olivLaw · European equity research
AltynGold plc ALTN.L
United Kingdom · London Stock Exchange · ISIN GB00BMH19X50 · Vertical: Listed companies from United Kingdom
AltynGold plc is a gold producer in Kazakhstan operating the underground Sekisovskoye mine and developing the Teren-Sai project. In fiscal 2025 output and revenue reached record levels, and the company now targets mid-tier producer status. Key figures: 53.8 thousand ounces of gold produced and 175.4 million USD in revenue.
At the close of 05 Nov 2026, AltynGold plc (ALTN.L) stock was 9.60 GBP (+7.62% on the day), with beta 0.93, 52-week range 8.14–17.00 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)
- 55.6
- strong (55–70)
- Bollinger (20, 2)
- 8.01 – 9.78
- in the upper half of the band · %B 0.90 · band width 19.9%
- SMA 50 / 200
- 10.14 / 11.26
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.44
- 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 | −0.4% | +0.4% | −0.8 pp | — |
| 3 months | +4.8% | −3.3% | +8.1 pp | — |
| 6 months | −24.4% | +4.0% | −28.4 pp | — |
| Year to date | −22.3% | +8.1% | −30.4 pp | — |
| 1 year | +11.4% | +10.7% | +0.7 pp | +7.3% |
| 3 years | +924.0% | +50.1% | +873.9 pp | +23.3% |
| 5 years | +700.0% | +43.6% | +656.4 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 | 64.4 m | 96.5 m | 175.4 m |
| Revenue YoY | unavailable | +49.8% | +81.7% |
| Net income | 11.3 m | 26.4 m | 62.0 m |
| Net income YoY | unavailable | +133.0% | +134.7% |
| Diluted EPS | 4,148.00 | 96.66 | 226.87 |
| Diluted EPS YoY | unavailable | −97.7% | +134.7% |
| net % | 17.6% | 27.4% | 35.4% |
| Free cash flow | -25.5 m | 11.5 m | 40.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 22.7 m USD
- Financial debt
- 41.2 m USD
- Net debt
- 18.5 m USD
- Equity
- 150.1 m USD
- Total assets
- 215.1 m USD
- Debt / equity
- 0.27x
- Current ratio
- 3.55x
- ROE
- 53.4%
- ROA
- 33.4%
- FCF margin
- 22.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 64.4 m | 96.5 m | 175.4 m | esef· 12 May 2026verified |
| Cost of revenue | 41.1 m | 47.5 m | 79.3 m | esef· 12 May 2026verified |
| Gross profit | 23.3 m | 49.1 m | 96.1 m | esef· 12 May 2026verified |
| Operating income | 15.9 m | 42.4 m | 85.3 m | esef· 12 May 2026verified |
| Interest expense | 4.3 m | 6.0 m | 5.2 m | esef· 12 May 2026verified |
| Pre-tax income | 11.9 m | 30.4 m | 82.0 m | esef· 12 May 2026verified |
| Income tax | 546.0 k | 3.9 m | 20.0 m | esef· 12 May 2026verified |
| Net income | 11.3 m | 26.4 m | 62.0 m | esef· 12 May 2026verified |
| Diluted EPS | 4,148.00 | 96.66 | 226.87 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.5 m | 10.4 m | 22.7 m | esef· 12 May 2026verified |
| Receivables | 18.5 m | 20.4 m | 26.4 m | esef· 12 May 2026verified |
| Inventories | 17.5 m | 23.5 m | 46.6 m | esef· 12 May 2026verified |
| Current assets | 41.4 m | 54.3 m | 95.7 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 70.6 m | 72.6 m | 87.9 m | esef· 12 May 2026verified |
| Intangibles (excl. goodwill) | 13.7 m | 14.9 m | 20.6 m | esef· 12 May 2026verified |
| Total assets | 145.5 m | 156.6 m | 215.1 m | esef· 12 May 2026verified |
| Short-term debt | 18.1 m | 29.2 m | 12.9 m | esef· 12 May 2026verified |
| Long-term debt | 40.4 m | 30.9 m | 28.4 m | esef· 12 May 2026verified |
| Current liabilities | 28.1 m | 37.1 m | 26.9 m | esef· 12 May 2026verified |
| Total liabilities | 74.8 m | 74.5 m | 65.1 m | esef· 12 May 2026verified |
| Equity | 70.7 m | 82.2 m | 150.1 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 2.7 k | 2.7 k | — | esef· 07 May 2025derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 14.7 m | 29.4 m | 55.7 m | esef· 12 May 2026verified |
| Capex | 40.2 m | 17.9 m | 15.6 m | esef· 12 May 2026verified |
| Free cash flow | -25.5 m ≈ | 11.5 m ≈ | 40.2 m ≈ | esef· 12 May 2026derived |
| Investing cash flow | -40.9 m | -21.5 m | -19.8 m | esef· 12 May 2026verified |
| Financing cash flow | 31.7 m | -2.9 m | -23.6 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: 5 of at least 6
- score weight coverage: 33.3% 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
33% · 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: 2,687.32 – 4,865.20 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2,687.32 – 4,865.20 (Mid 3,479.99)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: 5 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 42.9% | 92 (vs peers) | 31% |
| Net margin · Quality | 35.4% | 91 (vs peers) | 19% |
| FCF conversion · Quality | 64.8% | 50 (on a fixed band) | 19% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 16.4x | 100 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 13% |
| 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 · 3/3 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
ALTYNGOLD PLC (ALTN.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 175.4 m USD in 2025; YoY growth 81.7%; net margin 35.4%; ROE 53.4%.
The estimated value range is 2,687.32–4,865.20 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: 5 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 42.9%
- Net margin: 35.4%
- Interest coverage: 16.4x
- Current ratio: 3.6x
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): 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 ALTN.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
AltynGold plc is a gold producer in Kazakhstan operating the underground Sekisovskoye mine and developing the Teren-Sai project. In fiscal 2025 output and revenue reached record levels, and the company now targets mid-tier producer status. Key figures: 53.8 thousand ounces of gold produced and 175.4 million USD in revenue 1.
SWOT
Strengths
- Plant operating at full capacity and strong revenue growth in fiscal 2025.
- Low gearing and reduced debt, giving financial flexibility.
- Safety record with consecutive years without lost-time incidents.
Weaknesses
- Revenue depends on a single mine.
- Rising production costs have compressed margins compared with the prior year.
- Activity is concentrated in one country and sensitive to regulatory change.
Opportunities
- Development of Teren-Sai could diversify the business and extend output.
- Expansion of processing capacity could raise annual production significantly.
- High gold prices could support cash flow if they are sustained.
Threats
- A fall in the gold price could quickly reduce margins.
- Delay in the Teren-Sai production licence could postpone growth plans.
- Changes to environmental rules and taxes in Kazakhstan.
Risks
- Single-mine concentrationhigh
Revenue currently comes from one operation, which could amplify the impact of any disruption.
- Teren-Sai licence delayhigh
The production licence has not yet been granted, and timing could depend on administrative processes.
- Gold price volatilitymedium
Revenue is linked to the gold price, and a correction could affect results.
- Inflation and currencymedium
Some costs are paid in tenge, and inflationary pressures could raise costs.
- Climate and environmental risksmedium
Snowmelt flooding and extreme heat could increase operating costs.
Investment thesis
What would need to be true (bull case)
- If output stays at the target level, the company could consolidate its position as a mid-tier producer.
- Lower debt and competitive costs could leave room for growth investment.
- Obtaining the Teren-Sai licence could open a new source of production and diversification.
What would break the thesis
- If the gold price falls, margins could be compressed quickly, especially with rising costs.
- Dependence on one mine could leave results exposed to any interruption.
- Licensing delays could postpone medium-term growth plans.
What to watch
- Updates on expansion of processing capacityQ2 2026
- Granting of the Teren-Sai production licenceQ3 2026
- Delivery against the 2026 production target2026
- Trend in AISC and production costsnext 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
AltynGold plc operates exclusively in Kazakhstan and relies on two projects. Its main asset is the Sekisovskoye underground mine, whose plant was expanded to 1 Mtpa capacity and now runs at full capacity 1. The second project, Teren-Sai, in an adjacent exploration area, is in the process of obtaining a production licence, which the company expects to receive towards the end of 2026 1. The medium-term strategy targets 100,000 ounces of annual gold production, combining Teren-Sai ore processing with higher Sekisovskoye capacity 1.
The company describes its strategy on four pillars: mining, development of underground infrastructure, exploration and growth through evaluation of opportunities in Kazakhstan and Central Asia 1. The 2025 results were supported by high gold prices and a full year of operation at the new capacity 1.
By the end of fiscal 2025 total debt had fallen to 41.2 million USD and gearing to 10.96% 1. For 2026 management guides to gold output of 52,000-55,000 ounces and is evaluating an increase in processing capacity 1.
Segments
Sekisovskoye (underground mine)
The main mine, which generated all revenue in fiscal 2025 and produced 53,852 ounces of gold poured 1. The 2026-2028 capital plan allocates most spending to underground development and mining equipment 1.
Market context
The gold price rose during 2025 and, after the year end, moved above 4,800 USD/oz, 39% above the annual average 1. The company operates in Kazakhstan, where the local currency has remained relatively stable against the dollar, and revenue is earned in dollars 1. Forecasts cited in the report do not anticipate a significant correction in the medium term 1.
The gold market remains volatile, though demand is described as strong. The company's market share is not quantified in the report, and comparisons are made against the FTSE 350 Mining Index 1.
Trends
- High gold pricetailwind
The average realised price rose sharply from the prior year, supporting margins. If the price corrected, margins could be affected.
- Rising production costsheadwind
AISC increased, reflecting the move to steady-state operations and capital investment. Inflationary pressures could reduce margins if not offset.
- Stricter environmental rulesheadwind
Kazakhstan's updated environmental code imposes additional requirements. Compliance could raise costs but may reduce enforcement risk.
Competitive position
The company sits in the mid-tier gold producer category, with an AISC range cited as 1,200-1,900 USD/oz 1. The report does not name direct competitors, so comparisons are limited to cost benchmarks.
Competitive position depends on production costs and the ability to diversify beyond a single mine. Diversification through Teren-Sai is a stated objective 1.
- Mid-tier gold producers in Central Asia
The report benchmarks AISC against the mid-tier range without naming companies.
- Mining operators in Kazakhstan
Competition for personnel, licences and financing in the same jurisdiction.
- Underground gold producers
Companies with similar operating profiles, comparable on cost structure.
- Other copper and gold producers in the region
Relevant to the mixed gold-copper profile of the Teren-Sai project.
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 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / AltynGold 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.