olivLaw · European equity research
Caledonia Investments plc CLDN.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Caledonia Investments is a British investment company holding stakes in listed companies, private capital and funds, with a long-term model focused on growing net asset value. For the year to 31 March 2026 it reported a NAV total return of 5.4%, and a 9.2% annualised NAV total return over ten years. The company matters now for investors watching how a liquid investment company with a wide share price discount manages capital in volatile conditions.
At the close of 05 Nov 2026, Caledonia Investments plc (CLDN.L) stock was 3.83 GBP (−0.91% on the day), with market capitalisation 2.0 bn GBP, P/E 15.0 on diluted EPS of 0.26 GBP over the last 12 months, dividend yield 2.37%, beta -1.53, 52-week range 3.12–4.00 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)
- 52.2
- neutral
- Bollinger (20, 2)
- 3.70 – 3.92
- in the upper half of the band · %B 0.58 · band width 5.7%
- SMA 50 / 200
- 3.84 / 3.67
- mixed trend
- MACD (12, 26, 9)
- -0.01 / -0.01
- 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 | −1.5% | −0.6% | −0.9 pp | — |
| 3 months | −1.4% | −4.2% | +2.8 pp | — |
| 6 months | +5.1% | +4.3% | +0.7 pp | — |
| Year to date | +0.4% | +7.5% | −7.1 pp | — |
| 1 year | −0.3% | +9.9% | −10.2 pp | +5.8% |
| 3 years | +11,543.8% | +49.8% | +11,494.0 pp | +26.3% |
| 5 years | +9,771.0% | +42.8% | +9,728.1 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 100 percentile of its own 3-quarter history (min 0.0, median 0.3, max 12.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 233.8 m | 96.6 m | 166.0 m |
| Revenue YoY | unavailable | −58.7% | +71.8% |
| Net income | 203.8 m | 66.1 m | 135.2 m |
| Net income YoY | unavailable | −67.6% | +104.5% |
| Diluted EPS | 3.69 | 0.12 | 0.26 |
| Diluted EPS YoY | unavailable | −96.7% | +110.7% |
| net % | 87.2% | 68.4% | 81.4% |
| Free cash flow | 59.4 m | 16.1 m | 37.3 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 90.0 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 3.0 bn GBP
- Total assets
- 3.0 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 38.51x
- ROE
- 4.6%
- ROA
- 4.5%
- FCF margin
- 22.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 233.8 m | 96.6 m | 166.0 m | esef· 11 Jun 2026verified |
| Interest expense | 10.6 m | 3.5 m | 2.7 m | esef· 11 Jun 2026verified |
| Pre-tax income | 201.4 m | 66.8 m | 136.1 m | esef· 11 Jun 2026verified |
| Income tax | -2.4 m | 700.0 k | 900.0 k | esef· 11 Jun 2026verified |
| Net income | 203.8 m | 66.1 m | 135.2 m | esef· 11 Jun 2026verified |
| Diluted EPS | 3.69 | 0.12 | 0.26 | esef· 11 Jun 2026verified |
| Dividend per share | 0.68 | 0.07 | 0.09 | esef· 11 Jun 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 227.4 m | 151.3 m | 90.0 m | esef· 11 Jun 2026verified |
| Receivables | 7.3 m | 10.3 m | 8.7 m | esef· 11 Jun 2026verified |
| Current assets | 255.4 m | 165.8 m | 381.2 m | esef· 11 Jun 2026verified |
| Property, plant & equipment, net | 25.2 m | 25.3 m | 24.9 m | esef· 11 Jun 2026verified |
| Total assets | 3.0 bn | 3.0 bn | 3.0 bn | esef· 11 Jun 2026verified |
| Current liabilities | 27.5 m | 20.1 m | 9.9 m | esef· 11 Jun 2026verified |
| Total liabilities | 33.6 m | 26.4 m | 15.6 m | esef· 11 Jun 2026verified |
| Equity | 3.0 bn | 2.9 bn | 3.0 bn | esef· 11 Jun 2026verified |
| Shares outstanding at year end | 54.4 m | 537.4 m | 522.0 m | esef· 11 Jun 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 59.9 m | 17.9 m | 37.5 m | esef· 11 Jun 2026verified |
| Capex | 500.0 k | 1.8 m | 200.0 k | esef· 11 Jun 2026verified |
| Free cash flow | 59.4 m ≈ | 16.1 m ≈ | 37.3 m ≈ | esef· 11 Jun 2026derived |
| Investing cash flow | 258.4 m | 16.7 m | -6.0 m | esef· 11 Jun 2026verified |
| Financing cash flow | -311.5 m | -109.8 m | -92.4 m | esef· 11 Jun 2026verified |
| Share repurchases | 5.3 m | 67.7 m | 42.9 m | esef· 11 Jun 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
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.0 bn GBP
Key indicators
Coverage and freshness
Score by group
42% · 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: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 81.4% | 100 (vs peers) | 15% |
| FCF conversion · Quality | 27.6% | 0 (on a fixed band) | 15% |
| 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 | 38.5x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 15.0x | 50 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.9% | 23 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 2.1% | 31 (on a fixed band) | 15% |
| 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
- Quality50/100 · 2/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation38/100 · 2/3 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
CALEDONIA INVESTMENTS PLC (CLDN.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 166.0 m GBP in 2026; YoY growth 71.8%; net margin 81.4%; ROE 4.6%.
The estimated value range is 1.88–2.77 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.33 GBP, the price of 3.83 GBP leaves a potential of -39.1% (value / price − 1) and a margin of safety of -64.1% (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 (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 81.4%
- Current ratio: 38.5x
What contradicts it
- FCF conversion: 27.6%
- FCF yield: 1.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, 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% |
| CLDN.LCaledonia Investments PLC | 2.0 bn | 15.0 | 4.6% | 81.4% | +71.8% | −2% / +10,720% |
| 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% |
1- and 3-year price returns: for CLDN.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.54 Total return -32% · Per year -32% | 4.47 Total return 20% · Per year 20% | 6.70 Total return 79% · Per year 79% |
| 3 years | 3.01 Total return -14% · Per year -5% | 5.91 Total return 64% · Per year 18% | 9.65 Total return 164% · Per year 38% |
| 5 years | 3.57 Total return 6% · Per year 1% | 7.81 Total return 123% · Per year 17% | 13.90 Total return 288% · Per year 31% |
- Exit P/E± 1.48
- Net margin± 1.03
- Annual revenue growth± 0.77
- Annual dilution± 0.09
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
Caledonia Investments is a British investment company holding stakes in listed companies, private capital and funds, with a long-term model focused on growing net asset value. For the year to 31 March 2026 it reported a NAV total return of 5.4%, and a 9.2% annualised NAV total return over ten years 1. The company matters now for investors watching how a liquid investment company with a wide share price discount manages capital in volatile conditions.
SWOT
Strengths
- Long record of growing dividends, a strong balance sheet and high liquidity that allow selective investment without external funding 1.
- A diversified portfolio across three pools, all of which contributed positively to growth in fiscal 2026 1.
- A stable shareholder structure and a long-term outlook stated by management 1.
Weaknesses
Opportunities
- Redeploying proceeds from the Stonehage Fleming sale into new private capital investments, if attractive opportunities arise 1.
- Narrowing the discount through share buybacks when shares trade below net asset value 1.
- Investment in companies that use AI effectively, if valuations become more attractive 1.
Risks
- Market riskhigh
Sudden falls in public market prices can reduce the value of investments, and private valuations involve judgement 1.
- Currency riskmedium
The company does not hedge its sterling and dollar exposure, and exchange rate moves affect reported valuations 1.
- Cyber operational riskmedium
Cyber threats are described as the most material operational risk, and controls are reviewed regularly 1.
- Investment riskmedium
Individual investment decisions rely on judgement and can lead to poor or untimely investments or divestments 1.
- Liquidity risklow
If liabilities such as fund drawdowns cannot be met on time, new investments could be limited 1.
Investment thesis
What would need to be true (bull case)
- If the upward trend in net asset value continues, the discount could narrow, supporting total shareholder return 1.
- High liquidity and a strong balance sheet could allow opportunistic investment during periods of volatility 1.
- A long record of growing dividends could support demand from income-focused investors 1.
What would break the thesis
What to watch
- Movement of the discount to net asset value and the effect of share buybacks2027
- Timing and destination of investments made from the Stonehage Fleming proceeds2027
- Trend in currency exposure and the sterling-dollar exchange ratenext 10-K
- Timeliness of fund valuations and performance of the Public Companies poolnext 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
Caledonia Investments plc is an investment company that seeks to generate total profit from investment income and capital growth over the long term 1. The portfolio is organised into three pools: Public Companies, Private Capital and Funds, each with its own strategy and risk profile 1. The company aims to allocate capital selectively, keep a strong balance sheet and pay growing dividends, with 59 consecutive years of annual dividend growth 1.
Its income combines dividends from listed companies, investment income from private capital and distributions from funds, while fair value gains on investments form the capital part 1. Management expenses are allocated separately and reported through an ongoing charges ratio of 0.83% for fiscal 2026 1. The shareholder base is dominated by the founding family, which management says supports a long-term perspective 1.
On liquidity, at 31 March 2026 the company reported total liquidity of cash and undrawn facilities of £415.0m, after extending its £325m revolving credit facility by two years 1. Currency exposure is significant, with 53% of NAV denominated in US dollars, and the company does not hedge this exposure 1.
Segments
Market context
The market backdrop was marked by volatility, geopolitical tension and uncertainty around artificial intelligence, which affected valuations of listed companies 1. The company says geopolitical tensions increased volatility and made the macroeconomic outlook more uncertain 1. A stronger pound against the dollar reduced reported results, weighing on the value of the portfolio 1.
For an investment company trading at a wide discount to net asset value, the share price and discount are a separate monitoring factor from portfolio performance 1. Management noted the discount remains wide and that narrowing it is a board priority 1.
Trends
- Geopolitical and market volatilityheadwind
Tensions in the Middle East and market reactions have raised market risk, particularly for the listed companies pool 1. If volatility persists, it could change inflation and interest rates, which would alter valuations 1.
- Artificial intelligencemixed
Rapid adoption of AI could change the business models of portfolio companies, creating both risks and opportunities 1. The company says it has factored this risk into its assessments 1.
- Sterling and the US dollarmixed
A stronger pound against the US dollar reduced the sterling value of dollar-denominated assets, and the company has chosen not to hedge 1. A more favourable exchange rate could support reported results if the trend reverses 1.
- Private capital redeploymenttailwind
After the Stonehage Fleming sale, allocation to Private Capital will temporarily fall, and management could redeploy part of the proceeds into new investments if opportunities meet its thresholds 1.
Competitive position
Caledonia competes with other British investment companies and with private capital and fund-of-funds vehicles that draw on the same investment capital 1. The company differentiates itself through its family shareholding structure and its long-term investment strategy 1.
Compared with open-ended funds, the company benefits from not facing forced capital redemptions, but it carries the discount to net asset value on its shares, which can limit its ability to attract new investors 1.
- Berkshire HathawayBRK.B
Investment company with a diversified portfolio and long-term strategy, comparable as a permanent capital model.
- 3i Group
British private capital company with a similar investment model, focused on direct investments.
- Pershing Square Holdings
Investment company concentrated in a few major positions and trading at a discount to net asset value.
- Investor AB
Swedish investment company with listed and unlisted holdings, comparable in structure.
News & filings
In the press
- New Caledonia Isle of Pines : A heavenly lagoon paradiseSurge — GDELT DOC · 26 Oct 2026 · RO
- A blessing or a curse? New Caledonia's dwindling nickel industryFrance24 — Europe · 01 Oct 2026 · EN
- Earthquake with magnitude of 6.6 hits off coast of New CaledoniaTASS (RU, EN) · 25 Sept 2026 · EN
- New Caledonia Has a New, Pro-France President. What Now?The Diplomat (Asia geopolitics) · 14 Jul 2026 · RO
- Polls open in New Caledonia’s first provincial elections since 2019Al Jazeera English · 28 Jun 2026 · EN
- New Caledonia polls open in first local vote in the French territory since 2019The Guardian World · 28 Jun 2026 · RO
- Microsoft pulls plug on plans for 244-acre data center in CaledoniaHacker News · 25 May 2026 · EN
Annual reports (ESEF)
- Annual report 202611 Jun 2026
- Annual report 202517 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Caledonia Investments plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.