olivLaw · European equity research
UIL Limited UTL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
UIL Limited is a Bermuda closed-end investment company that invests in infrastructure, utilities, resources and technology, with a focus on emerging markets. In the year to 30 June 2026 its NAV per share rose by 43.6% to 257.57 pence, and the company recorded a profit of £79.6m.
At the close of 05 Nov 2026, UIL Limited (UTL.L) stock was 2.13 GBP (+0.00% on the day), with market capitalisation 194.3 m GBP, P/E 2.4 on diluted EPS of 0.87 GBP over the last 12 months, dividend yield 4.69%, beta 0.37, 52-week range 1.48–2.20 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)
- 53.8
- neutral
- Bollinger (20, 2)
- 2.07 – 2.19
- in the upper half of the band · %B 0.50 · band width 5.9%
- SMA 50 / 200
- 2.05 / 1.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.03
- 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 | +1.9% | −0.6% | +2.6 pp | — |
| 3 months | +10.6% | −4.2% | +14.8 pp | — |
| 6 months | +8.1% | +4.3% | +3.8 pp | — |
| Year to date | +39.2% | +7.5% | +31.7 pp | — |
| 1 year | +22.4% | +9.9% | +12.5 pp | +6.7% |
| 3 years | +71.8% | +49.8% | +21.9 pp | +24.8% |
| 5 years | −16.8% | +42.8% | −59.6 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.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 2.3, median 3.7, max 5.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -25.0 m | 20.9 m | 79.6 m |
| Net income YoY | unavailable | unavailable | +280.9% |
| Diluted EPS | -0.30 | 0.23 | 0.87 |
| Diluted EPS YoY | unavailable | unavailable | +278.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 9.3 m GBP
- Financial debt
- 10.2 m GBP
- Net debt
- 914.0 k GBP
- Equity
- 232.9 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.04x
- Current ratio
- 0.26x
- ROE
- 39.8%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -17.6 m | 26.2 m | 84.0 m | esef· 06 Oct 2026verified |
| Interest expense | 7.4 m | 5.3 m | 4.4 m | esef· 06 Oct 2026verified |
| Pre-tax income | -25.0 m | 20.9 m | 79.6 m | esef· 06 Oct 2026verified |
| Net income | -25.0 m | 20.9 m | 79.6 m | esef· 06 Oct 2026verified |
| Diluted EPS | -0.30 | 0.23 | 0.87 | esef· 06 Oct 2026verified |
| Dividend per share | 0.06 | 0.06 | 0.10 | esef· 06 Oct 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 m | 953.0 k | 9.3 m | esef· 06 Oct 2026verified |
| Current assets | 1.8 m | 987.0 k | 9.5 m | esef· 06 Oct 2026verified |
| Short-term debt | 2.9 m | 19.5 m | 3.4 m | esef· 06 Oct 2026verified |
| Long-term debt | — | 0 | 6.8 m | esef· 06 Oct 2026verified |
| Current liabilities | 44.1 m | 20.4 m | 36.2 m | esef· 06 Oct 2026verified |
| Equity | 137.5 m | 166.6 m | 232.9 m | esef· 06 Oct 2026verified |
| Shares outstanding at year end | 83.8 m | 90.5 m | 91.2 m | esef· 06 Oct 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: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 194.3 m GBP
Key indicators
Coverage and freshness
Score by group
38% · 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: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.7% | 88 (vs peers) | 28% |
| 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 | 19.2x | 100 (on a fixed band) | 17% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 2.4x | 95 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial88/100 · 1/3 factors with a value
- Returns· partial67/100 · 1/2 factors with a value
- Valuation· partial95/100 · 1/3 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
UIL LIMITED (UTL.L). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: ROE 39.8%.
The estimated value range is 10.34–18.71 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 13.39 GBP, the price of 2.13 GBP leaves a potential of 528.5% (value / price − 1) and a margin of safety of 84.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.7%
- Interest coverage: 19.2x
- P/E (TTM): 2.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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 UTL.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
UIL Limited is a Bermuda closed-end investment company that invests in infrastructure, utilities, resources and technology, with a focus on emerging markets. In the year to 30 June 2026 its NAV per share rose by 43.6% to 257.57 pence, and the company recorded a profit of £79.6m 1.
SWOT
Strengths
- External management by a dedicated team organised by sector and region, which delivered strong NAV growth in fiscal 2026.
- Gearing was reduced substantially, simplifying the financial structure.
- The portfolio is concentrated in a few direct investments, a significant part of which is listed and liquid.
Weaknesses
- The company depends on a single external manager, and costs and decisions are tied to that agreement.
- Exposure to sterling and foreign currencies can distort reported returns.
- Shares often trade at a discount to NAV, and a wider discount can undermine investor confidence.
Opportunities
- An exit opportunity for minority shareholders after the 2028 ZDP redemption, at a price close to NAV.
- Growth in assets under management at holdings such as W1M could generate further gains.
- Development of the Gum Creek Gold Project could, if successful, add operating revenue.
Threats
- Market volatility and geopolitical tensions could reduce the value of the portfolio.
- Rising sovereign debt could limit economic support and amplify shocks.
- A fall in the gold price could affect several holdings at once.
Risks
- Investment riskmedium
The strategy might not deliver positive long-term total returns, and insufficient attention to ESG factors could weaken performance and demand for the shares.
- Market and currency riskhigh
Adverse moves in equity and bond markets, interest rates and exchange rates could reduce net asset value.
- Gearing riskmedium
Borrowings amplify returns when asset values rise but reduce them when they fall, and the capital structure remains highly geared.
- Discount riskmedium
Shares may trade below NAV, and a widening discount could undermine investor confidence.
- Operational and regulatory risklow
Failure by a service provider or non-compliance with rules could lead to suspension of listings, penalties or tax on capital gains.
Investment thesis
What would need to be true (bull case)
- Strong growth in NAV and profit in fiscal 2026 shows the strategy delivered in the period under review.
- Lower gearing and a simplified portfolio could make the company more resilient to shocks.
- The planned exit for minority shareholders, if completed, could close the gap between the share price and NAV.
What would break the thesis
- Performance depends heavily on the gold price and a few concentrated holdings, which raises vulnerability.
- Geopolitical volatility and currency exposure could quickly reduce net asset value.
- The move to private company status could change conditions for remaining shareholders, and details are still in progress.
What to watch
- Movement in NAV and the discount to NAVnext 10-K
- Completion of the exit opportunity for minority shareholders2027
- Progress of the Gum Creek Gold Project at Horizon Gold2027
- Gearing level and the 2028 ZDP redemption2028
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
UIL Limited is a Bermuda exempted closed-end investment company whose ordinary shares trade on the Specialist Fund Segment of the London Stock Exchange Main Market, with a secondary listing on the Bermuda Stock Exchange 1. The company has no employees or premises and is managed externally by ICM Investment Management Limited (ICMIM), which has sole responsibility for risk management, while ICM Limited jointly provides portfolio management 1. The stated objective is long-term total return, based on investments the managers believe are priced below their long-term value 1.
The capital structure includes ZDP shares and borrowings, and gearing on net assets fell from 48.5% to 28.3% between 30 June 2025 and 30 June 2026 1. The company has announced that after the 2028 ZDP redemption, minority shareholders will be offered an exit at a price close to NAV and UIL will become a private company 1.
The investment process combines assessment of economic and political conditions with stock selection based on balance sheets, cash flows and dividends, and ESG factors are integrated into the analysis 1.
Segments
Portfolio by geography and sector
Australia and New Zealand account for 57.2% of geographic exposure, and financial services is the largest sector at 44.0% of total investments on a look-through basis 1.
Investment management
ICM manages approximately USD 1.6bn of assets directly, with dedicated teams by sector and region led by its chief executive and a senior investment manager 1.
Market context
The company's assets are exposed to global equity markets and commodity prices, with gold up 21.3% and copper up 23.1% over the year 1. The outlook described by the company remains broadly positive, driven by investment in AI, though market volatility and geopolitical tensions remain high 1.
Most assets are priced in foreign currencies, so a rise in sterling reduces the reported NAV, and vice versa 1.
Trends
- Rising gold pricetailwind
The gold price supported several holdings, including Horizon Gold and Kumarina. If gold stays at current levels, the portfolio could keep benefiting 1.
- Market volatility and geopoliticsheadwind
The company flags high volatility from geopolitical tensions and inflation, which could reduce asset values, especially if markets fall sharply 1.
- Investment in artificial intelligencemixed
The company points to accelerating investment in AI and compute capacity, which has supported holdings such as Diraq, but the economic model behind that spending has not yet emerged 1.
- Sovereign debt levelsheadwind
Higher sovereign debt could expose governments to higher interest rates and limit fiscal flexibility, potentially amplifying future economic shocks 1.
Competitive position
The company operates as a listed closed-end investment fund, and competition comes from other listed investment companies pursuing similar value and infrastructure strategies. The sources do not name specific competitors, so no direct comparisons are drawn.
Differentiation rests on external management by ICM, a focus on infrastructure, utilities and emerging markets, and a capital structure including ZDP shares, rather than on an owned operating network 1.
- Other London-listed closed-end investment trusts
Indirect competition for capital, especially in value and infrastructure strategies; the sources do not name competitors.
- Infrastructure and utilities investment funds
Competition for the same asset categories, particularly in emerging markets.
- Natural resources specialist funds
Competition for investors seeking exposure to gold and copper.
- Technology venture and private equity funds
Competition for technology and quantum computing investments, held in the portfolio through Allectus Quantum.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202606 Oct 2026
- Annual report 202606 Oct 2026
- Annual report 202514 Oct 2025
- Annual report 202514 Oct 2025
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / UIL Limited · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.