olivLaw · European equity research
Worsley Investors Limited WINV.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Worsley Investors Limited is a closed-ended investment company listed in London that targets British quoted smaller and mid-sized companies bought at a deep discount to intrinsic value, alongside a cinema property in Italy. The current picture is shaped by trade tariff uncertainty and by the effects of the previous tenant's default on the Curno cinema, which cut cash rental revenue to €830,700 in the year to 31 March 2025.
At the close of 05 Nov 2026, Worsley Investors Limited (WINV.L) stock was 0.27 GBP (−4.20% on the day), with beta -29.61, 52-week range 0.25–0.29 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)
- 37.3
- weak (30–45)
- Bollinger (20, 2)
- 0.27 – 0.29
- in the lower half of the band · %B 0.00 · band width 5.2%
- SMA 50 / 200
- 0.28 / 0.27
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.00
- 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 | −0.7% | −0.6% | −0.1 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | +3.4% | +4.3% | −0.9 pp | — |
| Year to date | −0.4% | +7.5% | −7.9 pp | — |
| 1 year | +5.4% | +9.9% | −4.5 pp | +6.7% |
| 3 years | +2.6% | +49.8% | −47.2 pp | +24.8% |
| 5 years | −9.9% | +42.8% | −52.7 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 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -505.0 k | 1.0 m | 30.0 k | -2.8 m |
| Net income YoY | unavailable | unavailable | −97.1% | −9,466.7% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Mar 2025
- Cash
- 594.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 11.7 m GBP
- Total assets
- 11.9 m GBP
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- -21.3%
- ROA
- -20.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 576.0 k | 541.0 k | 657.0 k | 594.0 k | esef· 21 Aug 2025verified |
| Receivables | 34.0 k | 54.0 k | 32.0 k | 83.0 k | esef· 21 Aug 2025verified |
| Total assets | 14.0 m | 15.2 m | 15.0 m | 11.9 m | esef· 21 Aug 2025verified |
| Total liabilities | 497.0 k | 414.0 k | 324.0 k | 246.0 k | esef· 21 Aug 2025verified |
| Equity | 13.5 m | 14.8 m | 14.7 m | 11.7 m | esef· 21 Aug 2025verified |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 74.0 k | -85.0 k | 125.0 k | -28.0 k | esef· 21 Aug 2025verified |
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: unavailable
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
WORSLEY INVESTORS LIMITED (WINV.L). Latest full fiscal year: 2025; data up to 2025-03-31.
Figures computed from the financial statements: ROE -21.3%.
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 WINV.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
Worsley Investors Limited is a closed-ended investment company listed in London that targets British quoted smaller and mid-sized companies bought at a deep discount to intrinsic value, alongside a cinema property in Italy. The current picture is shaped by trade tariff uncertainty and by the effects of the previous tenant's default on the Curno cinema, which cut cash rental revenue to €830,700 in the year to 31 March 2025 1.
SWOT
Strengths
- The fund has a simple structure with no debt and sufficient liquidity, giving flexibility during periods of volatility 1.
- The strategy of buying at deep discounts and using activism has produced high annualised returns on invested capital 1.
- The Board has finance, audit and activism experience, and its governance structure is clearly set out through specialist committees 1.
Weaknesses
- Revenue is concentrated in one property, the Curno cinema, whose rent fell after the previous tenant defaulted 1.
- Administrative costs rose substantially, mainly legal costs from the dispute with the former tenant, and operating costs remain high 1.
- Currency exposure is high because the property assets are in euros and the fund does not hedge that risk 1.
Opportunities
- Selling the Curno cinema could release substantial resources for new equity investment if the price reflects medium-term prospects 1.
- A recovery in box office receipts could support demand for the Curno cinema under the new tenant 1.
- Volatility in the British market could create attractive entry prices for undervalued companies with recovery potential 1.
Risks
- Curno tenant riskhigh
The previous tenant UCI defaulted on its lease, reducing cinema income, and recovery through the courts may take a long time 1.
- Currency riskhigh
The property assets are in euros and the fund does not hedge this exposure, so currency moves can significantly change net assets 1.
- Portfolio market riskmedium
The portfolio of smaller and mid-sized British companies can fall sharply in periods of uncertainty 1.
- Legal and operating costsmedium
The dispute with the former tenant and high administrative costs could weigh on results, and cost reduction is limited before the Curno sale 1.
- Share liquidity risklow
Some portfolio shares trade rarely, which could make it difficult to buy or sell at the desired price 1.
Investment thesis
What would need to be true (bull case)
- If the British market keeps its upward trend and smaller companies stay undervalued, the portfolio could again generate strong returns as in the year to 31 March 2025 1.
- A sale of the Curno cinema at a price the Board considers fair could release capital for new investment and reduce currency exposure 1.
- The new cinema tenant is growing quickly and taking market share, which could stabilise property income once cash flow resumes 1.
What would break the thesis
- If trade tensions intensify, the value of the smaller-company portfolio could fall quickly, as it did in April 2025 1.
- Recovery of Curno income could take a long time and legal costs could remain high, which could limit capital available for investment 1.
- Without currency hedging, a stronger euro or weaker sterling could significantly reduce net assets reported in pounds 1.
What to watch
- Curno cinema rental income and the new tenant's trading performance2026
- Court outcome in the dispute with former tenant UCI2026
- Progress on a sale of the Curno cinema and the price achievednext annual report
- Equity portfolio results and annualised return on invested capitalnext 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
Worsley Investors Limited is a closed-ended investment company with no employees, which outsources its operations to an Investment Advisor, an Administrator and a Company Secretary and Registrar 1. The investment strategy involves taking influential positions in British quoted companies priced below intrinsic value, usually with market capitalisations not exceeding £600 million, sometimes using activism to drive outcomes 1. Besides the equity portfolio, the group holds the Curno cinema in Italy, whose rent fell substantially after the previous tenant UCI defaulted on its lease 1.
Net assets at 31 March 2025 were £11.681 million, compared with £15.895 million at 30 September 2024, the decline mainly reflecting the euro revaluation of the Curno property 1. The group had no debt and £594,000 in cash at 31 March 2025 1. The Board comprises three non-executive directors, and the Audit, Risk and Management Engagement Committees are made up of Board members 1.
Group revenue comes mainly from the Curno cinema rent and from dividends on the equity portfolio, with investment income of £863,000 in the year to 31 March 2025 1. The Board notes that selling the Curno cinema could release substantial resources for equity investment, but that a disposal is not imminent 1.
Segments
British equity portfolio
The equity portfolio holds smaller and mid-sized British companies, and at 14 July 2025 comprised 16 stocks with a total cost of £6.54 million and a combined market value of £9.68 million 1. The largest holding is a stake of more than 4% in Smiths News plc, a distributor of newspapers and magazines in England 1. The annualised return on capital invested in the portfolio was 16.3% in the year to 31 March 2025 1.
Curno cinema (Italy)
The Curno property is a cinema in Italy that generated cash rental revenue of €830,700 in the year to 31 March 2025, down from the prior year after the tenant UCI defaulted on its lease 1. The Board has secured a new tenant that is growing strongly and taking share from the largest Italian chains, though rebuilding full trading will take time 1. From 1 September the asset will again generate inflation-adjusted cash flow, but materially lower 1.
Market context
The British equity market was volatile in the year to 31 March 2025, hit by the April tariff announcement and then supported by trade negotiations with the US, and by early July 2025 the UK market was up 9.4% and at an all-time high 1. Smaller companies in the target universe have outperformed the wider market since early March 2025 1. The Italian cinema market has recovered partly, with the box office about 16% below the 2017-2019 pre-Covid average 1.
Italian cinema admissions in 2024 were broadly in line with 2023, with takings of €493.9 million from 69.7 million admissions 1. US box office receipts for 2025 were forecast to exceed 2024 levels by more than 13%, which could support demand for the Curno cinema 1.
Trends
- US trade tariffsmixed
The April 2025 tariff announcement triggered a sharp fall in markets, followed by a recovery as trade agreements were announced, though uncertainty remains high 1. If negotiations lead to stable agreements, they could support the British companies in the portfolio 1.
- Monetary policytailwind
The Bank of England has cut rates and the market expects further cuts, which could support property values and smaller company shares 1. The Board notes, however, that the recovery in property markets is likely to be gradual 1.
- Cinema recoverymixed
Italian cinema takings stabilised in 2024 and rose again from early November, which could attract investor interest in the sector 1. European bank lending to property remains restrained, which is a continuing headwind 1.
- UK fiscal pressureheadwind
The Board warns that tax increases in the Autumn Budget could affect smaller UK companies, which could reduce their earnings and their appeal to investors 1.
Competitive position
The fund operates in a niche of smaller British companies with shareholder activism, competing with other listed investment funds and private equity firms chasing the same discount opportunities. The Italian cinema sector is dominated by a few large chains, from which the Curno tenant is gradually taking share 1.
UK newspaper and magazine distribution, where Worsley holds a major stake, is concentrated, and competition turns on publisher contracts and logistics costs 1. Some portfolio shares trade rarely, which limits how much the fund can buy at a given time 1.
- Smiths News plc
English distributor of newspapers and magazines, the largest holding in the portfolio, competing for publisher contracts 1.
- Daniel Thwaites PLC
Regional pub company in the UK, partly held in the portfolio and hit by rising input costs across the sector 1.
- Northamber Plc
British company in the portfolio that reported an increased operating loss, with the fund engaging with management 1.
- River Global PLC
Formerly AssetCo PLC, a British company that changed its name after a share reorganisation and is held in the portfolio 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Aug 2025
- Annual report 202301 Aug 2023
Sources
- [1] Annual report, fiscal year ended 2025-03-31 (ESEF) · SEC / Worsley Investors Limited · 31 Mar 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.