olivLaw · European equity research
The Smarter Web Company PLC SWC.L
United Kingdom · London Stock Exchange · ISIN GB00BPJHZ015 · Vertical: Listed companies from United Kingdom
The Smarter Web Company PLC is a UK web design agency that has built, since its 2025 listing, a Bitcoin treasury considered the largest among UK public companies. Its model combines an operating business with a 'Digital Capital' strategy, which draws investor attention and is relevant if the Bitcoin market stays volatile, since that could directly affect the balance sheet. The company held 2,660 Bitcoin at the end of fiscal 2025.
At the close of 03 Nov 2026, The Smarter Web Company PLC (SWC.L) stock was 0.40 GBP (+3.80% on the day), with beta 1.59, 52-week range 0.25–0.80 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)
- 34.5
- weak (30–45)
- Bollinger (20, 2)
- 0.36 – 0.67
- in the lower half of the band · %B 0.13 · band width 61.2%
- SMA 50 / 200
- 0.50 / unavailable
- MACD (12, 26, 9)
- -0.04 / -0.02
- 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 | −50.0% | −1.0% | −49.0 pp | — |
| 3 months | +40.8% | −3.9% | +44.7 pp | — |
| 6 months | +4.4% | +7.2% | −2.8 pp | — |
| Year to date | unavailable | +6.6% | unavailable | — |
| 1 year | unavailable | +9.1% | unavailable | +5.2% |
| 3 years | unavailable | +47.9% | unavailable | +28.6% |
| 5 years | unavailable | +43.3% | 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 |
|---|---|---|
| Revenue | 0 | 70.0 k |
| Revenue YoY | unavailable | unavailable |
| Net income | unavailable | unavailable |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -0.07 | -0.02 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | -564.7 k | -1.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 1.5 m GBP
- Financial debt
- 11.0 m GBP
- Net debt
- 9.5 m GBP
- Equity
- 210.4 m GBP
- Total assets
- 223.0 m GBP
- Debt / equity
- 0.05x
- Current ratio
- 0.17x
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- -2,339.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 0 | 70.0 k | esef· 04 Mar 2026verified |
| Cost of revenue | 0 | 9.2 k | esef· 04 Mar 2026verified |
| Gross profit | 0 | 60.8 k | esef· 04 Mar 2026verified |
| Operating income | -504.7 k | -1.8 m | esef· 04 Mar 2026verified |
| Interest expense | 0 | 354.7 k | esef· 04 Mar 2026verified |
| Pre-tax income | -504.7 k | 2.8 m | esef· 04 Mar 2026verified |
| Income tax | 0 | 1.2 m | esef· 04 Mar 2026verified |
| Diluted EPS | -0.07 | -0.02 | esef· 04 Mar 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 109.3 k | 1.5 m | esef· 04 Mar 2026verified |
| Current assets | 111.5 k | 2.0 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 0 | 16.2 k | esef· 04 Mar 2026verified |
| Total assets | 111.5 k | 223.0 m | esef· 04 Mar 2026verified |
| Short-term debt | 1.0 m | 11.0 m | esef· 04 Mar 2026verified |
| Current liabilities | 1.0 m | 11.4 m | esef· 04 Mar 2026verified |
| Total liabilities | 1.0 m | 12.7 m | esef· 04 Mar 2026verified |
| Equity | -921.4 k | 210.4 m | esef· 04 Mar 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -564.7 k | -1.6 m | esef· 04 Mar 2026verified |
| Capex | 0 | 10.9 k | esef· 04 Mar 2026verified |
| Free cash flow | -564.7 k ≈ | -1.6 m ≈ | esef· 04 Mar 2026derived |
| Investing cash flow | 0 | -220.5 m | esef· 04 Mar 2026verified |
| Financing cash flow | 664.9 k | 223.5 m | esef· 04 Mar 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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
21% · 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: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.9% | 17 (vs peers) | 50% |
| 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 | -5.0x | 0 (on a fixed band) | 30% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 20% |
| 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· partial17/100 · 1/3 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
THE SMARTER WEB COMPANY PLC (SWC.L). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 70.0 k GBP in 2025.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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
- ROIC: -0.9%
- Interest coverage: -5.0x
- Current ratio: 0.2x
Not assessed (insufficient data or a ratio without meaning): 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 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. | 100.2 bn | 13.0 | 16.5% | 30.3% | −1.0% | +2% / +80% |
| ABF.LAssociated British Foods PLC | 13.8 bn | 13.4 | 9.2% | 5.3% | −3.1% | −11% / −20% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.3 bn | 25.4 | 34.7% | 4.1% | +7.2% | −8% / +165% |
| AUTO.LAutotrader Group PLC | 4.7 bn | 16.0 | 60.2% | 47.1% | +3.9% | −15% / −25% |
| BBY.LBalfour Beatty PLC | 4.4 bn | 16.8 | 23.2% | 2.8% | +15.2% | +24% / +168% |
| 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 | 11.0 | 8.8% | 13.4% | −4.2% | −3% / −24% |
| BME.LB&M European Value Retail PLC | 2.7 bn | 16.8 | 21.2% | 2.8% | +3.7% | +62% / −52% |
| AJB.LAj Bell PLC | 2.4 bn | 23.0 | 49.9% | 33.1% | +18.0% | +9% / +130% |
| ASHM.LAshmore Group PLC | 1.5 bn | 15.1 | 13.1% | 71.6% | −0.1% | +40% / +29% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 22.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 751.1 m | 35.6 | 41.2% | 19.7% | +24.2% | +69% / unavailable |
| BAG.LA.G. Barr P.L.C. | 659.6 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.3 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| 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 | 355.1 m | — | -93.4% | -39.2% | −20.6% | −43% / −84% |
| APTD.LAptitude Software Group PLC | 111.9 m | 28.6 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.5 m | — | — | — | −81.9% | +350% / +900% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −15% / +141% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +77% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +52% / +55% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +8% / +119% |
1- and 3-year price returns: for SWC.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
The Smarter Web Company PLC is a UK web design agency that has built, since its 2025 listing, a Bitcoin treasury considered the largest among UK public companies 1. Its model combines an operating business with a 'Digital Capital' strategy, which draws investor attention and is relevant if the Bitcoin market stays volatile, since that could directly affect the balance sheet 1. The company held 2,660 Bitcoin at the end of fiscal 2025 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Valuation riskhigh
The Bitcoin price, quoted in USD, can quickly change the value of the balance sheet and net assets, and valuations are made semi-annually 1.
- Counterparty riskmedium
Bitcoin is held with third-party custodians, so the company depends on their solvency and security 1.
- Liquidity riskhigh
If it cannot raise capital from markets, the company could struggle to cover its operating costs 1.
- Banking riskmedium
Banks could refuse accounts or services because of a large, unregulated Bitcoin holding 1.
- Competition riskmedium
The web design segment is intensely competitive, and if the growth strategy does not materialise, returns on investment could be weak 1.
Investment thesis
What would need to be true (bull case)
- If Bitcoin keeps appreciating over the long term, the balance sheet could grow significantly without long-term debt 1.
- The high margins of the web design segment could support acquisitions that bring recurring revenue 1.
- The LSE main market listing could attract a broader base of institutional investors 1.
What would break the thesis
What to watch
- Pace of Bitcoin accumulation, which management says could re-accelerate2026
- Revenue and margin trends in the web design segmentNext annual report
- Any acquisitions of web design agencies and how they are funded2026
- Results of semi-annual Bitcoin fair value assessments and custody arrangementsNext annual report
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 Smarter Web Company is a web design agency based in Bristol, founded in 2009, creating mobile-friendly websites for small and medium-sized businesses 1. It began accepting Bitcoin payments in 2022 and in April 2025 listed on Aquis as the first Bitcoin treasury company in the UK 1. In February 2026 it moved to the main market of the London Stock Exchange 1.
The operating business remains web design, with high gross margins but low revenue in fiscal 2025 1. The 10-year plan aims to grow this segment organically and through acquisitions, alongside accumulating Bitcoin as a balance sheet asset funded by equity, with no long-term debt 1.
The company describes its model as a mix of a digital services business and a Bitcoin treasury, where capital raised is used to accumulate digital assets, and a solid balance sheet could support future acquisitions 1. Management highlights keeping at least 12 months of working capital to cover obligations and operating costs 1.
Segments
Web design
The operating segment builds websites for SME clients, with a portfolio of over 250 active client sites 1. Gross margins exceed 87%, but revenue stayed small in 2025, which makes growth through acquisitions a key part of the strategy 1.
Market context
The company operates in the UK web design market for small and medium-sized businesses, a fragmented and competitive segment where clients often choose local providers 1. In capital markets, SWC differentiates itself through direct exposure to Bitcoin, which the report shows rising more than 1,200% in calendar 2025 1.
As a London-listed issuer, the company seeks institutional and retail investors, and its long-term goal is inclusion in the FTSE 250 and then the FTSE 100 1. That objective depends on market capitalisation and share liquidity, both of which the report describes as still building 1.
Trends
- Bitcoin price volatilitymixed
Bitcoin prices are volatile and quoted in USD, which could affect net asset values and sterling reporting 1. Volatility may be a headwind if crypto markets fall, but could support balance sheet value if prices rise 1.
- Growing institutional acceptance of digital assetstailwind
The report argues that Bitcoin offers advantages over gold and fiat currency and that investor interest in digital assets is growing 1. If this continues, it could support demand for shares of companies with Bitcoin treasuries 1.
- AI pressure on web servicesheadwind
New entrants using artificial intelligence tools are intensifying competition in web design, which could reduce prices and margins in the operating segment 1. The pressure is felt most by small clients seeking low-cost solutions 1.
- Regulation and oversight of crypto-holding companiesmixed
The move from Aquis to the LSE main market brings stricter requirements from the UK Financial Conduct Authority, which can raise transparency and compliance costs 1. Banks may also be reluctant to provide services to a company with a significant crypto holding 1.
Competitive position
Web design is a segment dominated by larger players and new entrants using artificial intelligence, according to the risk section of the report 1. The company positions itself on personalised services for SMEs, competitive pricing and long-lasting client relationships 1.
In Bitcoin treasuries, the company compares itself with other listed companies holding BTC on their balance sheets, notably MicroStrategy, whose model the report says inspired SWC 1. The report notes its treasury is larger than the next UK company 1.
- MicroStrategyMSTR
US-listed company that pioneered the Bitcoin treasury model which SWC says it adopted 1.
- Other UK web design agencies
Small and mid-sized agencies competing for the same SME clients, not listed in the US 1.
- AI website-building tool providers
New entrants offering automated site creation that lower barriers to entry in the segment 1.
- Other Bitcoin treasury companies listed in the UK
UK companies with smaller Bitcoin holdings, which the report places behind SWC in the country 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202504 Mar 2026
Sources
- [1] Annual report, fiscal year ended 2025-10-31 (ESEF) · SEC / The Smarter Web Company PLC · 31 Oct 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.