olivLaw · European equity research
Cadogan Energy Solutions PLC CAD.L
United Kingdom · London Stock Exchange · ISIN GB00B12WC938 · Vertical: Listed companies from United Kingdom
Cadogan Energy Solutions is an energy group that has shifted from oil and gas towards a mix of hydrocarbon production in Ukraine and electricity generation. The shift matters now because the Blazhiv gas-to-power project became operational in February 2026, while oil production fell by 9% in 2025 and oil revenues dropped to 5.5 million USD.
At the close of 05 Nov 2026, Cadogan Energy Solutions PLC (CAD.L) stock was 0.04 GBP (+0.00% on the day), with beta 0.26, 52-week range 0.04–0.05 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)
- 42.9
- weak (30–45)
- Bollinger (20, 2)
- 0.04 – 0.04
- in the lower half of the band · %B 0.43 · band width 18.4%
- SMA 50 / 200
- 0.04 / 0.04
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -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 | unavailable | +0.4% | unavailable | — |
| 3 months | unavailable | −3.3% | unavailable | — |
| 6 months | −5.9% | +4.0% | −9.8 pp | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | +9.6% | +10.7% | −1.1 pp | +5.8% |
| 3 years | +220.0% | +50.1% | +169.9 pp | +26.3% |
| 5 years | unavailable | +43.6% | unavailable | — |
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 | 7.6 m | 9.2 m | 5.8 m |
| Revenue YoY | unavailable | +21.2% | −36.7% |
| Net income | 1.3 m | -6.2 m | -1.1 m |
| Net income YoY | unavailable | −595.0% | unavailable |
| Diluted EPS | 0.01 | -0.03 | -0.01 |
| Diluted EPS YoY | unavailable | −620.0% | unavailable |
| net % | 16.7% | -68.1% | -19.6% |
| Free cash flow | -496.0 k | -357.0 k | -11.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.6 m USD
- Financial debt
- 5.8 m USD
- Net debt
- -7.8 m USD
- Equity
- 28.1 m USD
- Total assets
- 35.7 m USD
- Debt / equity
- 0.21x
- Current ratio
- 5.20x
- ROE
- -4.0%
- ROA
- -3.4%
- FCF margin
- -202.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 7.6 m | 9.2 m | 5.8 m | esef· 21 Apr 2026verified |
| Cost of revenue | 5.4 m | 5.0 m | 4.6 m | esef· 21 Apr 2026verified |
| Gross profit | 2.2 m | 4.1 m | 1.2 m | esef· 21 Apr 2026verified |
| Operating income | -627.0 k | -565.0 k | -1.7 m | esef· 21 Apr 2026verified |
| Pre-tax income | 1.3 m | -5.5 m | -1.1 m | esef· 21 Apr 2026verified |
| Income tax | 0 | 769.0 k | 0 | esef· 21 Apr 2026verified |
| Net income | 1.3 m | -6.2 m | -1.1 m | esef· 21 Apr 2026verified |
| Diluted EPS | 0.01 | -0.03 | -0.01 | esef· 21 Apr 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.2 m | 14.4 m | 13.6 m | esef· 21 Apr 2026verified |
| Receivables | 310.0 k | 354.0 k | 859.0 k | esef· 21 Apr 2026verified |
| Inventories | 364.0 k | 515.0 k | 241.0 k | esef· 21 Apr 2026verified |
| Current assets | 31.9 m | 25.6 m | 14.7 m | esef· 21 Apr 2026verified |
| Property, plant & equipment, net | 5.8 m | 5.3 m | 13.1 m | esef· 21 Apr 2026verified |
| Total assets | 38.3 m | 31.1 m | 35.7 m | esef· 21 Apr 2026verified |
| Short-term debt | — | 0 | 1.2 m | esef· 21 Apr 2026verified |
| Long-term debt | — | 0 | 4.6 m | esef· 21 Apr 2026verified |
| Current liabilities | 1.6 m | 1.9 m | 2.8 m | esef· 21 Apr 2026verified |
| Total liabilities | 1.8 m | 2.1 m | 7.6 m | esef· 21 Apr 2026verified |
| Equity | 36.4 m | 29.1 m | 28.1 m | esef· 21 Apr 2026verified |
| Shares outstanding at year end | — | 239.7 m | — | esef· 21 Apr 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -438.0 k | 691.0 k | -2.3 m | esef· 21 Apr 2026verified |
| Capex | 58.0 k | 1.0 m | 9.5 m | esef· 21 Apr 2026verified |
| Free cash flow | -496.0 k ≈ | -357.0 k ≈ | -11.7 m ≈ | esef· 21 Apr 2026derived |
| Investing cash flow | 738.0 k | -248.0 k | -9.3 m | esef· 21 Apr 2026verified |
| Financing cash flow | -132.0 k | -118.0 k | 9.6 m | esef· 21 Apr 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: 3 of at least 6
- score weight coverage: 20.8% 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
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -8.2% | 17 (vs peers) | 50% |
| Net margin · Quality | -19.6% | 20 (vs peers) | 30% |
| 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 | 5.2x | 100 (on a fixed band) | 20% |
| 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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality18/100 · 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
CADOGAN ENERGY SOLUTIONS PLC (CAD.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.8 m USD in 2025; YoY growth -36.7%; net margin -19.6%; ROE -4.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% 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
- Current ratio: 5.2x
What contradicts it
- ROIC: -8.2%
- Net margin: -19.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, 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% |
| 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% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for CAD.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
Cadogan Energy Solutions is an energy group that has shifted from oil and gas towards a mix of hydrocarbon production in Ukraine and electricity generation. The shift matters now because the Blazhiv gas-to-power project became operational in February 2026, while oil production fell by 1 9% in 2025 and oil revenues dropped to 5.5 million USD 1.
SWOT
Strengths
- The group has a balance sheet described as strong, with cash and financial assets rising at the end of 2025 and financial discipline described as strict.
- The company has built a multi-energy model with an efficient operating platform and a lean organisation, which may let it diversify quickly.
- The Blazhiv gas-to-power project is operational and turns otherwise non-commercial associated gas into electricity revenue.
Weaknesses
- Oil production declined in 2025 and the contribution of the production segment fell considerably from the prior year.
- Assets are concentrated in Ukraine, where currency restrictions prevent free repatriation of funds and limit the use of cash.
- Dependence on one main production field makes results sensitive to technical or maintenance problems.
Opportunities
- Expanding decentralised electricity capacity could generate recurring revenue from market sales.
- The announced currency liberalisation in Ukraine could make it easier to repatriate dividends and funds.
- If lower-emission energy projects secure financing, the company could accelerate its move to diversified energy solutions.
Threats
- The war in Ukraine can affect operations, infrastructure and staff, including through bombing of energy infrastructure.
- Lower oil prices reduce production revenue and could weaken results until prices recover.
- Depreciation of the hryvnia is a major risk for cash held in Ukraine, which must be kept in local currency.
Risks
- War riskhigh
Attacks and bombing of energy infrastructure can affect operations and resources, and further escalation could have a material impact.
- Currency restrictionshigh
Restrictions on converting hryvnia and repatriating capital remain in place, and the timing and extent of repatriation are uncertain.
- Oil pricemedium
A further fall in the average realised oil price could continue to reduce revenue and the contribution of the production segment.
- Production and maintenance riskmedium
Failure of production or transport facilities, due to maintenance or supplier performance, could interrupt output.
- Asset impairment risklow
If commercial production is not proven from the licences, the carrying value of oil and gas assets could be impaired.
Investment thesis
What would need to be true (bull case)
- If the gas-to-power project and decentralised electricity capacity reach their potential, revenue could become more diversified and less dependent on oil.
- The balance sheet and cash position could provide flexibility for further investment in lower-impact energy.
- Currency liberalisation could open the way to easier repatriation of funds to the parent company.
What would break the thesis
- The war and attacks on infrastructure could disrupt operations and affect results in ways that are hard to anticipate.
- Lower production and oil prices could keep compressing revenue from the main segment.
- Currency restrictions and hryvnia depreciation could limit the real value of cash held in Ukraine.
What to watch
- Commissioning of the remaining electricity capacity2026
- Progress of dividend repatriation and currency conversion in Ukraine2026
- Blazhiv oil output after the hydrodynamic surveys2026
- Strategic decision on financial resources for growth2026
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
At 31 December 2025 the group held a conventional gas, condensate and oil exploration and production licence in Western Ukraine (Blazhiv, 100%) and two gas exploration licences in the Po Valley in Northern Italy, Corzano and Reno Centese (both 90%) 1. Average daily net oil production reached 322 barrels per day in 2025 1. Management describes 2025 as a consolidation year for a new business model that is no longer focused only on oil and gas 1.
In electricity, Cadogan has expanded a decentralised generation infrastructure with a total capacity of 12.3 MW across several locations in Western Ukraine, of which 9.2 MW became operational in April 2026 and the remaining 3.1 MW is in commissioning 1.
Segments
Oil and gas production (Blazhiv)
The hydrocarbon segment produced an average of 322 barrels per day in 2025, down 9% from 2024, reflecting temporary shutdowns for hydrodynamic surveys, maintenance interruptions and energy supply disruptions 1. The average realised oil price fell to 46.75 USD per barrel from 71.13 USD 1.
Electricity generation
The electricity business includes the Blazhiv gas-to-power project, which converts otherwise non-commercial associated gas into power sold on the market and became operational in February 2026, and the decentralised capacity of 12.3 MW, of which 9.2 MW is operational from April 2026 1.
Gas trading
The trading business disposed of natural gas inventories at the peak of spot prices, but management reports that activity has been significantly reduced since 2022 because of high volatility and now focuses on sourcing gas for the group's electricity generation 1.
Market context
The market Cadogan serves is shaped by conditions in Ukraine, where affordable energy demand and the war directly affect production and infrastructure. The company regards a moratorium on domestic production as highly unlikely given the country's need for affordable energy 1. The Italian gas exploration licences add exposure to the European market, but the sources give no detailed market data for it 1.
Realised oil prices fell sharply in 2025, showing how sensitive production revenue is to market prices 1. The ability to sell generated power also depends on regulation and on the grid to which decentralised capacity connects 1.
Trends
- Diversification into electricitytailwind
The company is expanding electricity generation and describes it as part of a strategy to diversify within the energy sector, using associated gas and decentralised capacity 1. If projects are completed as planned, this could reduce reliance on oil prices.
- Falling oil pricesheadwind
The average realised oil price fell by 34% in 2025, reducing production revenue and the segment's contribution 1. The trend remains a pressure on current results.
- Currency liberalisation in Ukrainemixed
The National Bank of Ukraine announced in January 2026 a further phase of liberalisation with broader permissions for external debt payments and dividend repatriation, although material restrictions on converting hryvnia remain in place 1. The easing could release funds, but its pace is uncertain.
- Focus on lower-impact energymixed
The group's strategy targets energy solutions with a reduced environmental footprint, and the gas-to-power project cuts CO2 emissions linked to oil production 1. Pressure to reduce emissions may influence access to financing and operating conditions.
Competitive position
The supplied sources do not name direct competitors. The company operates in specific markets, in Ukraine and Northern Italy, where competition depends on access to licences, resources and infrastructure, issues described in its risk disclosures 1. Without a competitor list in the report, comparative analysis remains limited.
- Ukrainian oil and gas operators
The source does not name specific competitors; local production operators in Ukraine could compete for licences and personnel.
- Decentralised power providers
The source names no competitors; local providers could be active in the same power market in Western Ukraine.
- Po Valley exploration operators
The source does not identify other licence holders in the area of the company's Italian licences.
- European energy companies
The source does not cite them as direct rivals, but they could compete for financing and lower-emission energy projects.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cadogan Energy Solutions 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.