olivLaw · European equity research
Northern 3 VCT PLC NTN.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Northern 3 VCT PLC is a venture capital trust listed in London that invests mainly in unquoted UK companies in their development stage, offering private investors tax advantages. Venture capital holdings make up the majority of its net assets, so the performance of these stakes matters greatly for the company's results.
At the close of 05 Nov 2026, Northern 3 VCT PLC (NTN.L) stock was 0.82 GBP (+9,900.00% on the day), with market capitalisation 118.8 m GBP, dividend yield 24.39%, beta -7.79, 52-week range 0.01–0.85 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)
- 56.1
- strong (55–70)
- Bollinger (20, 2)
- -0.48 – 1.07
- in the upper half of the band · %B 0.84 · band width 529.8%
- SMA 50 / 200
- 0.40 / 0.74
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.08
- 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 | −0.6% | unavailable | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +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 | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.0 m | 7.0 m | -952.0 k |
| Net income YoY | unavailable | +129.0% | −113.7% |
| Diluted EPS | 0.02 | 0.05 | -0.01 |
| Diluted EPS YoY | unavailable | +118.2% | −112.5% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 34.9 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 134.2 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -0.7%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 3.0 m | 7.0 m | -952.0 k | esef· 30 Jun 2026verified |
| Income tax | 0 | 0 | 0 | esef· 30 Jun 2026verified |
| Net income | 3.0 m | 7.0 m | -952.0 k | esef· 30 Jun 2026verified |
| Diluted EPS | 0.02 | 0.05 | -0.01 | esef· 30 Jun 2026verified |
| Dividend per share | 0.04 | 0.20 | 0.20 | esef· 30 Jun 2026verified |
Balance sheet · GBP
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -262.0 k | -42.0 k | -1.3 m | esef· 30 Jun 2026verified |
| Investing cash flow | -2.8 m | -6.5 m | 6.3 m | esef· 30 Jun 2026verified |
| Financing cash flow | 6.5 m | 657.0 k | 5.0 m | esef· 30 Jun 2026verified |
| Dividends paid | 6.0 m | 6.2 m | 6.9 m | esef· 30 Jun 2026verified |
| Share repurchases | 2.8 m | 4.3 m | 6.0 m | esef· 30 Jun 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: 1 of at least 6
- score weight coverage: 6.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 118.8 m GBP
Key indicators
Coverage and freshness
Score by group
6% · 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: 6.2% of at least 60%
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.9% | 100 (on a fixed band) | 100% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 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
NORTHERN 3 VCT PLC (NTN.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE -0.7%.
The estimated value range is 1.96–2.42 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.17 GBP, the price of 0.82 GBP leaves a potential of 164.4% (value / price − 1) and a margin of safety of 62.2% (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: 1 of at least 6; score weight coverage: 6.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 10.9%
- The price is below the estimated value range
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, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, 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. | 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% |
| 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 NTN.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
Northern 3 VCT PLC is a venture capital trust listed in London that invests mainly in unquoted UK companies in their development stage, offering private investors tax advantages. Venture capital holdings make up the majority of its net assets, so the performance of these stakes matters greatly for the company's results.
SWOT
Strengths
- A diversified portfolio of unquoted companies and a tax structure attractive to private investors under VCT rules.
- Management by a team specialised in venture capital for small UK companies, with co-investment experience.
- Most net assets are invested in venture capital holdings, giving direct exposure to company growth.
Weaknesses
- The values of many unquoted holdings are sensitive to market conditions and can fall in difficult periods.
- Dependence on a single manager may create operational and decision concentration.
Opportunities
- If demand for capital from growing UK companies stays high, the fund could identify attractive new investments.
- Realising valuable holdings could generate returns for shareholders and might support future dividends.
- Co-investments alongside MAM funds could extend the financing capacity available to portfolio companies.
Threats
- Changes to tax rules or to limits for eligible companies could reduce the attractiveness of the VCT.
- A weaker economic environment could affect portfolio companies and their market values.
- Competition for good deals among VCTs and private funds may raise entry prices.
Risks
- Valuation riskhigh
Unquoted holdings are valued periodically, and changes in value can significantly influence net assets.
- Liquidity riskmedium
Realising investments can take a long time and depends on transaction markets, which may limit the fund's flexibility.
- Concentration riskmedium
A relatively small number of large holdings can influence fund results if one of them declines in value.
- Tax compliance riskhigh
Losing VCT status could affect tax advantages for investors and could generate additional costs.
- Manager dependence risklow
The fund's activity depends on Mercia and its resources, and changes in its structure could affect management.
Investment thesis
What would need to be true (bull case)
- If holding values rise and some portfolio companies reach realisations, the fund could generate solid returns for shareholders.
- The tax advantages of the VCT regime may remain attractive to private investors, supporting demand for the fund.
- The manager's experience in financing growing UK companies could identify good opportunities in favourable periods.
What would break the thesis
- If more holdings continue to decline, net assets could fall and reduce investor confidence.
- Delayed or below-expectation realisations could limit dividends and make it difficult to sustain returns.
- Regulatory changes or intense competition for deals could reduce the appeal of the VCT model.
What to watch
- Changes in valuations of unquoted holdings in the portfolionext 10-K
- Realisations of investments and any dividends paid2027
- Compliance with VCT conditions, including the 80% threshold in qualifying holdings2027
- New investments and deployment of new funds within the 12-month requirement2027
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
Northern 3 VCT PLC is a Venture Capital Trust listed on the London Stock Exchange and managed by Mercia Fund Management Limited, a subsidiary of Mercia Asset Management PLC. The fund aims to invest in small unquoted UK companies while offering tax benefits to shareholders, and remaining assets are placed in quoted investments, money market funds and bank deposits. According to the annual report for the year ended 31 March 2026, venture capital investments represented 74.0% of net assets 1.
The fund is managed by Mercia, which provides growing UK businesses with private equity, debt, seed and venture capital. Mercia also advises Northern Venture Trust PLC and manages Northern 2 VCT PLC, and the three VCTs are known in the market as the Northern VCTs. This structure allows co-investments alongside MAM funds that are not bound by VCT rules 1.
As a VCT, the company must comply with the Income Tax Act 2007, including keeping at least 80% of its value in qualifying holdings 1. Individual investors benefit from income tax relief on subscriptions, exemption from income tax on VCT dividends and exemption from capital gains tax on disposals, conditional on holding the shares long term 1.
Segments
Venture capital investments
The largest holdings include Pure Pet Food, valued at 6,775 thousand pounds at 31 March 2026 1, and The Beauty Tech Group, which is listed on the London Stock Exchange 1. The portfolio spans sectors from software and cyber security to biotechnology and healthcare.
Quoted assets and liquidity
The rest of net assets is placed in quoted portfolios, money market funds and bank deposits, as described in the report 1. The share of net assets outside venture capital holdings can influence the fund's flexibility during trading periods.
Market context
The UK VCT market is regulated by the Income Tax Act 2007, which sets limits on the size of eligible companies and on lifetime funding. According to the report, qualifying companies can have gross assets of up to 30 million pounds before investment, and the annual fundraising limit is 10 million pounds 1. These rules determine the universe of companies the funds can invest in.
The legal framework also requires VCTs to invest at least 30% of new funds in qualifying holdings within 12 months 1. If the rules change, the investment universe and appeal to private investors could be affected.
Trends
- Early-stage company fundingtailwind
The report describes sustained demand for capital from small growing UK companies, which Mercia tracks through several instruments 1. If private funding remains available to these companies, the portfolio could benefit from new investment opportunities.
- Valuations of unquoted holdingsheadwind
The values of some holdings fell during the year, according to the like for like comparisons in the report 1. If this trend continues, the value of net assets could be affected.
- VCT tax regimemixed
Tax advantages for investors are essential for attracting capital, and the rules are defined by current tax legislation 1. Changes to these rules could influence subscription demand for the fund.
Competitive position
Northern 3 VCT PLC competes with other VCTs and venture capital funds to attract private investors and access the same opportunities in small UK companies. The report notes that Northern Venture Trust PLC and Northern 2 VCT PLC are the only other VCTs managed or advised by Mercia 1.
The competitive position depends on Mercia's ability to offer co-investments alongside MAM funds and to support portfolio companies 1. Competition for deals within VCT rules can influence entry prices and terms.
- Northern Venture Trust PLC
VCT advised by Mercia, part of the same Northern VCT family 1.
- Northern 2 VCT PLC
VCT managed by Mercia, investing in similar UK companies 1.
- Other UK VCTs
London-listed VCT funds competing for the same retail investors and investment opportunities.
- UK venture capital funds
Institutional investors financing the same early stages, sometimes through co-investments.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202630 Jun 2026
- Annual report 202521 Aug 2025
- Annual report 202421 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Northern 3 VCT 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.