olivLaw · European equity research
Contango Holdings Plc CGO.L
United Kingdom · London Stock Exchange · ISIN GB00BF0F5X78 · Vertical: Listed companies from United Kingdom
Contango Holdings Plc is a UK natural resources company whose main activity in the year to 31 May 2025 was managing the transfer of control of Monaf to Huo Investments after the Definitive Agreements were signed in July 2024. The company reported a profit for fiscal 2025 of £6,650,976, compared with a loss in the prior year, and its reliance on royalty receipts from a single source remains central to assessing its outlook.
At the close of 05 Nov 2026, Contango Holdings Plc (CGO.L) stock was 0.01 GBP (+7.69% on the day), with market capitalisation 2.8 m GBP, P/E 0.7 on diluted EPS of 0.01 GBP over the last 12 months, beta 0.49, 52-week range 0.00–0.01 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)
- 52.2
- neutral
- Bollinger (20, 2)
- 0.01 – 0.01
- in the lower half of the band · %B 0.45 · band width 19.6%
- SMA 50 / 200
- 0.01 / 0.01
- 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 | 0.0% | +0.4% | −0.4 pp | — |
| 3 months | +16.7% | −3.3% | +19.9 pp | — |
| 6 months | −17.6% | +4.0% | −21.6 pp | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | −22.2% | +10.7% | −32.9 pp | +5.8% |
| 3 years | −84.4% | +50.1% | −134.5 pp | +26.3% |
| 5 years | −89.0% | +43.6% | −132.6 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 0 percentile of its own 1-quarter history (min 0.9, median 0.9, max 0.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | 0 |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | -2.9 m | -6.7 m | -4.4 m | 6.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.02 | -0.01 | 0.01 |
| 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 May 2025
- Cash
- 3.2 k GBP
- Financial debt
- 4.7 m GBP
- Net debt
- 4.7 m GBP
- Equity
- 17.8 m GBP
- Total assets
- 23.2 m GBP
- Debt / equity
- 0.26x
- Current ratio
- 0.35x
- ROE
- 46.9%
- ROA
- 33.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | — | 0 | 0 | 0 | esef· 14 Oct 2025verified |
| Cost of revenue | — | 0 | 0 | 0 | esef· 14 Oct 2025verified |
| Gross profit | — | 0 | 0 | 0 | esef· 14 Oct 2025verified |
| Operating income | — | -4.6 m | -1.5 m | 7.5 m | esef· 14 Oct 2025verified |
| Interest expense | — | 523.7 k | 957.4 k | 795.5 k | esef· 14 Oct 2025verified |
| Pre-tax income | — | -5.1 m | -2.5 m | 6.7 m | esef· 14 Oct 2025verified |
| Income tax | — | 0 | 0 | 0 | esef· 14 Oct 2025verified |
| Net income | -2.9 m | -6.7 m | -4.4 m | 6.7 m | esef· 14 Oct 2025verified |
| Diluted EPS | — | -0.02 | -0.01 | 0.01 | esef· 14 Oct 2025verified |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 610.5 k | 75.7 k | 1.2 k | 3.2 k | esef· 14 Oct 2025verified |
| Current assets | 662.8 k | 292.6 k | 165.6 k | 1.9 m | esef· 14 Oct 2025verified |
| Property, plant & equipment, net | 737.7 k | 2.9 m | 43.7 k | 21.9 k | esef· 14 Oct 2025verified |
| Intangibles (excl. goodwill) | 11.9 m | 13.3 m | 0 | — | esef· 28 Nov 2024verified |
| Total assets | 13.4 m | 16.5 m | 16.9 m | 23.2 m | esef· 14 Oct 2025verified |
| Short-term debt | 1.3 m | 1.1 m | 4.2 m | 4.7 m | esef· 14 Oct 2025verified |
| Current liabilities | 1.8 m | 2.3 m | 5.3 m | 5.4 m | esef· 14 Oct 2025verified |
| Total liabilities | 1.8 m | 2.3 m | 6.3 m | 5.4 m | esef· 14 Oct 2025verified |
| Equity | 11.5 m | 14.2 m | 10.6 m | 17.8 m | esef· 14 Oct 2025verified |
| Shares outstanding at year end | — | 406.6 m | — | — | esef· 28 Nov 2024derived |
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.8 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
31% · 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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 40.3% | 88 (vs peers) | 33% |
| 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 | 9.4x | 100 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 0.7x | 94 (vs peers) | 33% |
| 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 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· partialunavailable · 0/2 factors with a value
- Valuation· partial94/100 · 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
CONTANGO HOLDINGS PLC (CGO.L). Latest full fiscal year: 2025; data up to 2025-05-31.
Figures computed from the financial statements: revenue 0 GBP in 2025; ROE 49.1%.
The estimated value range is 0.11–0.16 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.14 GBP, the price of 0.01 GBP leaves a potential of 1,837.2% (value / price − 1) and a margin of safety of 94.8% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 40.3%
- Interest coverage: 9.4x
- P/E (TTM): 0.7x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.4x
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, 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% |
| CGO.LContango Holdings PLC | 2.8 m | 0.7 | 49.1% | — | unavailable | −13% / −82% |
| 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 CGO.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
Contango Holdings Plc is a UK natural resources company whose main activity in the year to 31 May 2025 was managing the transfer of control of Monaf to Huo Investments after the Definitive Agreements were signed in July 2024. The company reported a profit for fiscal 2025 of £6,650,976, compared with a loss in the prior year, and its reliance on royalty receipts from a single source remains central to assessing its outlook.
SWOT
Strengths
- The group reported a profit for fiscal 2025 after a loss in the prior year, indicating an improvement in results 1.
- The management structure is simple, with few employees and a board that takes decisions as a whole, which may reduce administrative costs 1.
- The liquidity policy, with monthly cash flow forecasts, supports the group's ability to meet its obligations 1.
Weaknesses
- Dependence on royalty receipts from a single source, Monaf, concentrates income and makes it vulnerable to decisions taken by others 1.
- No dividend was paid and the group has no large consolidated operating business, which limits direct returns to shareholders in the period reviewed 1.
- The absence of an internal audit function and a nominations committee reflects limited internal control capacity given the company's size 1.
Opportunities
- If Muchesu output grows as commercial ramp-up proceeds, royalty receipts could become more substantial for the group 1.
- Completing the Definitive Agreements with Huo Investments could clarify the group's structure and outlook 1.
- The management's experience in developing mines in Africa could support identifying other opportunities in the sector if they become available 1.
Threats
- A fall in coal and coke prices could lead to lower production and therefore lower royalty receipts 1.
- Political and security instability in Zimbabwe and Mali could affect operations and the realisation of assets 1.
- Fluctuations in the exchange rate between sterling and the US dollar could influence the group's reported results 1.
Risks
- Dependence on royalty from a single sourcehigh
The group relies on royalty receipts from Monaf, and any interruption or reduction in production could directly affect revenue 1.
- Commodity price riskhigh
Coal and coke prices can influence the Muchesu operators' decisions on production volume, which could reduce royalty receipts 1.
- Political risk in Zimbabwe and Malihigh
Political and security volatility in the two countries could have a significant adverse effect on financial performance and legal enforcement 1.
- Transaction completion riskmedium
The group may not be able to close the Definitive Agreements with Huo Investments, which could change the structure and timing of income 1.
- Currency riskmedium
Operations in sterling and US dollars expose the group to currency fluctuations, and the group does not use hedging instruments, which could affect reported results 1.
Investment thesis
What would need to be true (bull case)
- The move from loss to profit in fiscal 2025 shows the group can generate positive results under some conditions, and higher output at Muchesu could strengthen that trend 1.
- Completing the transaction with Huo Investments could simplify the group's structure and give a clearer basis for financial planning 1.
- The prudent liquidity policy and monthly monitoring of cash flows support the group's ability to sustain its activity, even in difficult periods 1.
What would break the thesis
- Dependence on a single royalty stream makes group results vulnerable to the decisions and performance of a third party, which could limit income stability 1.
- Political and security risks in Zimbabwe and Mali could continue to affect operations and asset value, especially if the situation deteriorates 1.
- The absence of dividends and of a large consolidated operating business could mean shareholder value depends mainly on completing and the outcome of ongoing transactions 1.
What to watch
- Finalizarea Acordurilor Definitive cu Huo Investmentsnext 10-K
- Completion of the Definitive Agreements with Huo Investmentsnext 10-K
- Production levels at the Muchesu mine and royalty receipts2026
- Trends in coal and coke prices and their effect on operators2026
- Political and security developments in Zimbabwe and Mali2026
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
According to the annual report for the year ended 31 May 2025, the group's principal activity was managing the transfer of control of Monaf to Huo Investments after the Definitive Agreements were signed on 3 July 2024 1. No dividend was paid during the year and none is recommended as a final dividend 1. The group describes itself as a small entity with modest resources, and its board is composed mainly of non-executive directors 1.
The group currently depends on royalty receipts from the Muchesu mine, operated by the new operators of Monaf, and the report states that the group relies on royalty receipts from a single source 1. According to the report, the fiscal 2025 profit reflects activity linked to the transfer of control over Monaf rather than a consolidated production business of its own 1.
The shareholder structure shows Huo Investments Limited as the largest holder with 20.42% as at 25 August 2025 1. The board includes one executive director, an acting chairman and several non-executive directors, and the audit and remuneration matters are handled by the board as a whole 1.
Segments
Muchesu royalty (Monaf)
The main income stream described in the report is the royalty linked to production at the Muchesu mine, operated by the new operators of Monaf. The future royalty stream is calculated on production per tonne, so receipts depend on coal and coke volumes 1.
Mining interests in Africa
The report describes the group's activity as linked to exploration and development assets in Zimbabwe and Mali, where loans to local subsidiaries were fully impaired in prior years 1. This activity is limited in scale and exposed to political risks in those jurisdictions 1.
Administration and funding
The group does not run a large consolidated operating business, and cash management focuses on keeping enough liquidity for the exploration, development and production activities of its subsidiaries 1. According to the report, funding is raised in discrete tranches as project needs arise 1.
Market context
The report does not describe a conventional commercial market for the group's activity, which is centred on managing a royalty arrangement linked to a mine in Zimbabwe. Coal and coke prices are the most relevant external factor, since they influence production volumes at Muchesu under the new operators and therefore the group's receipts 1. The company operates in pounds sterling and US dollars, which exposes it to currency risk 1.
The market backdrop is shaped by political and security uncertainty in Zimbabwe and Mali, which the report describes as volatile in recent years 1. The group monitors these developments but cannot rule out their effect on royalty receipts 1.
Trends
- Ramp-up of Muchesu under new operatorsmixed
The report indicates that commercial mining at Muchesu is ramping up, and the group is tracking how commodity prices affect the production targets of the new operators 1. If production rises, royalty receipts could support the group's income.
- Coal and coke pricesheadwind
A fall in coal and coke prices could lead the new operators to reduce production, which would directly affect royalty receipts 1. Price risk therefore remains an important external variable.
- Political instability in Zimbabwe and Maliheadwind
The report notes that the political and security situation in Zimbabwe and Mali has been volatile in recent years, and the group could be affected by legal disputes or difficulty enforcing foreign judgements 1. This is a pressure on the stability of the activity.
- Completion of the Huo Investments transactionmixed
The transfer of control over Monaf to Huo Investments, based on the Definitive Agreements of July 2024, is an ongoing process, and the report notes the group may not be able to close them 1. Completion could clarify the future structure of income.
Competitive position
The annual report does not explicitly identify direct competitors, and the group's activity is described as managing a royalty arrangement rather than an operating business in a competitive market 1. A comparison with other players in the African mining sector would require additional sources.
From the report's perspective, competitive risks are indirect, operating through the influence of coal and coke prices on the Muchesu operators' decisions to reduce or maintain production 1. The group does not set out its position relative to other companies in the region 1.
- Huo Investments (Pvt) Limited
Largest shareholder with 20.42% and counterparty in the Monaf transaction; not a competitor in the classic sense but the group's contractual counterparty 1.
- New operators of the Muchesu mine
The entities taking over operation of the mine, whose production decisions directly influence the group's royalty stream 1.
- Other coal mining companies in Zimbabwe
The report does not identify them, but they could compete for investment and resources in the same jurisdiction; this is not stated in the source 1.
- Gold exploration companies in Mali
The report mentions the group's activity in Mali, where subsidiary loans were impaired; local competitors are not identified in the source 1.
News & filings
In the press
- Dubai Benchmark Slips Into Contango for the First Time Since JulyOil Price · 03 Nov 2026 · EN
- People Are Talking About Contango While Oil Markets Are Far From RecoveredOil Price · 09 Jul 2026 · EN
- Key Oil Spread Flips to Contango as Supply From Hormuz ClimbsBloomberg Markets · 24 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202514 Oct 2025
- Annual report 202428 Nov 2024
Sources
- [1] Annual report, fiscal year ended 2025-05-31 (ESEF) · SEC / Contango Holdings Plc · 31 May 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.