olivLaw · European equity research
EPE Special Opportunities Limited ESOZ.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
EPE Special Opportunities Limited is a private equity investment company listed on AIM and Aquis that invests in small and medium sized companies in the UK, focusing on growth and buy-out opportunities, special situations and distressed transactions. For the period to January 2025 the portfolio reported a money multiple of 3.4x and an IRR of 22%, but its fair value remains exposed to a volatile macro environment.
At the close of 04 Nov 2026, EPE Special Opportunities Limited (ESOZ.L) stock was 1.26 GBP (+0.00% on the day), with market capitalisation 35.8 m GBP, P/E 464.8 on diluted EPS of 0.00 GBP over the last 12 months, beta -36.27, 52-week range 0.01–1.26 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)
- 53.0
- neutral
- Bollinger (20, 2)
- 0.65 – 1.73
- in the upper half of the band · %B 0.56 · band width 90.8%
- SMA 50 / 200
- 0.95 / unavailable
- MACD (12, 26, 9)
- 0.10 / 0.10
- 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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | +9,860.3% | −4.2% | +9,864.5 pp | — |
| 6 months | +1.2% | +4.3% | −3.1 pp | — |
| Year to date | +10,061.9% | +7.5% | +10,054.4 pp | — |
| 1 year | +10,186.9% | +9.9% | +10,177.0 pp | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 1-quarter history (min 429.6, median 429.6, max 429.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -43.8 m | -396.5 k | 81.6 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.42 | -0.01 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Jan 2025
- Cash
- 11.1 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 96.0 m GBP
- Total assets
- unavailable GBP
- Debt / equity
- unavailable
- Current ratio
- 2.40x
- ROE
- 0.1%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 22.2 m | 14.5 m | 11.1 m | esef· 27 May 2025verified |
| Receivables | 87.9 k | 73.6 k | 68.2 k | esef· 27 May 2025verified |
| Current assets | 22.3 m | 19.8 m | 11.1 m | esef· 27 May 2025verified |
| Accounts payable | 596.8 k | 676.3 k | 653.0 k | esef· 27 May 2025verified |
| Current liabilities | 4.6 m | 4.7 m | 4.6 m | esef· 27 May 2025verified |
| Equity | 97.4 m | 96.9 m | 96.0 m | esef· 27 May 2025verified |
| Shares outstanding at year end | 29.6 m | 28.5 m | — | esef· 27 May 2025derived |
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: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 35.8 m GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
15% · 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: 2 of at least 6; score weight coverage: 14.6% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | 464.8x | 0 (vs peers) | 71% |
| 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
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 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
EPE SPECIAL OPPORTUNITIES LIMITED (ESOZ.L). Latest full fiscal year: 2025; data up to 2025-01-31.
Figures computed from the financial statements: ROE 0.1%.
The estimated value range is 0.03–0.06 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.04 GBP, the price of 1.25 GBP leaves a potential of -96.7% (value / price − 1) and a margin of safety of -2,930.3% (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: 2 of at least 6; score weight coverage: 14.6% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- P/E (TTM): 464.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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 ESOZ.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
EPE Special Opportunities Limited is a private equity investment company listed on AIM and Aquis that invests in small and medium sized companies in the UK, focusing on growth and buy-out opportunities, special situations and distressed transactions. For the period to January 2025 the portfolio reported a money multiple of 3.4x and an IRR of 22%, but its fair value remains exposed to a volatile macro environment 1.
SWOT
Strengths
- The company reports solid portfolio returns and a stable management team, with strong alignment through the advisor's substantial shareholding 1.
- The permanent capital structure allows long holding periods and recycling of realisations without the liquidation pressure of a fixed-term fund 1.
- Access to a large flow of potential transactions and the advisor's network provides a solid selection base 1.
Weaknesses
- Several assets face trading difficulties or restructuring, indicating profitability pressure in parts of the portfolio 1.
- The company has no employees and no internal audit function, so oversight depends on external service providers 1.
- The portfolio is concentrated in a small number of assets, so the performance of any single company can significantly influence results 1.
Opportunities
- If bank financing stays restricted, lower mid-market companies could seek growth or liquidity capital, creating investment opportunities 1.
- Online growth and the EV charger division at Luceco illustrate potential for expansion within parts of the portfolio 1.
- Strategic acquisitions could strengthen the position of portfolio companies such as Pharmacy2U and Rayware 1.
Threats
- A volatile macro environment and lower equity market valuations could reduce the fair value of the portfolio 1.
- Reliance on comparable quoted company valuations could lead to significant changes in valuations if those markets shift 1.
- Performance difficulties at some portfolio companies could require additional financial support from the company 1.
Risks
- Macro volatilityhigh
The advisor notes that fair market value of the portfolio remains exposed to a volatile macro environment and equity market valuations, which could affect reported values 1.
- Profitability difficulties in the portfoliomedium
Rayware and David Phillips continue to face performance pressures, and the sources point to the need for further financial support at these companies 1.
- Liquidity and debtmedium
The company reports it repurchased zero dividend preference shares and extended loan notes, which could limit financial flexibility if cash generation does not improve 1.
- Dependence on the investment advisormedium
The advisor manages the portfolio and has significant influence, and the largest shareholder is linked to the advisor, creating a potential conflict of interest 1.
- No employees or internal auditlow
The company has no employees and no internal audit function, with supervision delegated to external providers, which could reduce direct control over risks 1.
Investment thesis
What would need to be true (bull case)
- If competition for lower mid-market deals stays low, the company could find attractive investments at favourable valuations 1.
- Reported portfolio returns and the advisor's track record could support continued long-term value creation 1.
- A permanent capital structure may allow transformational initiatives without the pressure of rapid exits 1.
What would break the thesis
- If macro volatility intensifies, valuations of portfolio assets could fall, weighing on the share value 1.
- If some portfolio companies fail to improve profitability, further financial support may be needed without certainty of recovery 1.
- Portfolio concentration and reliance on external providers could amplify the effect of individual setbacks 1.
What to watch
- Development of portfolio fair value and the valuation multiple for mature assetsNext annual report
- Performance of Rayware and David Phillips and any need for further financial support2026
- Maturity of the 4 million pound unsecured loan notes, extended to July 2025July 2025
- Pace of new investments and returns realised from exitsNext annual report
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 company, established in 2003, aims to provide long-term return on equity to shareholders by investing in small and medium sized companies in the UK. Its ordinary shares trade on AIM and the Aquis Growth Market, its zero dividend preference shares on the main market of the London Stock Exchange, and its unsecured loan notes on Aquis 1. The investment advisor is EPIC Investment Partners LLP, which manages the portfolio under guidelines set by the board 1.
The strategy targets growth and buy-out opportunities, special situations and distressed transactions, where the team believes there is potential for shareholder value creation 1. The portfolio is typically concentrated, with between two and ten assets at any one time, which allows engaged involvement with management teams 1. The permanent capital structure allows holding periods longer than typical private equity funds 1.
Structural risks include dependence on service providers, as the company has no direct employees and no internal audit function, with these functions delegated to third parties 1. The board notes that EPIC holds the largest shareholding, creating alignment but also a shareholder with significant influence 1.
Segments
Luceco
Luceco, a listed company EPIC previously advised, reported sales in the region of 240 million pounds for the year to December 2024, with organic growth of 5% on a constant currency basis 1. Growth was supported by the residential EV charger division, and the company completed the acquisitions of D-Line and CMD in 2024 1.
Pharmacy2U
Pharmacy2U is focused on repeat NHS prescriptions, which comprise around 80% of the community prescription market, and reported latest sales of 258 million pounds for 2024 1. The integration of LloydsDirect added scale, and the company expanded into pet care through the acquisition of The PharmaPet Co 1.
Whittard of Chelsea
Whittard of Chelsea delivered solid growth, with like-for-like UK store sales rising and new stores opened, and continued expansion in the US market including with Sam's Club 1. The outlook cites a strong brand and omni-channel platform that could benefit from international growth opportunities 1.
Market context
The target market is the UK lower mid-market, where the company identifies a large universe of potential transactions, low competition for deals and a funding gap as companies struggle to access bank financing 1. Entry valuations are described as attractive, and many owner-managers seek funding partners for growth or liquidity 1.
Portfolio values depend on capital market conditions and macro volatility, and the advisor warns that the fair market value remains exposed to a volatile macro environment and equity market valuations 1. Mature unquoted assets are valued at a weighted average multiple of 7.8x EV/EBITDA after a liquidity discount 1.
Trends
- Funding gap for smaller firmstailwind
Companies in the lower mid-market find it difficult to obtain bank or alternative financing, which often drives them toward equity funding, a favourable backdrop for private equity investors 1.
- Macro volatilityheadwind
The advisor notes that the fair market value of the portfolio remains exposed to a volatile macro environment and equity market valuations, which could weigh on reported values if markets weaken 1.
- Owner liquidity demandtailwind
Many lower mid-market firms are owner-managed, and owners often seek funding partners to meet growth and liquidity objectives, which may create acquisition opportunities if prices remain attractive 1.
- Profitability pressure in some assetsheadwind
Rayware and David Phillips continue to face trading and profitability headwinds, which could extend restructuring timelines and weigh on portfolio results 1.
Competitive position
The company argues there is low competition for transactions in the lower mid-market, as investor engagement and buy-side competition are limited, which could favour better valuations for investors 1. Direct competitors include other private equity funds and growth investors active in the same UK segment, though the sources do not name them 1.
The claimed edge rests on a large number of deals reviewed each year, a network of industry relationships and EPIC's experience advising listed vehicles 1. If deal flow or network quality declined, the selection advantage could be reduced 1.
- Other UK private equity funds
The source does not name specific competitors but indicates other investors active in the UK lower mid-market 1.
- Growth capital investors
The source notes investors seeking companies with growth potential, which could compete for the same transactions 1.
- Banks and alternative lenders
The source describes banks and alternative lenders as financing sources for companies, and limited access to them creates opportunities for equity providers 1.
- Corporate finance advisers
The source mentions corporate advisory networks that bring transactions to the company, which could also mean competition for the same deals 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202527 May 2025
- Annual report 202411 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2025-01-31 (ESEF) · SEC / EPE Special Opportunities Limited · 31 Jan 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.