olivLaw · European equity research
Triple Point Venture VCT PLC TPV.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Triple Point Venture VCT PLC is a UK venture capital trust that invests in small and medium-sized unquoted companies and offers investors tax reliefs and tax-free dividends. In the year to 28 February 2025, total return was 0.81%, and the fund kept substantial liquidity to support its investment plan.
At the close of 05 Nov 2026, Triple Point Venture VCT PLC (TPV.L) stock was 0.01 GBP (+0.00% on the day), with dividend yield 451.98%, 52-week range 0.01–0.89 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)
- 45.4
- neutral
- Bollinger (20, 2)
- -0.48 – 0.75
- in the lower half of the band · %B 0.40 · band width 891.4%
- SMA 50 / 200
- 0.34 / unavailable
- MACD (12, 26, 9)
- -0.11 / -0.12
- 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 | −99.0% | −0.2% | −98.8 pp | — |
| 3 months | +1.7% | −5.4% | +7.1 pp | — |
| 6 months | unavailable | +4.4% | unavailable | — |
| Year to date | +1.1% | +6.5% | −5.3 pp | — |
| 1 year | unavailable | +10.0% | unavailable | +4.0% |
| 3 years | −99.0% | +48.6% | −147.6 pp | +24.3% |
| 5 years | unavailable | +41.4% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -1.4 m | -785.0 k | 636.0 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 28 Feb 2025
- Cash
- 28.6 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 83.5 m GBP
- Total assets
- 84.1 m GBP
- Debt / equity
- unavailable
- Current ratio
- 54.12x
- ROE
- 0.9%
- ROA
- 0.9%
- 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 | 18.2 m | 18.2 m | 28.6 m | esef· 01 Jul 2025verified |
| Receivables | 667.0 k | 356.0 k | 2.4 m | esef· 01 Jul 2025verified |
| Current assets | 18.9 m | 18.9 m | 31.8 m | esef· 01 Jul 2025verified |
| Total assets | 50.9 m | 62.7 m | 84.1 m | esef· 01 Jul 2025verified |
| Accounts payable | 7.0 m | 483.0 k | 588.0 k | esef· 01 Jul 2025verified |
| Current liabilities | 7.1 m | 483.0 k | 588.0 k | esef· 01 Jul 2025verified |
| Equity | 43.8 m | 62.2 m | 83.5 m | esef· 01 Jul 2025verified |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -2.5 m | -1.6 m | -4.1 m | esef· 01 Jul 2025verified |
| Investing cash flow | -1.7 m | -11.3 m | -6.2 m | esef· 01 Jul 2025verified |
| Financing cash flow | 16.2 m | 12.9 m | 20.7 m | esef· 01 Jul 2025verified |
| Dividends paid | 1.7 m | 7.1 m | 2.3 m | esef· 01 Jul 2025verified |
| Share repurchases | 211.0 k | 182.0 k | 467.0 k | esef· 01 Jul 2025verified |
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: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
4% · 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: 1 of at least 6; score weight coverage: 4.2% 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 | 54.1x | 100 (on a fixed band) | 100% |
| 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
- Quality· partialunavailable · 0/3 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
TRIPLE POINT VENTURE VCT PLC (TPV.L). Latest full fiscal year: 2025; data up to 2025-02-28.
Figures computed from the financial statements: ROE 0.9%.
The estimated value range is 0.39–0.48 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.43 GBP, the price of 0.01 GBP leaves a potential of 4,800.4% (value / price − 1) and a margin of safety of 98.0% (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: 1 of at least 6; score weight coverage: 4.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 54.1x
- The price is below the estimated value range
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): ROIC, Net margin, 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 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. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| 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% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for TPV.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
Triple Point Venture VCT PLC is a UK venture capital trust that invests in small and medium-sized unquoted companies and offers investors tax reliefs and tax-free dividends. In the year to 28 February 2025, total return was 0.81% 1, and the fund kept substantial liquidity to support its investment plan.
SWOT
Strengths
- The fund benefits from high liquidity and an approved VCT status, which allows it to offer tax advantages to investors.
- The portfolio is diversified by sector and by number of holdings, which reduces the risk of the whole.
- The investment manager closely monitors portfolio companies, sometimes through board seats or observer rights.
Weaknesses
- Investments in unquoted companies are hard to sell, so values may be difficult to realise on time.
- Net asset value per share fell in the year under review because dividends exceeded gains.
- Dependence on the investment manager and its relationships is a structural vulnerability of the fund.
Opportunities
- A recovery in capital markets could open more exits through flotations or acquisitions.
- Raising new capital could finance additional investments in companies with high growth potential.
- Adoption of artificial intelligence could create new investment opportunities in software companies.
Threats
- Legislative changes could alter the VCT status and the tax rules applicable to investors.
- A deteriorating macroeconomic environment could affect financing and revenues of portfolio companies.
- Geopolitical tensions could disrupt exit markets and investor confidence across all sectors.
Risks
- Loss of VCT statushigh
Loss of VCT approval could lead to losing the capital gains tax exemption and to investors being required to repay the initial income tax relief.
- Investment riskhigh
Unquoted companies are riskier and less liquid than listed companies, which can affect returns and the timing of exits.
- Liquidity and funding riskmedium
The fund does not finance its activity through borrowing, but dependence on new capital and cash could become a problem if fundraising declines.
- Legislative riskmedium
Future governments could change the tax treatment of VCTs, which could alter conditions for investors.
- Macroeconomic and geopolitical riskmedium
An unstable economic environment and geopolitical tensions could affect portfolio companies and exit markets.
Investment thesis
What would need to be true (bull case)
- If capital markets recover, exits from the portfolio could bring gains and tax-free dividends to investors.
- Solid liquidity and the ability to attract new funds could allow additional investment in companies with growth potential.
- Portfolio diversification could limit the impact of individual company failures on overall returns.
What would break the thesis
- If interest rates stay high, exits could be delayed and net asset value could fall further.
- Operating costs could reduce net returns for shareholders, especially if portfolio gains remain modest.
- Legislative changes or loss of VCT status could cancel the tax advantages that attract investors.
What to watch
- Pace of new fundraising and how new funds are deployed into investments2027
- Number and return of exits realised from the portfolio2027
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 is a venture capital trust (VCT) approved by HMRC, which raises funds from investors and places them in unquoted companies, mainly in software and digital services with high growth potential 1. The stated objective is to combine up-front income tax relief, capital gains and tax-free dividends. The portfolio is managed by the investment manager Triple Point, and the board consists solely of non-executive directors.
The dividend policy aims to distribute most of net income, subject to distributable reserves and liquidity, with a medium-term target of regular dividends of up to five pence per share per year 1. The buy-back policy offers liquidity to shareholders without firm commitment, at a target price at a discount to net asset value. The anticipated holding period is seven to ten years, followed by exits through trade sales or private equity acquisitions.
At 28 February 2025, net asset value per share was 95.44 pence, down from the prior year because dividends paid exceeded gains from the portfolio 1. Operating costs remained below the cap of 3.5% of net asset value, and the fund continued to raise new capital, which strengthened its liquidity position.
Segments
Investments in unquoted companies
The portfolio consists of small and medium-sized unquoted companies, mostly software-based businesses, diversified by sector and by number of holdings, currently around 50 1. Investments are medium to long-term and relatively illiquid, which is why the fund avoids financing through borrowing.
Liquidity and funds
The fund keeps cash available for running costs, dividend payments and new investments, and funds raised after the balance sheet date have strengthened this position 1. Cash outflows are considered discretionary, particularly dividends and new investments.
VCT status and tax framework
Maintaining approved VCT status is essential for the tax benefits offered to investors, and compliance is monitored continuously with the help of an independent adviser 1. Investors can receive income tax relief on subscription but must hold their shares for at least five years to keep it.
Market context
The fund operates in the market for venture capital investment in unquoted UK technology companies, particularly software, fintech and digital health. Performance depends on the existence of exits such as sales, acquisitions or flotations, and these markets can be affected by high interest rates and weak public markets 1.
The macroeconomic environment has remained uncertain after the pandemic-era boom, and monetary tightening and inflation could lengthen holding periods and make it harder for B2B startups to win new contracts 1. Investor demand for capital and financing conditions largely determine the growth pace of portfolio companies.
Trends
- High interest rates and cautious marketsheadwind
High interest rates and cautious capital markets reduce the number of IPOs and acquisitions, which could lengthen holding periods for investments 1.
- Demand for software solutions for companiestailwind
Many portfolio companies solve problems for established corporates, which can support growth if demand for digital solutions stays high 1.
- Geopolitical uncertaintyheadwind
Conflicts and trade tensions could disrupt supply chains and investor confidence, affecting exit markets across all sectors 1.
- Artificial intelligencemixed
Adoption of artificial intelligence can bring efficiency and new investment opportunities, but also volatility and uncertainties that the fund monitors actively 1.
Competitive position
The fund competes with other VCTs and venture capital funds that attract investors with the same tax advantages and seek unquoted technology companies in the UK. Differentiation depends on investment selection, the ability to achieve timely exits and administrative costs.
High operating costs could reduce net returns for investors, so comparing ongoing charges is an important criterion when choosing a VCT 1. The company remains vulnerable relative to larger funds that can finance companies at more advanced stages.
- Other UK VCTs managed by investment managers
Similar funds listed in London that raise capital from investors and invest in unquoted UK companies.
- UK venture capital and growth equity funds
Investors competing for the same deals in early-stage and growth technology companies.
- Private equity funds
Potential buyers of portfolio companies that can also compete for acquisition opportunities.
- Globally oriented growth capital funds
Investors that can finance later rounds of portfolio companies and become buyers of stakes.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202501 Jul 2025
- Annual report 202428 Aug 2024
Sources
- [1] Annual report, fiscal year ended 2025-02-28 (ESEF) · SEC / Triple Point Venture VCT PLC · 28 Feb 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.