olivLaw · European equity research
Thalassa Holdings Ltd THAL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Thalassa Holdings Ltd is a UK-listed holding company that seeks to acquire long-term assets and invest in fintech, property, education and research and development. In fiscal 2023 it reported very modest rental revenue from Switzerland and a group loss, so its position remains that of an early-stage development business.
At the close of 05 Nov 2026, Thalassa Holdings Ltd (THAL.L) stock was 0.23 GBP (+0.00% on the day), with beta 9.91, 52-week range 0.00–0.28 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)
- 53.9
- neutral
- Bollinger (20, 2)
- -0.05 – 0.37
- in the upper half of the band · %B 0.66 · band width 258.2%
- SMA 50 / 200
- 0.18 / 0.24
- mixed trend
- MACD (12, 26, 9)
- 0.01 / -0.00
- 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 | −0.2% | unavailable | — |
| 3 months | −2.1% | −5.4% | +3.3 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | unavailable | +6.5% | unavailable | — |
| 1 year | −16.4% | +10.0% | −26.3 pp | +3.7% |
| 3 years | unavailable | +48.6% | unavailable | +24.5% |
| 5 years | −65.2% | +41.4% | −106.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | 138.7 k | 296.0 k | 252.1 k |
| Revenue YoY | unavailable | +113.5% | −14.8% |
| Net income | 456.7 k | -1.4 m | -891.7 k |
| Net income YoY | unavailable | −417.4% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 329.4% | -489.9% | -353.7% |
| Free cash flow | -3.4 m | -109.1 k | -345.2 k |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 143.3 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 9.2 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 1.22x
- ROE
- -9.1%
- ROA
- unavailable
- FCF margin
- -136.9%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 138.7 k | 296.0 k | 252.1 k | esef· 07 May 2024verified |
| Cost of revenue | 55.1 k | 95.9 k | 12.9 k | esef· 07 May 2024verified |
| Gross profit | 83.5 k | 200.0 k | 239.2 k | esef· 07 May 2024verified |
| Operating income | -1.4 m | -636.8 k | -929.4 k | esef· 07 May 2024verified |
| Depreciation & amortisation | 101.5 k | 305.8 k | 256.4 k | esef· 07 May 2024verified |
| EBITDA | -1.3 m ≈ | -331.0 k ≈ | -672.9 k ≈ | esef· 07 May 2024derived |
| Pre-tax income | -1.8 m | -1.5 m | -963.7 k | esef· 07 May 2024verified |
| Income tax | -132.2 k | -54.2 k | -72.0 k | esef· 07 May 2024verified |
| Net income | 456.7 k | -1.4 m | -891.7 k | esef· 07 May 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.4 m | 1.4 m | 143.3 k | esef· 07 May 2024verified |
| Receivables | 809.6 k | 765.3 k | 788.8 k | esef· 07 May 2024verified |
| Current assets | 7.4 m | 2.7 m | 2.1 m | esef· 07 May 2024verified |
| Property, plant & equipment, net | 1.7 m | 2.0 m | 1.7 m | esef· 07 May 2024verified |
| Accounts payable | 1.1 m | 1.2 m | 1.5 m | esef· 07 May 2024verified |
| Short-term debt | 4.5 m | 158.5 k | — | esef· 18 Jul 2023verified |
| Long-term debt | 1.3 m | 1.5 m | — | esef· 18 Jul 2023verified |
| Current liabilities | 5.6 m | 1.4 m | 1.7 m | esef· 07 May 2024verified |
| Equity | 11.2 m | 10.3 m | 9.2 m | esef· 07 May 2024verified |
Cash flow · GBP
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -1.9 m | 408.3 k | -342.8 k | esef· 07 May 2024verified |
| Capex | 1.6 m | 517.4 k | 2.3 k | esef· 07 May 2024verified |
| Free cash flow | -3.4 m ≈ | -109.1 k ≈ | -345.2 k ≈ | esef· 07 May 2024derived |
| Investing cash flow | -2.5 m | -693.1 k | -537.0 k | esef· 07 May 2024verified |
| Financing cash flow | 2.5 m | -4.3 m | -160.5 k | esef· 07 May 2024verified |
≈ 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: 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: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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 | -353.7% | 6 (vs peers) | 60% |
| 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 | 1.2x | 35 (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 sheet· partial35/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial6/100 · 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
THALASSA HOLDINGS LTD (THAL.L). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 252.1 k GBP in 2023; YoY growth -14.8%; net margin -353.7%; ROE -9.1%.
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
- Net margin: -353.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| 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 | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| 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% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +4% / +111% |
1- and 3-year price returns: for THAL.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
Thalassa Holdings Ltd is a UK-listed holding company that seeks to acquire long-term assets and invest in fintech, property, education and research and development. In fiscal 2023 it reported very modest rental revenue from Switzerland and a group loss, so its position remains that of an early-stage development business.
SWOT
Strengths
- The company has a simple structure, with a board combining executive and non-executive directors, and a strategy defined across several investment sectors 1.
- Management brings experience in financial and industrial matters, which can support the identification and assessment of acquisitions 1.
- The company has no large borrowings forcing heavy interest payments, which gives it operational flexibility 1.
Weaknesses
- Revenue is very small and comes from a single rental asset, so the financial result depends on very few sources 1.
- The company made an operating loss and a group loss in fiscal 2023, which puts pressure on liquidity 1.
- Activity relies heavily on the executive chairman, and losing his services could seriously affect the ability to identify and execute acquisitions 1.
Opportunities
- Acquisition opportunities arising from price collapses in some stocks could bring gains if the underlying fundamentals remain sound 1.
- Fintech, education and early-stage technology could offer long-term returns if the investment strategy proves correct 1.
- Commercialisation of technology in the group's holdings could grow if growth capital is secured 1.
Threats
- Geopolitical tensions and conflicts in Ukraine and Gaza could affect resources, markets and the continuity of portfolio businesses 1.
- If the sale of the chairman's personal property does not complete, the company could face difficulties financing its projects 1.
- Investments in unlisted companies or companies with limited histories may need additional capital and could generate losses if development falls short 1.
Risks
- Insufficient cash resourceshigh
If cash resources are not sufficient to meet liabilities and key projects, the company could struggle to continue as a going concern 1.
- Dependence on managementhigh
Losing the services of the executive chairman or other directors could seriously affect the ability to identify and complete acquisitions 1.
- Political and geopolitical riskmedium
Political changes and international conflicts could lead to loss of markets or resources and affect investments 1.
- Investments in unlisted companiesmedium
Investments in companies with limited financial resources or short operating histories may require additional capital and could generate losses 1.
- Regulatory compliancelow
Failure to comply with laws in the jurisdictions where the company operates could carry financial and reputational consequences 1.
Investment thesis
What would need to be true (bull case)
- If acquisitions made under the opportunistic strategy prove profitable, net asset value could grow over time.
- If growth capital for technologies in the portfolio is secured, their potential could be realised more quickly.
- The board's financial and industrial experience could help identify solid investment opportunities.
What would break the thesis
- Very small revenue and recurring losses could exhaust cash resources if investment gains do not materialise.
- Dependence on a small number of key people could leave the company vulnerable to leadership changes.
- Geopolitical tensions could reduce the availability of capital and the value of the portfolio investments.
What to watch
- Completion of the sale of the chairman's personal property and the contribution of cash to the company2024
- Outcome of efforts to raise growth capital for portfolio holdings2024
- Development of the group loss and cash position in the next annual report2024
- Any new acquisitions or investments announced in the targeted sectors2024
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
Thalassa Holdings Ltd is a holding company whose stated aim is to acquire assets that, in the board's view, could generate long-term gains for shareholders. The company describes itself as a development stage business, and its strategy may change depending on opportunities presented and market conditions, according to the annual report 1. Current operating activity is modest, with revenue coming from rental income on a Swiss asset, and much of the activity depends on the executive chairman identifying and executing acquisitions 1.
Segments
Opportunistic investments
The board has adopted an opportunistic approach under which the company could invest when a stock price collapses while fundamentals are unaffected, or when a special off-market opportunity arises 1.
Property and other sectors
The company mentions a former strategic stake in Alina Holdings Plc, which it has since divested, and is investigating opportunities in fintech and education, a sector valued for predictable earnings 1.
Research and development
The company aims to take part in early-stage disruptive technology, with ARL cited as an example where the board sees an opportunity to support the development of a product and its production 1.
Market context
The 2023 annual report offers no detailed market analysis, but management describes a context in which artificial intelligence drives capital spending and growth at chip suppliers, while geopolitical tensions between China, the United States and Europe could cloud stock market prospects 1. For Thalassa these developments matter mainly for acquisition opportunities and for the risk of investing in unlisted companies 1.
Trends
- Artificial intelligencemixed
Management believes artificial intelligence is changing how companies operate and how individuals use information, and whether the outcome proves positive remains to be seen, which can create opportunities as well as uncertainty for investors 1.
- Geopolitical tensionsheadwind
Management warns that geopolitical risk and economic tension between China, the United States and Europe could cloud the stock market outlook and affect the company's investments 1.
- Growth capital for holdingsheadwind
If growth capital fundraising for one of the group's holdings is unsuccessful, development of its product and production could slow, limiting the value of the technology 1.
- Interest in disruptive technologiesmixed
Early investments in disruptive technologies could bring gains if projects succeed, but they also carry the risk of delayed or failed commercialisation 1.
Competitive position
The annual report does not name direct competitors, as the company presents itself as a holding company pursuing acquisitions and investments in diverse assets 1. Real competition for the company is probably from other investment companies and funds seeking the same acquisition and financing opportunities 1.
- NvidiaNVDA
Cited in the report as a key supplier of artificial intelligence chips, relevant to market context rather than as a direct competitor of the company 1.
- Other investors and asset holding companies
Companies pursuing the same asset acquisition and early-stage technology investments, though the report does not identify them explicitly 1.
- Venture capital funds
Players that could finance the companies in which Thalassa might invest, representing both competition and potential partners 1.
- Investment banks and placement agents
Intermediaries the company approaches to raise growth capital for its holdings 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202307 May 2024
- Annual report 202218 Jul 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Thalassa Holdings Ltd · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.