olivLaw · European equity research
SYNCONA LIMITED SYNC.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Syncona Limited is an investment company that holds stakes in life science companies, managed through its Investment Manager SIML. At 31 March 2026 the Group's net financial assets stood at 1,037.7 million GBP, a figure that matters for investors tracking capital deployed into biotechnology.
At the close of 05 Nov 2026, SYNCONA LIMITED (SYNC.L) stock was 1.20 GBP (−0.99% on the day), with market capitalisation 729.9 m GBP, beta 0.23, 52-week range 0.87–1.29 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)
- 39.4
- weak (30–45)
- Bollinger (20, 2)
- 1.20 – 1.31
- below the lower band · %B -0.03 · band width 8.3%
- SMA 50 / 200
- 1.20 / 1.04
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 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 | −1.5% | −0.6% | −0.8 pp | — |
| 3 months | +10.7% | −4.2% | +14.8 pp | — |
| 6 months | +33.6% | +4.3% | +29.2 pp | — |
| Year to date | +26.5% | +7.5% | +19.0 pp | — |
| 1 year | +18.5% | +9.9% | +8.6 pp | +6.7% |
| 3 years | −10.0% | +49.8% | −59.9 pp | +24.8% |
| 5 years | −39.7% | +42.8% | −82.5 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.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.8 m | -143.2 m | -8.8 m |
| Net income YoY | unavailable | −3,879.3% | unavailable |
| Diluted EPS | 0.01 | -0.22 | -0.01 |
| Diluted EPS YoY | unavailable | −4,043.9% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 1.9 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.0 bn GBP
- Total assets
- 1.1 bn GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -0.8%
- ROA
- -0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 261.0 k | 1.1 m | 1.9 m | esef· 07 Jul 2026verified |
| Receivables | 9.1 m | 8.8 m | 24.2 m | esef· 07 Jul 2026verified |
| Total assets | 1.3 bn | 1.1 bn | 1.1 bn | esef· 07 Jul 2026verified |
| Total liabilities | 12.2 m | 11.8 m | 15.0 m | esef· 07 Jul 2026verified |
| Equity | 1.2 bn | 1.1 bn | 1.0 bn | esef· 07 Jul 2026verified |
| Shares outstanding at year end | — | 636.8 m | 607.2 m | esef· 07 Jul 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: 0 of at least 6
- score weight coverage: 0.0% 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: 729.9 m GBP
Key indicators
Coverage and freshness
Score by group
0% · 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: 0 of at least 6; score weight coverage: 0.0% 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 | 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 | unavailable | unavailable | — |
| 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· 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
SYNCONA LIMITED (SYNC.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE -0.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 0 of at least 6; score weight coverage: 0.0% 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
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, 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
| 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 SYNC.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
Syncona Limited is an investment company that holds stakes in life science companies, managed through its Investment Manager SIML. At 31 March 2026 the Group's net financial assets stood at 1,037.7 million GBP 1, a figure that matters for investors tracking capital deployed into biotechnology.
SWOT
Strengths
- Diversified portfolio of life science companies managed by a dedicated investment team.
- Clear investment structure with separate entities for controlled companies and those with significant influence.
- Substantial financial assets at fair value, providing a solid capital base.
Weaknesses
- Limited transparency over the underlying assets of the Partnership, which makes risk assessment difficult.
- Asset value depends on the clinical development success of portfolio companies.
- Significant currency exposure, mainly in USD, which can affect net asset value.
Opportunities
- Continued investment in controlled companies could accelerate portfolio progress if clinical results are favourable.
- A more favourable capital market for biotechnology could raise the value of holdings.
- If liquidity in underlying funds improves, the ability to recycle capital could increase.
Threats
- Clinical development failures in portfolio companies could significantly reduce investment value.
- Adverse currency movements could reduce net asset value.
- Redemption restrictions in underlying funds could delay the company's receipts.
Risks
- Market risk in early-stage investmentshigh
Early-stage companies have limited products in development, and problems encountered in development can significantly affect investment value, according to the financial notes.
- Currency riskmedium
Assets denominated in USD, EUR and CHF are converted into sterling, and currency movements could change results if they are not hedged.
- Liquidity riskmedium
Underlying funds may have minimum holding periods and may suspend payments, which could affect the ability to meet commitments.
- Transparency riskmedium
Lack of transparency in certain underlying assets, particularly in the Partnership, makes risks difficult to quantify or hedge.
- Bank counterparty concentrationlow
Most cash is held with two financial institutions, which could expose the company to counterparty risk if one of them ran into difficulty.
Investment thesis
What would need to be true (bull case)
- If portfolio companies reach important clinical milestones, the value of balance sheet assets could rise considerably.
- Active investment in controlled companies signals sustained commitment to developing the portfolio.
- The investment structure with dedicated entities may offer flexibility in managing capital over the long term.
What would break the thesis
- Clinical failures at some portfolio companies could significantly reduce the net value of assets.
- Limited transparency over Partnership assets could hide risks that investors find hard to assess.
- Currency exposure and liquidity restrictions could affect results if markets become volatile.
What to watch
- Development of the Group's net financial assetsnext 10-K
- Clinical progress of the main portfolio companies2027
- Level of new investment in controlled and influence-held companiesnext 10-K
- Evolution of USD and EUR currency exposure2027
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
Syncona Limited is a company that invests in early-stage life science companies. The Group operates through two main entities, the Holding Company and the Partnership, and its investments are measured at fair value through profit or loss 1. The company did not declare or pay a dividend in fiscal 2026, as the Directors believe it is not appropriate 1.
Investment management is provided by SIML, an indirectly held subsidiary, which is entitled to reimbursement of reasonably incurred expenses and receives management fees 1. The company also has a close relationship with The Syncona Foundation, to which it makes charitable donations and which holds the Deferred Share 1.
Segments
Holding Company
The Holding Company invests in early-stage life science companies, and its financial assets at fair value through profit or loss stood at 814.3 million GBP at 31 March 2026 1. Currency exposure is significant, with a sizeable part of its assets denominated in USD 1.
Market context
The company operates in the life science investment market, where capital depends on clinical development progress and the availability of funding. The Group's financial assets of 1,026.6 million GBP at fair value show the size of its portfolio in this market 1. The value of these assets depends on market conditions and on the performance of portfolio companies 1.
The company notes that investments in early-stage companies can be affected by development problems, and the market price risk of these assets remains high 1. Currency sensitivity can also influence results if USD, EUR or CHF rates move significantly 1.
Trends
- Currency volatilitymixed
The weight of assets denominated in USD and EUR makes the company's net assets sensitive to currency moves, which could produce unexpected gains or losses if trends reverse 1.
- Biotechnology capital marketmixed
Funding conditions in life sciences shape portfolio value and the ability of portfolio companies to raise additional capital, and a market recovery could support balance sheet values 1.
- Liquidity of private assetsheadwind
Underlying funds may impose minimum holding periods and redemption restrictions, which could delay receipts if demand for liquidity rises 1.
- Investments in controlled companiestailwind
Rising investment in controlled companies points to a strategy of supporting portfolio companies, which could accelerate their development if clinical results are favourable 1.
Competitive position
The company competes for capital and investment opportunities with other life science investment companies and specialised venture capital funds. The sources provided do not explicitly name competitors and do not allow a quantitative comparison.
- Other life science investors
Competition for deals and co-investments with specialised funds and holding companies, not named in the source provided.
- Specialised venture capital funds
Competition for early-stage companies and for their funding.
- Multi-asset funds
Indirect competition for capital allocations, since the Partnership itself invests in such funds.
- External investment managers
Partners and also competitors for alternative investment capital.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202607 Jul 2026
- Annual report 202515 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / SYNCONA LIMITED · 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.