olivLaw · European equity research
CODEX ACQUISITIONS PLC TNE.L
United Kingdom · London Stock Exchange · ISIN GB00BNVRHQ51 · Vertical: Listed companies from United Kingdom
CODEX ACQUISITIONS PLC is a UK company with a standard listing on the Main Market of the London Stock Exchange, whose model is acquiring an operating entity rather than selling products. It generated no revenue in 2022, and its loss for the year, of about 237,122 GBP, reflects the overhead costs of a company still searching for an acquisition.
At the close of 05 Nov 2026, CODEX ACQUISITIONS PLC (TNE.L) stock was 0.22 GBP (+0.00% on the day), with market capitalisation 1.7 m GBP, 52-week range 0.00–0.37 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)
- 51.8
- neutral
- Bollinger (20, 2)
- 0.03 – 0.34
- in the upper half of the band · %B 0.59 · band width 167.7%
- SMA 50 / 200
- 0.20 / unavailable
- 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 | 0.0% | −0.2% | +0.2 pp | — |
| 3 months | unavailable | −5.4% | unavailable | — |
| 6 months | −32.8% | +4.4% | −37.2 pp | — |
| Year to date | −28.3% | +6.5% | −34.8 pp | — |
| 1 year | −28.3% | +10.0% | −38.3 pp | +4.0% |
| 3 years | unavailable | +48.6% | unavailable | +24.3% |
| 5 years | unavailable | +41.4% | 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 | 2022 |
|---|---|
| Revenue | unavailable |
| Revenue YoY | unavailable |
| Net income | -237.1 k |
| Net income YoY | unavailable |
| Diluted EPS | -0.03 |
| Diluted EPS YoY | unavailable |
| net % | unavailable |
| Free cash flow | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 627.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 582.6 k GBP
- Total assets
- 632.7 k GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -37.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
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: 1.7 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
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
CODEX ACQUISITIONS PLC (TNE.L). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: ROE -78.7%.
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. | 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% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| 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% |
1- and 3-year price returns: for TNE.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
CODEX ACQUISITIONS PLC is a UK company with a standard listing on the Main Market of the London Stock Exchange, whose model is acquiring an operating entity rather than selling products. It generated no revenue in 2022, and its loss for the year, of about 237,122 GBP 1, reflects the overhead costs of a company still searching for an acquisition.
SWOT
Strengths
- The company holds cash in bank accounts and has a capital structure with no debt.
- The absence of capital commitments and contingent liabilities limits financial exposure.
- The directors are the only personnel, which keeps the operating structure simple.
Weaknesses
- The company generates no revenue and depends on capital raised through share issues.
- Consultancy, audit and listing costs reduce the resources available for a transaction.
- Reported tax losses are not recognised as a deferred tax asset.
Opportunities
- A successful acquisition could turn the structure into an operating entity with revenue.
- Open capital markets could allow new share issues to finance the company.
- Reported tax losses could reduce tax payable after a future profit.
Threats
- If no acquisition is completed, ongoing expenses could erode available cash.
- Competition for the same target entities could push up acquisition prices.
- Changes in listing regulation could generate additional costs.
Risks
- Dependence on a future acquisitionhigh
The company has no operating activity, and its value depends on completing an acquisition. If the transaction does not materialise, capital could be consumed by current expenses.
- Cash erosion through expensesmedium
The 2022 loss shows that structural costs are significant. If these continue without revenue, the liquidity reserve could decline.
- Shareholder dilutionmedium
Share issues have increased shares in issue, and a warrant instrument remains outstanding with an unknown exercise price. If it is exercised, existing shareholders' stakes could be diluted.
- Tax regime exposurelow
Reported tax losses are not recognised as an asset, and their use depends on uncertain future profits. If profits do not arise, the tax benefit could remain unused.
- Concentration of controllow
The directors consider that there is no single ultimate controlling party, but shareholder structure could still influence acquisition decisions. A dominant shareholder could change the company's direction.
Investment thesis
What would need to be true (bull case)
- The company holds cash in bank accounts and has no debt, giving it flexibility for an acquisition. If a successful transaction took place, the business could generate revenue for the first time.
- Reported tax losses could reduce tax on a future profit. The stable tax regime gives predictability.
- A simple structure with no employees could limit costs after an acquisition.
What would break the thesis
- The company has no revenue, and the 2022 loss shows that expenses continue. If the acquisition is delayed, cash could fall.
- The business depends entirely on a future transaction that is not identified in the report. Investors could be left without a clear reference point.
- The outstanding warrant and earlier share issues could dilute existing shareholders.
What to watch
- Identification and announcement of a target acquisition2027
- Development of the cash position and structural expensesnext 10-K
- Exercise conditions and price of the acquisition warranton announcement of acquisition
- Any new share issues and the level of dilution2027
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
According to the financial statements for the year ended 31 December 2022 1, the company generated no revenue in the period, and its activity is funded by capital raised through ordinary share issues. Shares in issue rose from 500,000 to 8,500,000 by the end of 2022 1.
The company has no employees beyond its directors, who are treated as key management personnel; in 2022 the average number of staff including directors was three 1. Operating costs are dominated by legal, professional and consultancy fees, as well as audit and corporate finance services 1.
The company holds no debt and does not plan to take on debt capital, and it aims to keep liquid resources to meet expenses for at least twelve months 1. At 31 December 2022 there were no capital commitments or contingent liabilities 1.
Segments
Acquisition activity (no operating revenue)
In 2022 no revenue was recorded, and expenses related to the company's structure, audit and consultancy linked to admission to trading 1. On this basis the segment is defined by the costs of preparing an acquisition, not by sales.
Administration and capital structure
The main asset is cash held in bank accounts, and equity at the end of 2022 was stated in pounds sterling 1. The company seeks to keep enough liquid resources to cover its current expenses.
Market context
The sources analysed do not describe a market in which the company would operate, because it has no operating activity to benchmark yet. The strategy described concerns identifying and acquiring an entity, so future performance would depend on the transaction being completed, if it is. The figures available come only from the annual financial statements 1.
The company states that it operates in a global market with income and costs possibly arising in several currencies, but its major expenses are in pounds sterling 1. At the end of 2022 it had no foreign currency exposure 1.
Trends
- UK corporation tax regimemixed
Authorities cancelled a planned increase, and the standard rate remains at 19% for all firms regardless of profit 1. For a company with reported tax losses, this keeps the value of future relief stable.
- Listing and compliance costsheadwind
Listed companies bear recurring costs for audit, corporate finance services and legal advice; at CODEX these rose substantially in 2022 1. If these costs continue, they could reduce the resources available for an acquisition.
- Liquidity raised through share issuestailwind
The company raised capital through share issues in 2022, which supported its cash position at year end 1. If capital markets remain open, this source could finance the next stage.
- Absence of capital commitments and debtmixed
At 31 December 2022 there were no capital commitments, contingent liabilities or plans to take on debt 1. This structure could limit financial exposure until an actual acquisition.
Competitive position
The sources do not identify direct competitors. In the market for standard-listed acquisition companies, competition relates to available capital and acquisition opportunities, aspects not detailed in the annual report 1.
The company reports no competitive position or market share, since it has no sales revenue 1. Competitive assessment would depend on the structure of the transaction and the target entity.
- Other acquisition companies listed in London
Not identified in the sources analysed; they would compete for the same acquisition opportunities.
- Private equity funds with an acquisition strategy
Not mentioned in the source; they could compete for the same target entities.
- US-listed acquisition vehicles
Not identified in the source; comparison with the US market cannot be supported from the report analysed.
- Strategic investors in target companies
Not mentioned; they could compete for the same target entity in an acquisition.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202222 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / CODEX ACQUISITIONS PLC · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.