1.89 / 1.97
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 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 | +5.2% | −0.6% | +5.9 pp | — |
| 3 months | −5.7% | −4.2% | −1.5 pp | — |
| 6 months | −1.6% | +4.3% | −6.0 pp | — |
| Year to date | −3.3% | +7.5% | −10.8 pp | — |
| 1 year | −11.5% | +9.9% | −21.4 pp | +5.8% |
| 3 years | −12.3% | +49.8% | −62.2 pp | +26.3% |
| 5 years | −61.2% | +42.8% | −104.0 pp | — |
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 9.1, median 24.6, max 40.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 39.9 m | 32.0 m | 33.3 m |
| Revenue YoY | unavailable | −19.9% | +4.0% |
| Net income | -189.8 m | 27.9 m | 5.7 m |
| Net income YoY | unavailable | unavailable | −79.7% |
| Diluted EPS | -1.55 | 0.23 | 0.05 |
| Diluted EPS YoY | unavailable | unavailable | −79.7% |
| net % | -475.7% | 87.4% | 17.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 33.0 m GBP
- Financial debt
- 173.8 m GBP
- Net debt
- 140.8 m GBP
- Equity
- 425.4 m GBP
- Total assets
- 625.6 m GBP
- Debt / equity
- 0.41x
- Current ratio
- 2.12x
- ROE
- 1.3%
- ROA
- 0.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 39.9 m | 32.0 m | 33.3 m | esef· 07 Jul 2026verified |
| Cost of revenue | 14.5 m | 15.4 m | 15.2 m | esef· 07 Jul 2026verified |
| Gross profit | -165.1 m | 49.4 m | 22.2 m | esef· 07 Jul 2026verified |
| Operating income | -176.1 m | 38.7 m | 13.5 m | esef· 07 Jul 2026verified |
| Pre-tax income | -189.6 m | 27.9 m | 5.7 m | esef· 07 Jul 2026verified |
| Income tax | 179.0 k | 0 | -8.0 k | esef· 07 Jul 2026verified |
| Net income | -189.8 m | 27.9 m | 5.7 m | esef· 07 Jul 2026verified |
| Diluted EPS | -1.55 | 0.23 | 0.05 | esef· 07 Jul 2026verified |
| Dividend per share | 9.00 | 3.50 | 1.00 | esef· 07 Jul 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 28.6 m | 76.5 m | 33.0 m | esef· 07 Jul 2026verified |
| Receivables | 17.0 m | 13.1 m | 20.7 m | esef· 07 Jul 2026verified |
| Current assets | 88.4 m | 89.7 m | 53.7 m | esef· 07 Jul 2026verified |
| Total assets | 657.9 m | 624.9 m | 625.6 m | esef· 07 Jul 2026verified |
| Accounts payable | 24.9 m | 23.3 m | 24.9 m | esef· 07 Jul 2026verified |
| Long-term debt | 227.6 m | 173.7 m | 173.8 m | esef· 07 Jul 2026verified |
| Current liabilities | 25.7 m | 23.6 m | 25.3 m | esef· 07 Jul 2026verified |
| Total liabilities | 256.8 m | 198.8 m | 200.2 m | esef· 07 Jul 2026verified |
| Equity | 401.1 m | 426.1 m | 425.4 m | esef· 07 Jul 2026verified |
| Shares outstanding at year end | 122.8 m | 122.6 m | 123.2 m | esef· 07 Jul 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 12.3 m | 1.4 m | -2.0 k | esef· 07 Jul 2026verified |
| Investing cash flow | -15.0 m | 106.0 m | -36.3 m | esef· 07 Jul 2026verified |
| Financing cash flow | -19.5 m | -59.6 m | -7.3 m | esef· 07 Jul 2026verified |
| Dividends paid | 14.4 m | 4.0 m | 6.1 m | esef· 07 Jul 2026verified |
| Share repurchases | 4.4 m | 0 | 803.0 k | esef· 07 Jul 2026verified |
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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 235.9 m GBP
Key indicators
Coverage and freshness
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.1% | 17 (vs peers) | 28% |
| Net margin · Quality | 17.0% | 63 (vs peers) | 17% |
| 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 | 2.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 41.6x | 0 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 17% |
| 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
- Quality34/100 · 2/3 factors with a value
- Returns· partial42/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
HELICAL PLC (HLCL.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 33.3 m GBP in 2026; YoY growth 4.0%; net margin 17.0%; ROE 1.3%.
The estimated value range is 5.16–6.46 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.75 GBP, the price of 1.92 GBP leaves a potential of 200.4% (value / price − 1) and a margin of safety of 66.7% (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 (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- The price is below the estimated value range
What contradicts it
- ROIC: 2.1%
- P/E (TTM): 41.6x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, 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% |
| HLCL.LHelical PLC | 235.9 m | 41.6 | 1.3% | 17.0% | +4.0% | −10% / −15% |
| 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% |
1- and 3-year price returns: for HLCL.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 | 1.13 Total return -39% · Per year -39% | 1.99 Total return 7% · Per year 7% | 3.00 Total return 60% · Per year 60% |
| 3 years | 1.08 Total return -38% · Per year -15% | 2.16 Total return 20% · Per year 6% | 3.57 Total return 96% · Per year 25% |
| 5 years | 1.04 Total return -37% · Per year -9% | 2.33 Total return 35% · Per year 6% | 4.24 Total return 140% · Per year 19% |
- Exit P/E± 0.54
- Net margin± 0.38
- Annual revenue growth± 0.31
- Annual dilution± 0.03
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
Helical plc is a London developer focused on high-quality offices, delivered in partnership and with capital-efficient structures. It matters now because demand for central London office space exceeds supply, with new build vacancy of about 1.1% 1.
SWOT
Strengths
- The company holds a pipeline of de-risked schemes through planning, funding and construction, allowing delivery into a tight supply cycle.
- Management has experience developing best-in-class offices in well-connected locations.
- Relationships with joint venture partners and planning authorities support access to off-market opportunities.
Weaknesses
- Activity is concentrated in one city and one market segment, increasing exposure to local shifts.
- Development projects need substantial capital and can take a long time before generating rental income or sales.
- The existing investment portfolio is limited, which restricts recurring rental income.
Opportunities
- Demand for quality buildings could lead to lettings above original underwriting, especially for schemes completing soon.
- Equity-light structures could unlock sites that other developers cannot bring forward.
- Converting offices to alternative uses near universities could open new opportunities.
Threats
- Higher construction costs and capital costs could slow new schemes or reduce margins if geopolitical tensions intensify.
- A fall in demand or rents in particular areas could weigh on investment valuations.
- Emerging technologies and cyber threats could create operational and security pressures.
Risks
- Development project riskshigh
Planning delays, legal disputes and cost inflation can affect large schemes and the expected returns, with the company rating severity as unchanged.
- Falling values or tenant demandhigh
If demand for space weakens or chosen markets underperform, rental income and property revaluations could be affected.
- Bank borrowing and loan covenantsmedium
The availability and cost of bank debt can affect liquidity, and a potential breach of loan covenants could create financial pressure.
- Geopolitical and economic factorsmedium
Geopolitical tensions, trade disruption and capital market volatility can change investor sentiment and material costs.
- Climate and regulatory riskslow
Physical climate impacts and sustainability requirements could affect asset performance and demand for non-compliant buildings.
Investment thesis
What would need to be true (bull case)
- If limited supply persists and demand for quality buildings stays high, schemes delivered in the coming period could generate strong rental growth and development profits.
- A pipeline of de-risked schemes and JV partnerships could let the company pursue opportunities that other developers cannot access.
- If occupiers keep committing early for modern space, there could be room for lettings above initial estimates.
What would break the thesis
- If construction and financing costs stay high, projects could be delayed or become less profitable.
- Concentration in the London market means a local fall in demand or values could significantly affect results.
- If investors remain cautious and selective, transactions and revaluations could be weaker than management expects.
What to watch
- Delivery and letting of 100 New Bridge Street, EC4 and 10 King William Street, EC4next 12 months
- Construction cost and programme trends for Delta Paddington, W2 and Brettenham House, WC22027
- Vacancy rates and rent levels in the City and West EndQ1 2027
- The new sustainability strategy the company has said it will announcenext 10-K
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
Helical plc is a London-based property developer aiming to create sustainable spaces for occupiers and communities. Its strategy rests on capital-efficient development in partnership, on asset selection using balance sheet, JVs and equity-light structures, and on active asset management. It states its goal is to be London's most innovative and respected real estate developer 1.
The company measures performance through total property return, see-through cost of secured facilities and loan-to-value, and earns from development surpluses and rental income. It works with joint venture partners, notably its long-term JV with Places for London, to scale projects and manage risk 1.
In the fiscal year ended 31 March 2026 the company advanced several schemes, including Delta Paddington, W2, Southwark, SE1 and 63 Charterhouse Street, EC1M, which received planning consent. The investment portfolio was steady, with The Bower, EC1 and The Loom, E1 retained and no new acquisitions 1.
Segments
Partnership development
Development through joint ventures, including with Places for London, lets the company scale projects and share risk. Schemes such as 10 King William Street, EC4 and Southwark, SE1 are part of this pipeline 1.
Own development and construction
Projects under construction, such as 100 New Bridge Street, EC4, Brettenham House, WC2 and Delta Paddington, W2, are targeted for delivery with certainty of programme and execution. 100 New Bridge Street was forward sold for owner occupation ahead of completion 1.
Investment management
The investment portfolio is small and concentrated, comprising The Bower, EC1 and The Loom, E1. The company is studying decarbonisation of The Bower and a NABERS assessment for The Loom 1.
Market context
Central London office take-up reached 2.2m sq ft in Q1 2026, the strongest first quarter since 2022. Constrained supply and rental growth of 5.1% in the City and 12.9% in the West End during 2025 support high-quality locations 1.
Investment volumes totalled about £8.8bn over the four quarters to Q1 2026, below historic averages, while investors remain selective. New office construction starts were down 35% year on year, deepening the structural shortage of best-in-class space 1.
Trends
- Constrained supplytailwind
Limited new space, falling construction starts and low vacancy support rents for quality buildings. This could persist if development stays hampered by costs and financing 1.
- Demand for quality spacetailwind
Occupiers are committing earlier and prefer buildings with good connectivity, technology and sustainability certifications, which could accelerate lettings in delivered schemes 1.
- Construction and financing costsheadwind
High construction costs, a higher cost of capital and longer planning timelines can delay projects and weaken development viability, especially if geopolitical pressures rise 1.
- Artificial intelligence and tech occupiersmixed
AI adoption could support office demand through business growth and productivity, although near-term volatility and disruption remain possible 1.
Competitive position
Helical competes with other developers and office owners in central London for sites, finance and quality tenants. The source mainly notes that schemes with secured planning, funding and contracted construction are advantaged, without naming direct competitors 1.
The company's edge comes from delivering on programme, from relationships with planning authorities and from partnerships with suppliers and contractors. The source does not identify competitors listed in the US 1.
- Other central London office developers
Unnamed in the source, they compete for sites and quality occupiers in the same market.
- City and West End office asset owners
Investors and owners competing for quality assets and occupiers in the same areas.
- Well-funded contractors and developers
Partners able to take on low-risk schemes, where competition for them is selective.
- Joint venture partners and institutional investors
Actors that can fund or co-develop large schemes and compete for off-market opportunities.
News & filings
In the press
- Rosalind Franklin figured out DNA's helical structure before Watson and CrickHacker News · 04 Nov 2026 · EN
- Imaging real-space chiral rotation of flat-band states in helical trilayer graphenePNAS · 27 Oct 2026 · EN
- Atomic-scale spin sensing of a 2D d-wave altermagnet <i>via</i> helical tunnelingNature · 13 Oct 2026 · EN
- Helical Nanocavity-Driven Upconversion Circularly Polarized Luminescence with Efficient Triplet Dynamics in Poly(methyl methacrylate) StereocomplexesJournal of the American Chemical Society · 02 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202607 Jul 2026
- Annual report 202524 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Helical plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.