olivLaw · European equity research
J. Smart & Co. (Contractors) PLC SMJ.L
United Kingdom · London Stock Exchange · ISIN GB00B76BK617 · Vertical: Listed companies from United Kingdom
J. Smart & Co. (Contractors) PLC is a Scottish group active in construction, residential development and letting of industrial and commercial property, concentrated in central Scotland. In the year to July 2025 profit before tax rose largely thanks to the revaluation of the property portfolio, while the construction business stayed loss-making at operating level.
At the close of 04 Nov 2026, J. Smart & Co. (Contractors) PLC (SMJ.L) stock was 1.17 GBP (+6.36% on the day), with market capitalisation 45.8 m GBP, P/E 9.0 on diluted EPS of 0.13 GBP over the last 12 months, dividend yield 2.76%, beta -7.32, 52-week range 1.10–1.33 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)
- 57.5
- strong (55–70)
- Bollinger (20, 2)
- 1.08 – 1.18
- in the upper half of the band · %B 0.94 · band width 8.8%
- SMA 50 / 200
- 1.13 / 1.33
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | +1.7% | −0.6% | +2.4 pp | — |
| 3 months | +4.0% | −4.2% | +8.2 pp | — |
| 6 months | +6.4% | +4.3% | +2.0 pp | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −11.7% | +9.9% | −21.6 pp | +5.8% |
| 3 years | unavailable | +49.8% | unavailable | +26.3% |
| 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.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 9.2, median 30.2, max 338.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 13.0 m | 22.0 m | 23.2 m |
| Revenue YoY | unavailable | +69.8% | +5.5% |
| Net income | 200.0 k | 1.7 m | 5.1 m |
| Net income YoY | unavailable | +736.5% | +205.6% |
| Diluted EPS | 0.00 | 0.04 | 0.13 |
| Diluted EPS YoY | unavailable | +761.2% | +209.7% |
| net % | 1.5% | 7.6% | 22.0% |
| Free cash flow | -4.2 m | -2.1 m | 1.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Jul 2025
- Cash
- 25.8 m GBP
- Financial debt
- 10.8 m GBP
- Net debt
- -14.9 m GBP
- Equity
- 130.6 m GBP
- Total assets
- 158.3 m GBP
- Debt / equity
- 0.08x
- Current ratio
- 2.98x
- ROE
- 4.0%
- ROA
- 3.4%
- FCF margin
- 4.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 13.0 m | 22.0 m | 23.2 m | esef· 08 Jan 2026verified |
| Cost of revenue | 6.9 m | 18.0 m | 18.9 m | esef· 08 Jan 2026verified |
| Gross profit | 6.1 m | 4.0 m | 4.3 m | esef· 08 Jan 2026verified |
| Operating income | -657.0 k | 666.0 k | 5.2 m | esef· 08 Jan 2026verified |
| Interest expense | 12.0 k | 16.0 k | 12.0 k | esef· 08 Jan 2026verified |
| Pre-tax income | 105.0 k | 2.4 m | 6.9 m | esef· 08 Jan 2026verified |
| Income tax | -95.0 k | 692.0 k | 1.8 m | esef· 08 Jan 2026verified |
| Net income | 200.0 k | 1.7 m | 5.1 m | esef· 08 Jan 2026verified |
| Diluted EPS | 0.00 | 0.04 | 0.13 | esef· 08 Jan 2026verified |
| Dividend per share | — | 0.03 | 0.03 | esef· 08 Jan 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.7 m | 12.9 m | 25.8 m | esef· 08 Jan 2026verified |
| Receivables | 2.4 m | 2.4 m | 2.6 m | esef· 08 Jan 2026verified |
| Inventories | 17.8 m | 18.7 m | 16.4 m | esef· 08 Jan 2026verified |
| Current assets | 39.1 m | 49.5 m | 46.0 m | esef· 08 Jan 2026verified |
| Property, plant & equipment, net | 1.7 m | 2.7 m | 3.0 m | esef· 08 Jan 2026verified |
| Total assets | 147.9 m | 146.5 m | 158.3 m | esef· 08 Jan 2026verified |
| Accounts payable | 2.9 m | 4.7 m | 4.6 m | esef· 08 Jan 2026verified |
| Short-term debt | 10.5 m | 5.4 m | 10.8 m | esef· 08 Jan 2026verified |
| Current liabilities | 13.4 m | 10.1 m | 15.4 m | esef· 08 Jan 2026verified |
| Total liabilities | 22.5 m | 20.2 m | 27.7 m | esef· 08 Jan 2026verified |
| Equity | 125.5 m | 126.3 m | 130.6 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | — | 39.6 m | 39.1 m | esef· 08 Jan 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -3.2 m | -510.0 k | 2.0 m | esef· 08 Jan 2026verified |
| Capex | 978.0 k | 1.6 m | 897.0 k | esef· 08 Jan 2026verified |
| Free cash flow | -4.2 m ≈ | -2.1 m ≈ | 1.1 m ≈ | esef· 08 Jan 2026derived |
| Investing cash flow | -6.7 m | 2.0 m | 7.4 m | esef· 08 Jan 2026verified |
| Financing cash flow | -2.7 m | -2.2 m | -1.9 m | esef· 08 Jan 2026verified |
| Dividends paid | 1.3 m | 1.3 m | 1.3 m | esef· 08 Jan 2026verified |
| Share repurchases | 1.3 m | 902.0 k | 656.0 k | esef· 08 Jan 2026verified |
≈ 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
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 45.8 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Quality30
- Balance sheet100
- Valuation59
- Returns38
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
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.3% | 21 (vs peers) | 17% |
| Net margin · Quality | 22.0% | 74 (vs peers) | 10% |
| FCF conversion · Quality | 21.2% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 437.3x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 9.0x | 83 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.4% | 30 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 60 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 116.8% | 5 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns38/100 · 2/2 factors with a value
- Valuation59/100 · 2/3 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
J SMART & CO (CONTRACTORS) P L C (SMJ.L). Latest full fiscal year: 2025; data up to 2025-07-31.
Figures computed from the financial statements: revenue 23.2 m GBP in 2025; YoY growth 5.5%; net margin 22.0%; ROE 4.0%.
The estimated value range is 1.09–1.55 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.32 GBP, the price of 1.17 GBP leaves a potential of 12.6% (value / price − 1) and a margin of safety of 11.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.0%
- Interest coverage: 437.3x
- Current ratio: 3.0x
- P/E (TTM): 9.0x
What contradicts it
- ROIC: 3.3%
- FCF conversion: 21.2%
- FCF yield: 2.4%
- Payout ratio (FCF): 116.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| SMJ.LJ Smart & Co (contractors) P L C | 45.8 m | 9.0 | 4.0% | 22.0% | +5.5% | −3% / −9% |
| 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 SMJ.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 | 0.70 Total return -38% · Per year -38% | 1.23 Total return 8% · Per year 8% | 1.86 Total return 62% · Per year 62% |
| 3 years | 0.69 Total return -34% · Per year -13% | 1.38 Total return 27% · Per year 8% | 2.27 Total return 106% · Per year 27% |
| 5 years | 0.69 Total return -30% · Per year -7% | 1.53 Total return 47% · Per year 8% | 2.78 Total return 159% · Per year 21% |
- Exit P/E± 0.34
- Net margin± 0.24
- Annual revenue growth± 0.20
- Annual dilution± 0.02
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
J. Smart & Co. (Contractors) PLC is a Scottish group active in construction, residential development and letting of industrial and commercial property, concentrated in central Scotland. In the year to July 2025 profit before tax rose largely thanks to the revaluation of the property portfolio, while the construction business stayed loss-making at operating level 1.
SWOT
Strengths
- The group has long-standing relationships with social housing providers and an experienced core workforce, which supports work quality 1.
- The group is net debt-free and its net bank position increased in fiscal 2025, giving financial flexibility 1.
- The investment portfolio is self-financed and managed in-house with its own maintenance team 1.
Weaknesses
- The construction segment made an operating loss in fiscal 2025, and the civil engineering subsidiary does not cover its overheads 1.
- Profit before tax relies heavily on property revaluation, and excluding it profit fell 1.
- Activity is geographically concentrated in central Scotland, increasing exposure to local conditions 1.
Opportunities
- The group could develop new construction areas and joint ventures, as set out in its strategy 1.
- The speculative industrial development at Bathgate could generate rental income if demand for industrial units holds 1.
- Continued social housing programmes could provide steadier workload for construction teams 1.
Risks
- Loss of social housing contractshigh
If the group fails to win new contracts with social housing providers, its workload and workforce could be affected 1.
- Slower housing salesmedium
Weak buyer confidence could prolong sales at Canal View and could lead to further stock provisions 1.
- Lower property valuationsmedium
Weaker demand for investment property could reduce portfolio value and profit 1.
- Political and regulatory uncertaintymedium
Government decisions and local authority delays could postpone new building projects 1.
- Climate and energy regulationlow
Energy efficiency requirements and emissions reduction could raise project costs if not managed in time 1.
Investment thesis
What would need to be true (bull case)
- If revaluations of investment properties continue and rents grow, group profit could stay supported even while construction is under pressure 1.
- A net cash position and no net debt could let the group fund new developments without major balance sheet strain 1.
- If the group reduces overheads and improves construction margins, the segment could return to profitability 1.
What would break the thesis
- Without the revaluation gain, profit before tax could remain modest, and the construction segment remains loss-making 1.
- Slow housing sales and stock provisions could signal weaker private market demand 1.
- Geographic concentration in central Scotland could leave the group exposed to local economic shifts 1.
What to watch
- Construction segment margins and whether the operating loss narrowsnext annual report
- Pace of home sales at Canal View, Winchburgh2026
- Completion of the Bathgate industrial units and rents achieved2026
- New social housing contracts and evolution of construction workload2026
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
The group carries out building and civil engineering contracting, develops homes for sale, and develops industrial and commercial property for rental income, plus serviced office space through subsidiary Smart Serviced Offices Limited. Construction work is largely carried out with own employees and subcontracting is kept to a minimum 1. The main construction activity is social housing for housing associations, mainly in the Edinburgh area 1.
The investment property portfolio, managed by subsidiary C. & W. Assets Limited, is self-financed and located mainly in the Edinburgh area 1. The group also has two joint ventures for development and letting, and a new joint venture with Manse (Smart 1) Limited is treated as a subsidiary because of the control held 1.
The stated strategy is to maintain relationships with social housing providers, develop new partnerships, retain the core workforce and grow residential and property holdings in central Scotland, without setting general volumetric targets 1.
Segments
Construction
Construction revenue rose in fiscal 2025 on contract progress and private house sales, but margins narrowed because of high material and labour costs, leaving an operating loss 1.
Investment property
Investment property revenue fell in fiscal 2025, mainly due to lost rent from properties sold at the start of the year, while the revaluation surplus was significant and segment operating profit increased 1.
Residential development
Sales at the Canal View development in Winchburgh stayed below expectations because of housing market uncertainty, and a provision was made against the stock balance in fiscal 2025 due to lower prices and incentives 1.
Market context
The group's activity depends on the social housing market, which is competitive with tight margins, and on the private housing market, which is sensitive to interest rates, mortgage availability and the cost of living 1. UK real estate investment demand has influenced portfolio valuations, and the group reported higher valuations from improved yields and rents 1.
The group cites inflationary pressure on materials and labour, as well as the removal of vacant-property relief on non-domestic rates, which could continue to weigh on margins if these conditions persist 1.
Trends
- High construction costsheadwind
Material and labour costs stayed high, reducing margins on construction contracts and making overhead recovery difficult 1.
- Property revaluationtailwind
Improved yields and rental growth supported portfolio valuations, contributing to profit in fiscal 2025 1.
- Housing market uncertaintyheadwind
Weaker buyer confidence linked to interest rates and cost of living slowed private house sales, which could extend the time needed to sell remaining stock 1.
- Demand for social housing and industrial spacemixed
Social housing contracts and industrial rental growth support the group, although social housing contracts are contested 1.
Competitive position
The group operates in a social housing construction market described as competitive, where contracts are often awarded on cost, and its edge comes from long-standing provider relationships and work quality 1.
In investment property the group competes with other owners in central Scotland, and its approach is to keep properties in good condition and offer incentives to retain tenants 1.
- Other regional Scottish builders
Compete for social housing contracts where cost may be the decisive criterion, according to the group's own filings 1.
- Other UK housebuilders
Compete in the private housing market, where incentives and price cuts affect sales 1.
- Other industrial and commercial property owners
Compete for tenants in central Scotland, where the group invests in well-maintained properties 1.
- Flexible office space providers
Compete with Smart Serviced Offices in the Leith area, which offers office and co-working space 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202508 Jan 2026
- Annual report 202408 Jan 2025
- Annual report 202408 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-07-31 (ESEF) · SEC / J. Smart & Co. (Contractors) PLC · 31 Jul 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.