olivLaw · European equity research
WORLDSEC LIMITED WSL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
WORLDSEC LIMITED is a London-listed investment group whose main holdings include stakes in Animoca, ByteDance and Dingdong, with a recent push into digital assets, stablecoins and tokenisation of real-world assets. For investors, the key question is how much value depends on a few large holdings and on the exit deals announced in 2026, especially the sale of Dingdong's China business to Meituan for up to 997 million USD.
At the close of 04 Nov 2026, WORLDSEC LIMITED (WSL.L) stock was 0.02 GBP (+0.00% on the day), with beta -21.51, 52-week range 0.00–0.02 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)
- 0.00 – 0.02
- in the upper half of the band · %B 0.63 · band width 197.5%
- SMA 50 / 200
- 0.01 / 0.00
- uptrend (price > SMA50 > SMA200)
- 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 | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | +9,900.0% | +4.3% | +9,895.7 pp | — |
| Year to date | +11,438.5% | +7.5% | +11,431.0 pp | — |
| 1 year | unavailable | +9.9% | unavailable | +5.8% |
| 3 years | unavailable | +49.8% | unavailable | +26.3% |
| 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
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 | 112.0 k | 118.0 k | 724.0 k |
| Revenue YoY | unavailable | +5.4% | +513.6% |
| Net income | 58.0 k | -55.0 k | 215.0 k |
| Net income YoY | unavailable | −194.8% | unavailable |
| Diluted EPS | unavailable | -0.06 | 0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 51.8% | -46.6% | 29.7% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 923.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.7 m USD
- Total assets
- unavailable USD
- Debt / equity
- unavailable
- Current ratio
- 10.96x
- ROE
- 3.9%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 112.0 k | 118.0 k | 724.0 k | esef· 12 May 2026verified |
| Interest expense | 3.0 k | 5.0 k | 2.0 k | esef· 12 May 2026verified |
| Pre-tax income | 58.0 k | -55.0 k | 215.0 k | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | 58.0 k | -55.0 k | 215.0 k | esef· 12 May 2026verified |
| Diluted EPS | — | -0.06 | 0.25 | esef· 12 May 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 m | 701.0 k | 923.0 k | esef· 12 May 2026verified |
| Current assets | 1.8 m | 1.5 m | 2.5 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 0 | 0 | 0 | esef· 12 May 2026verified |
| Current liabilities | 227.0 k | 212.0 k | 227.0 k | esef· 12 May 2026verified |
| Equity | 5.5 m | 5.4 m | 5.7 m | esef· 12 May 2026verified |
| Shares outstanding at year end | — | 916.7 k | 860.0 k | esef· 12 May 2026derived |
Cash flow · USD
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: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 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
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.82 – 4.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.82 – 4.35 (Mid 3.61)17 companies used · median multiple 14.4x · quartiles 11.3x – 17.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 29.7% | 83 (vs peers) | 60% |
| 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 | 11.0x | 100 (on a fixed band) | 40% |
| 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· partial83/100 · 1/3 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
WORLDSEC LIMITED (WSL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 724.0 k USD in 2025; YoY growth 513.6%; net margin 29.7%; ROE 3.9%.
The estimated value range is 2.82–4.35 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. 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: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 29.7%
- Current ratio: 11.0x
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, 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 WSL.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
WORLDSEC LIMITED is a London-listed investment group whose main holdings include stakes in Animoca, ByteDance and Dingdong, with a recent push into digital assets, stablecoins and tokenisation of real-world assets 1. For investors, the key question is how much value depends on a few large holdings and on the exit deals announced in 2026, especially the sale of Dingdong's China business to Meituan for up to 997 million USD 1.
SWOT
Strengths
- The group has no debt, low operating costs and unrestricted liquid cash, giving it flexibility in difficult periods 1.
- The portfolio is diversified across digital-asset companies, ByteDance and Dingdong, which reduces reliance on a single position 1.
- Animoca holds regulatory licences in Abu Dhabi and Dubai, which could help it reach institutional clients in the region 1.
Weaknesses
- Dependence on a few key executives is high, and their contracts require only six months' notice, which exposes the group to key-person risk 1.
- The group has not yet achieved consistent profitability, and board composition does not meet its gender diversity targets 1.
- There is no nomination committee and no senior independent director, which limits formal oversight of appointments 1.
Opportunities
- If the Meituan transaction completes, cash distributions to shareholders could release value to investors 1.
- Stablecoins and real-world asset tokenisation could generate new revenue for Animoca if related projects reach their planned stages 1.
- A partnership in wealth management for Asian family offices could open a new business line if definitive agreements are signed 1.
Threats
- A severe economic slowdown or geopolitical tension in Greater China and South East Asia could seriously harm the group's investments 1.
- Competition for quality deals from funds holding unused capital could limit investment opportunities 1.
- Regulatory outcomes for ByteDance and TikTok in the US remain uncertain, and their resolution could change the value of the stake 1.
Risks
- Target market riskhigh
An economic downturn or political tension in Greater China and South East Asia could affect the group's investments, a risk outside its control 1.
- Investment opportunity riskmedium
Competition for quality deals could reduce the number of attractive opportunities, and the group depends on their availability 1.
- Key person riskhigh
The group relies on a few executive directors to identify and exit investments, and losing them could affect strategy execution 1.
- Operational riskmedium
Failures of internal control or compliance could lead to losses or reporting errors, although the group has set up controls to prevent them 1.
- Financial risklow
The group is exposed to market, credit and liquidity risks managed at its operating subsidiary, which remain relevant to portfolio value 1.
Investment thesis
What would need to be true (bull case)
- If the Meituan transaction completes and capital is distributed to shareholders, the realised value could support the share price, given the absence of debt 1.
- Growing use of ByteDance's AI models could support the value of the Homaer stake if secondary-market valuations hold 1.
- Animoca's expansion into tokenisation and stablecoins could generate new revenue if its associated projects reach their planned stages 1.
What would break the thesis
- Dingdong's margins fell in the second half of 2025, and if the Meituan transaction does not complete, margin pressure could continue 1.
- The group's value depends on a few large holdings, so a lower valuation of ByteDance or digital assets could strongly affect results 1.
- Key-person risk is high, and the lack of formal nomination and oversight mechanisms could weigh on investor confidence 1.
What to watch
- Completion of the Dingdong China business sale to Meituan and the distribution of cash to shareholders2026
- Mainnet launch of SANDchain and progress of the NUVA and Anchorpoint projects2026
- Final approvals from the Abu Dhabi Global Market for Animoca's fund management activity2026
- Dingdong's 2026 results and gross margin trend, if the group continues to report separatelynext 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
The group invests in small and medium-sized companies in Greater China and South East Asia, with a diversified portfolio and no borrowings, according to the 2025 annual report 1. Its core activity is managing investments through the board, without an external manager, and executives are directly responsible for identifying and monitoring targets 1. The group has no debt and runs with low operating costs, making it more an investment vehicle than an operating company 1.
The main digital-asset holding is Animoca, which the report says is broadening its focus from blockchain entertainment toward stablecoins, real-world asset tokenisation, DeFi, DePIN and AI, positioning itself as a diversified Web3 conglomerate 1. The group also holds shares in Dingdong, listed in New York, and an indirect stake in ByteDance through the Homaer Fund 1.
The capital structure rests on a few concentrated positions, and the digital-asset part is more volatile than the ByteDance or Dingdong stakes, so the group's valuation depends on exit transactions and distributions to shareholders 1.
Segments
Digital assets (Animoca)
Animoca is active in equity tokenisation, digital asset platforms and regulation in Abu Dhabi and Dubai, and in March 2026 announced the disposal of 60% of GAMEE for up to 11 million USD 1.
Market context
The group operates in private investment in Greater China and South East Asia, where competition for quality deals remains intense because of capital raised during the low-rate era 1. In digital assets, the report describes rapid institutional adoption of stablecoins and RWA tokenisation under improving regulatory clarity 1.
For ByteDance, the report points to resilient advertising demand and growth in e-commerce through TikTok Shop and Douyin, while online grocery margins in China remain pressured by competition and acquisition costs 1.
Trends
- Tokenisation of real-world assets and stablecoinstailwind
Institutional adoption of stablecoins and RWA tokenisation could open new revenue streams for Animoca, if projects such as NUVA and Anchorpoint reach their planned stages 1.
- Regulation of digital assetsmixed
Licences obtained in Abu Dhabi and Dubai could widen access to institutional investors, but clearer regulation remains conditional on final approvals 1.
- Margin pressure in online groceryheadwind
Dingdong's margins fell in the second half of 2025, showing that a low-margin model is vulnerable to product costs and loyalty programmes 1.
- ByteDance's heavy AI investmentmixed
ByteDance's AI spending could support the value of the Homaer stake if usage growth continues, though infrastructure costs remain high 1.
Competitive position
In private investment, competition is intense from funds that raised capital in 2022 and 2023 and are seeking quality deals, which limits the group's opportunities 1. In digital assets, Animoca competes with other tokenisation platforms and blockchain infrastructure providers, while in online grocery Dingdong faces other players in China 1.
The report does not name competitors explicitly, but describes the markets it operates in: private funds, tokenisation platforms, e-commerce platforms and cloud AI providers, so the list below is limited to what can be inferred from the text 1.
- Meituan
Buyer of Dingdong's China grocery business, which would become a main rival in fresh-produce delivery if the deal closes 1.
- TikTok Shop
E-commerce platform competing for advertising and commerce budgets in the US and Europe, part of the ByteDance ecosystem 1.
- Chinese AI cloud providers
Competitors for AI infrastructure services, including Volcano Engine, which sits within the ByteDance business 1.
- Other digital-asset investment funds
Firms competing for tokenisation and stablecoin deals, mainly in Hong Kong and the Middle East 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / WORLDSEC LIMITED · 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.