olivLaw · European equity research
Kendrick Resources PLC KEN.L
United Kingdom · London Stock Exchange · ISIN GB00BNBQZW49 · Vertical: Listed companies from United Kingdom
Kendrick Resources PLC is a mineral exploration company focused on its Bonya rare earths project in Namibia and the Blue Fox copper project in Zambia, after refocusing away from its Scandinavian projects. The company has no revenue, and its continued operation depends on raising new funds, which creates a material uncertainty about going concern.
At the close of 05 Nov 2026, Kendrick Resources PLC (KEN.L) stock was 0.04 GBP (+0.00% on the day), with market capitalisation 121.6 k GBP, beta -0.08, 52-week range 0.00–0.10 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)
- 38.5
- weak (30–45)
- Bollinger (20, 2)
- 0.04 – 0.06
- in the lower half of the band · %B 0.20 · band width 43.2%
- SMA 50 / 200
- 0.06 / 0.05
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −13.3% | −0.6% | −12.6 pp | — |
| 3 months | −28.6% | −4.2% | −24.4 pp | — |
| 6 months | +37.1% | +4.3% | +32.8 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | +1,271.0% | +9.9% | +1,261.0 pp | +6.7% |
| 3 years | +672.7% | +49.8% | +622.9 pp | +24.8% |
| 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
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 | -1.1 m | -3.4 m | -2.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.00 | -0.01 | -0.91 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 29 Dec 2025
- Cash
- 6.5 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- -1.2 m GBP
- Total assets
- 56.1 k GBP
- Debt / equity
- unavailable
- Current ratio
- 0.04x
- ROE
- unavailable
- ROA
- -224.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -1.1 m | -3.4 m | -2.6 m | esef· 12 May 2026verified |
| Interest expense | 3.8 k | 6.4 k | 16.9 k | esef· 12 May 2026verified |
| Pre-tax income | -1.1 m | -3.4 m | -2.6 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -1.1 m | -3.4 m | -2.6 m | esef· 12 May 2026verified |
| Diluted EPS | -0.00 | -0.01 | -0.91 | esef· 12 May 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 200.0 k | 17.6 k | 6.5 k | esef· 12 May 2026verified |
| Receivables | 48.0 k | 47.0 k | 42.2 k | esef· 12 May 2026verified |
| Current assets | 249.8 k | 66.3 k | 56.1 k | esef· 12 May 2026verified |
| Property, plant & equipment, net | 0 | 0 | 0 | esef· 12 May 2026verified |
| Total assets | 5.0 m | 2.3 m | 56.1 k | esef· 12 May 2026verified |
| Accounts payable | 428.7 k | 821.4 k | 1.0 m | esef· 12 May 2026verified |
| Short-term debt | 0 | 125.0 k | — | esef· 07 May 2025verified |
| Current liabilities | 428.7 k | 946.4 k | 1.3 m | esef· 12 May 2026verified |
| Equity | 4.6 m | 1.3 m | -1.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | — | 2.5 m | 2.9 m | esef· 12 May 2026derived |
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: 2 of at least 6
- score weight coverage: 10.4% 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: 121.6 k GBP
Key indicators
Coverage and freshness
Score by group
10% · 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: 2 of at least 6; score weight coverage: 10.4% 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 | -153.4x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 40% |
| 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
- 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
KENDRICK RESOURCES PLC (KEN.L). Latest full fiscal year: 2025; data up to 2025-12-29.
Figures computed from the financial statements: ROE -4,923.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Interest coverage: -153.4x
- 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, 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
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| 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% |
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| 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% |
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| 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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 KEN.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
Kendrick Resources PLC is a mineral exploration company focused on its Bonya rare earths project in Namibia and the Blue Fox copper project in Zambia, after refocusing away from its Scandinavian projects. The company has no revenue, and its continued operation depends on raising new funds, which creates a material uncertainty about going concern.
SWOT
Strengths
- The company holds a portfolio of mineral projects in Namibia and Zambia, including a rare earths project that is well placed logistically. The board has mining and exploration-financing experience.
- The company showed it can raise capital after the 2025 year end, indicating investor interest in its projects.
- The management structure is small, which may allow quick decisions and lower administrative costs.
Weaknesses
- The company has no revenue and negative net assets, making it dependent on new funding.
- The document contains a material uncertainty about going concern, as there is no contractual agreement to raise the funds needed.
- The management team is small, and the loss of key individuals could affect the company's performance.
Opportunities
- If demand for rare earths stays high, the Bonya project could become more valuable to investors and partners.
- The Blue Fox project could benefit from growing copper demand if exploration results prove favourable.
- Selling the Kabwe royalty back to Jubilee could bring additional liquidity if negotiations succeed.
Threats
- If funding cannot be obtained on acceptable terms, the company could be forced to reduce activity or sell projects.
- Political, legal and licensing risks in Namibia and Zambia could delay or block project development.
- Metal price volatility and geopolitical tensions could affect project values and access to capital.
Risks
- Funding riskhigh
The company has no revenue and depends on new funds. If financing is not available on acceptable terms, project development could be delayed.
- Going concern uncertaintyhigh
The document flags a material uncertainty about the company's ability to raise sufficient funds, which may cast doubt on going concern.
- Licensing and title riskmedium
Licences and permits are at the discretion of governments. Delays or refusal to renew licences could seriously affect the projects.
- Legal and political riskmedium
Legal systems in Namibia and Zambia differ from that of the UK, and agreements may be revised or cancelled, which could make legal redress harder to obtain.
Investment thesis
What would need to be true (bull case)
- If the Bonya project attracts partners or funding on favourable terms, the company's value could rise meaningfully, particularly while demand for rare earths stays high.
- The capital raised after the 2025 year end shows the market can support the company, which could allow exploration in Zambia to continue.
- If Blue Fox produces good exploration results, the company could add a second valuable project and diversify its portfolio.
What would break the thesis
- The company has no revenue and negative net assets, which could lead to further share issues and dilution for existing shareholders.
- The going concern uncertainty could force the company to scale back activity or sell projects at lower valuations.
- Capital raised after the 2025 year end may prove insufficient to fund both projects if costs rise.
What to watch
- Confirmation of further funding and its terms2026
- Progress of the Bonya project and licence renewals in Namibia2026
- Exploration results at Blue Fox in Zambia2026
- Outcome of negotiations to sell the Kabwe royalty to Jubileenext 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
Kendrick Resources PLC aims to enhance the value of its mineral resource projects through exploration and technical studies, alone or through joint ventures. Until 2025 its focus was on vanadium, nickel and copper projects in Scandinavia, but the board decided to concentrate on Southern Africa, where development costs are lower. In 2025 the company exercised an option on the Blue Fox copper project in northwest Zambia, and after the year end it acquired 70% of Bonya Exploration Pty Namibia, the rare earths project now its main focus. The company has no revenue, and its loss before taxation was £2,603,425 in 2025, compared with £3,437,121 in 2024 1.
The business model is simple: a small management team with mining experience holds interests in early-stage exploration projects. The company relies on subsidiaries and partnerships to carry out technical work, and it has no revenue. For funding it relies on share issues and convertible loan notes, as it did after the 2025 year end when it raised £1,587,000 1. Development therefore depends on access to capital in exploration financing markets.
Assets fell sharply in 2025: total assets reached £56,086, compared with £2,267,173 in 2024, after the Scandinavian projects were impaired. The £2,176,953 impairment on the Airijoki vanadium licences in Sweden reflected a poor funding market for that project 1. Borrowings and payables rose and net assets turned negative, which shows dependence on new capital to support the development plan.
Segments
Bonya (rare earths, Namibia)
The Bonya project is the company's main focus after it acquired 70% of the Namibian holding company. The board considers the site well placed, given its location near the Lüderitz deep water port and a powerline running through the property 1. Rare earths are largely under Chinese control, which could make the project more attractive if access to alternative supply becomes important.
Blue Fox (copper, Zambia)
The Blue Fox project is a copper exploration project in northwest Zambia, acquired by exercising an option in 2025 1. The board aims to enhance its value alongside Bonya. The project remains at the exploration stage, with no exploitable resources reported in the document.
Kabwe royalty (Zambia)
The company holds a royalty of 11% on the Kabwe project, operated by Jubilee Metals Group, a right that was fully provided against. The board does not expect royalty income in the midterm and is in early negotiations to sell the royalty back to Jubilee 1.
Market context
The board describes a volatile backdrop, with strong demand for copper amid a supply shortage and geopolitical tensions that have put critical metals, especially rare earths largely under Chinese control, under the spotlight 1. For exploration companies with well-placed projects, funding conditions have improved, as the capital raised after the 2025 year end suggests 1.
The market for small exploration companies remains dependent on access to capital and on investor appetite for exploration risk. If funding improves, the company could continue developing its projects; if not, it could be forced to cut spending or seek partners.
Trends
- Demand for copper and rare earthstailwind
The board sees copper supply as insufficient and prices as remaining high, while rare earths are increasingly viewed as strategic. If this demand persists, the Bonya and Blue Fox projects could become more attractive to investors and partners 1.
- Geopolitical tensions and trade policymixed
The document cites volatility from a second Trump administration's policies, higher tariffs, and the conflicts in Ukraine and the Middle East 1. These factors could raise costs or reduce the availability of funding for exploration companies.
- Reopening of exploration funding marketstailwind
The company indicated that funding markets for exploration companies with the right projects have improved, and the capital raised after the 2025 year end supports this view 1. If the trend continues, easing funding pressure would be an important support.
Competitive position
The company competes for capital and projects with other small exploration companies in Africa, Canada and the UK. The board has links to several companies listed on similar markets, which may ease access to opportunities but also divides attention across projects 1.
Competition for rare earths and copper projects in Southern Africa is intense, and the company's advantage depends on the quality of the Bonya and Blue Fox resources and its ability to develop projects without relying heavily on external funding 1.
- Jubilee Metals Group
Operator of the Kabwe project, on which the company holds a fully provided royalty; discussions on selling the royalty are ongoing.
- Europa Metals
Exploration company named in the board's document among entities linked to the company's directors.
- Bezant Resources
Exploration company with board links, active on European markets.
- Xtract Resources
Exploration company with board links, competing for exploration capital.
News & filings
In the press
- Blackburn on AI Kendrick Lamar clip backlash: It wasn’t ‘intended to offend’The Hill · 17 Oct 2026 · EN
- GOP’s Blackburn releases AI Kendrick Lamar video, to some criticismThe Hill · 14 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-29 (ESEF) · SEC / Kendrick Resources PLC · 29 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.