olivLaw · European equity research
AEP Plantations PLC AEP.L
United Kingdom · London Stock Exchange · ISIN GB00BWPD4D87 · Vertical: Listed companies from United Kingdom
AEP Plantations PLC grows oil palm and processes fresh fruit bunches into crude palm oil (CPO), with plantations and mills in Indonesia and Malaysia. The 2025 annual report shows improving margins alongside cost pressures and CPO price volatility, which matter to investors tracking the sector.
At the close of 05 Nov 2026, AEP Plantations PLC (AEP.L) stock was 1.50 GBP (−4.23% on the day), with beta 0.33, 52-week range 1.28–2.27 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)
- 26.7
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.44 – 1.90
- in the lower half of the band · %B 0.13 · band width 27.7%
- SMA 50 / 200
- 1.87 / 1.74
- mixed trend
- MACD (12, 26, 9)
- -0.10 / -0.09
- 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 | −23.7% | −0.6% | −23.0 pp | — |
| 3 months | −16.9% | −4.2% | −12.7 pp | — |
| 6 months | −22.3% | +4.3% | −26.7 pp | — |
| Year to date | +9.2% | +7.5% | +1.7 pp | — |
| 1 year | +17.8% | +9.9% | +7.9 pp | +7.3% |
| 3 years | +117.4% | +49.8% | +67.6 pp | +23.3% |
| 5 years | +104.4% | +42.8% | +61.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 370.4 m | 372.3 m | 465.2 m |
| Revenue YoY | unavailable | +0.5% | +25.0% |
| Net income | 53.2 m | 67.5 m | 90.9 m |
| Net income YoY | unavailable | +26.8% | +34.6% |
| Diluted EPS | 1.35 | 1.71 | 2.31 |
| Diluted EPS YoY | unavailable | +27.0% | +35.4% |
| net % | 14.4% | 18.1% | 19.5% |
| Free cash flow | -1.6 m | 44.9 m | 83.9 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 231.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 584.9 m USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- 8.69x
- ROE
- 15.9%
- ROA
- unavailable
- FCF margin
- 18.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 370.4 m | 372.3 m | 465.2 m | esef· 12 May 2026verified |
| Cost of revenue | 291.6 m | 286.6 m | 340.0 m | esef· 12 May 2026verified |
| Gross profit | 78.0 m | 88.6 m | 123.8 m | esef· 12 May 2026verified |
| Operating income | 69.7 m | 81.7 m | 111.6 m | esef· 12 May 2026verified |
| Interest expense | 45.0 k | 65.0 k | 44.0 k | esef· 12 May 2026verified |
| Pre-tax income | 77.8 m | 88.1 m | 119.3 m | esef· 12 May 2026verified |
| Income tax | 21.7 m | 20.5 m | 33.0 m | esef· 12 May 2026verified |
| Net income | 53.2 m | 67.5 m | 90.9 m | esef· 12 May 2026verified |
| Diluted EPS | 1.35 | 1.71 | 2.31 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 153.0 m | 181.9 m | 231.8 m | esef· 12 May 2026verified |
| Receivables | 13.4 m | 7.1 m | 9.0 m | esef· 12 May 2026verified |
| Inventories | 16.7 m | 18.8 m | 27.7 m | esef· 12 May 2026verified |
| Current assets | 260.6 m | 303.1 m | 344.3 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 274.4 m | 271.2 m | 272.5 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 262.0 k | esef· 12 May 2026verified |
| Current liabilities | 31.3 m | 28.4 m | 39.6 m | esef· 12 May 2026verified |
| Equity | 520.6 m | 558.5 m | 584.9 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 39.6 m | 39.5 m | 39.3 m | esef· 12 May 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 31.9 m | 73.9 m | 113.8 m | esef· 12 May 2026verified |
| Capex | 33.4 m | 29.0 m | 29.9 m | esef· 12 May 2026verified |
| Free cash flow | -1.6 m ≈ | 44.9 m ≈ | 83.9 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | 10.2 m | -30.2 m | -13.2 m | esef· 12 May 2026verified |
| Financing cash flow | -115.9 m | -7.4 m | -46.3 m | esef· 12 May 2026verified |
| Share repurchases | 676.0 k | 640.0 k | 11.4 m | esef· 12 May 2026verified |
≈ 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: 4 of at least 6
- score weight coverage: 22.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
23% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 27.41 – 49.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E27.41 – 49.63 (Mid 35.50)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 19.5% | 71 (vs peers) | 27% |
| FCF conversion · Quality | 92.3% | 89 (on a fixed band) | 27% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2,535.3x | 100 (on a fixed band) | 27% |
| Current ratio · Balance sheet | 8.7x | 100 (on a fixed band) | 18% |
| 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 sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 2/3 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
ANGLO-EASTERN PLANTATIONS PLC (AEP.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 465.2 m USD in 2025; YoY growth 25.0%; net margin 19.5%; ROE 16.1%.
The estimated value range is 27.41–49.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 22.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 19.5%
- FCF conversion: 92.3%
- Interest coverage: 2,535.3x
- Current ratio: 8.7x
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, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, 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. | 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 AEP.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
AEP Plantations PLC grows oil palm and processes fresh fruit bunches into crude palm oil (CPO), with plantations and mills in Indonesia and Malaysia. The 2025 annual report shows improving margins alongside cost pressures and CPO price volatility, which matter to investors tracking the sector.
SWOT
Strengths
- Yield per hectare and gross and net margins improved in 2025, pointing to better operational execution.
- Strategy emphasises controllable drivers such as yield, costs and mill efficiency.
- Certifications including ISPO, ISCC, ISO 14001 and MSPO support access to markets that demand sustainable products.
Weaknesses
- The company depends heavily on CPO prices, which are volatile and rated a major risk.
- Rising diesel and fertiliser costs squeeze plantation margins.
- RSPO certification is still in progress, and some traceability requirements need further investment.
Opportunities
- Indonesia's B50 biodiesel programme could support CPO demand and prices.
- Raising Indonesian plantation yields toward the 2030 target could improve productivity.
- Selective plantation acquisitions and new mills could expand capacity.
Threats
- Geopolitical tensions could raise transport, energy and input costs.
- Land ownership caps and limits on foreign-controlled entities could slow expansion.
- Climate risks such as flooding, drought and fire could affect output and assets.
Risks
- CPO price volatilityhigh
CPO prices could fluctuate sharply, affecting revenue and profitability, and the risk is rated as high probability with high impact.
- Input cost pressuremedium
Rising diesel and fertiliser prices could reduce plantation margins if they are not offset.
- Climate and environmental risksmedium
Flooding, drought, fire and natural disasters could affect harvests, infrastructure and mill operations.
- Indonesian tax recoverymedium
Tax receivables in Indonesia may require lengthy and uncertain processes, particularly for income tax refunds.
- Currency risklow
Cash held in Indonesian rupiah exposes the group to exchange rate movements, with impact assessed as moderate.
Investment thesis
What would need to be true (bull case)
- Higher yields and margins in 2025 could continue if the palm replanting programme and mill efficiency deliver.
- Indonesia's biodiesel programme could support CPO demand and price stability in the coming period.
- Sustainability certifications could open access to markets that pay for traceable product.
What would break the thesis
- If CPO prices fall, revenue and margins could be hit hard given the group's dependence on the commodity.
- Rising energy and fertiliser costs could weigh on plantation profitability.
- Climate and environmental compliance risks could bring unexpected costs or penalties.
What to watch
- CPO price trends and demand generated by the B50 programme2026
- Progress of the yield programme toward the 25 mt/ha target2030
- Diesel and fertiliser cost developments2026
- Completion of RSPO certificationnext 10-K
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
The group focuses on sustainably cultivating oil palm for fresh fruit bunches (FFB) and turning them into CPO, mainly in Indonesia and Malaysia 1. Its model aims to raise output and cut costs by optimising existing plantations and mills and making selective land acquisitions. Strategy emphasises controllable drivers such as yield per hectare, cost discipline and operational excellence, since revenue also depends on CPO prices and weather 1.
The gross profit margin reached 26.6% in 2025, up from 23.8% in 2024, and the net margin stood at 18.6%, compared with 18.2% the year before 1. Management could sustain this if cost control holds and CPO prices stay firm.
Segments
Market context
The report describes CPO as competitively priced against other vegetable oils, with its discount to soybean oil supporting demand in cost-sensitive markets 1. Indonesia's mandatory B50 biodiesel programme, effective from July 2026, could lift CPO demand and support price stability 1. However, Middle East tensions affect crude oil prices, freight and input costs including diesel and urea 1.
Management expects CPO price volatility to persist in the near term, and it rates CPO price fluctuation as a high-probability, high-impact risk for the group 1. The assessment places this among the most significant risks facing the group 1.
Trends
- Biodiesel-driven demandtailwind
Indonesia's B50 programme could raise CPO demand from the second half of 2026 and support prices 1.
- Rising input costsheadwind
Diesel and fertiliser prices, especially urea, weigh on plantation margins amid Middle East tensions 1.
- CPO price volatilitymixed
Volatility in global commodity markets remains an important factor, and management anticipates fluctuations in the near term 1.
- ESG and certification pressuremixed
Traceability, deforestation and RSPO and EUDR requirements raise compliance costs but can open access to demanding markets 1.
Competitive position
The report does not name specific competitors, but it benchmarks CPO against other vegetable oils, mainly soybean oil, and compares yields with Indonesian oil palm peers 1. The company says it aims for the upper quartile of Indonesian oil palm peers 1.
Competitiveness depends on yields, production costs and the ability to achieve good prices in CPO sales, which are tendered weekly 1. CPO's price competitiveness and discount to soybean oil can influence market share 1.
- Other Indonesian oil palm producers
The report benchmarks the company's yield against Indonesian oil palm peers without naming them.
- Soybean oil producers
Soybean oil is the main substitute cited, and CPO's discount to it supports demand.
- Other vegetable oil producers
The report includes alternative vegetable oils in its comparison without naming companies.
- Malaysian palm producers
The company also operates in Malaysia, where it competes with other palm cultivators, with no names given in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202403 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AEP Plantations PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.