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Manolete Partners Plc
(LSE:MANO)
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Rating:54Neutral
Price Target:
38.00 p
▲(0.00% Upside)
Action:Reiterated
Date:10/14/26
The score is held back mainly by inconsistent earnings/cash conversion and weak technical momentum (price below major moving averages with negative MACD). Offsetting factors include a relatively solid balance sheet and a reasonable P/E, while the latest earnings call adds a balanced outlook: strong forward-book growth and margin improvement, tempered by provisions/ECLs, modest near-term profit, and cash timing risks.
Positive Factors
Forward-book growth
A much larger forward book, higher average claim values and increased exposure to large cases provide stronger visibility into future completions. This supports potential revenue growth over the next several quarters and improves the portfolio’s ability to benefit from operating scale.
Negative Factors
Uneven earnings and cash conversion
Very low realized profit alongside zero free cash flow highlights weak conversion of case activity into dependable financial returns. Continued variability would make earnings less predictable and could constrain the internally generated cash available for new investments and operating commitments.
Read all positive and negative factors
Positive Factors
Negative Factors
Forward-book growth
A much larger forward book, higher average claim values and increased exposure to large cases provide stronger visibility into future completions. This supports potential revenue growth over the next several quarters and improves the portfolio’s ability to benefit from operating scale.
Read all positive factors
Manolete Partners Plc (MANO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£16.27M
Dividend Yield0.35%
Average Volume (3M)33.56K
Price to Earnings (P/E)14.9
Beta (1Y)0.62
Revenue Growth-7.28%
EPS Growth22.55%
CountryUK
Employees31
SectorIndustrials
Sector Strength72
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding43,985,966
10 Day Avg. Volume11,497
30 Day Avg. Volume33,563
Financial Highlights & Ratios
PEG Ratio0.98
Price to Book (P/B)0.57
Price to Sales (P/S)0.86
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£67.00Price Target Upside76.32% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.02
Revenue Forecast (FY)£35.00M
Manolete Partners Plc Business Overview & Revenue Model
Company Description
Headquartered in London, UK, Manolete Partners Plc is a specialist firm that finances legal disputes related to insolvency proceedings across the United Kingdom. Established in 2009, the company's primary activity involves acquiring and providing ...
How the Company Makes Money
Manolete Partners makes money by investing in insolvency litigation claims and earning returns from successful recoveries. Its core revenue model is case-based: the company funds the legal and associated costs of pursuing claims (including the use...
Manolete Partners Plc Earnings Call Summary
Earnings Call Date:Jun 25, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: strong forward-looking indicators (a materially larger forward book, higher average claim values, improved gross margins, and strategic hires/BD initiatives) suggest meaningful future revenue and margin upside. However, near-term financials show constraining factors — a very modest adjusted realized PBT after a significant specific provision, ECL charges, a small net cash outflow, capital tied up in non-core cartel claims, and a modest increase in net debt. Management has set clear medium-term targets and emphasized operational levers to drive growth, but investor concerns about debtor risk, timing of cash realization and capital allocation (including no near-term buybacks) temper the outlook.Positive Updates
Strong Forward Book Growth
Forward book increased by GBP 18 million (37% year-on-year) to GBP 67 million (excluding cartel cases); average claim value in the forward book rose from GBP 124,000 to GBP 158,000, with large cases (>= GBP 0.5m) now comprising GBP 32 million (up from GBP 21 million).
Negative Updates
Low Adjusted Realized PBT and Large Specific Provision
Adjusted realized PBT was only GBP 100,000 in FY 2026 after a GBP 1.8 million specific bad debt provision against two delayed debtor payments; excluding that provision adjusted realized PBT would have been GBP 1.9 million (versus GBP 0.8 million prior year).
Read all updates
Q4-2026 Updates
Positive
Negative
Strong Forward Book Growth
Forward book increased by GBP 18 million (37% year-on-year) to GBP 67 million (excluding cartel cases); average claim value in the forward book rose from GBP 124,000 to GBP 158,000, with large cases (>= GBP 0.5m) now comprising GBP 32 million (up from GBP 21 million).
Read all positive updates
Company Guidance
Management guided to a clear medium‑term (3–5 year) plan to drive realized revenues, profits and cash by increasing average realized revenue per completed case from £93k to £150k and average revenue per lawyer from £1.9m to £2.3m; supporting metrics include a record forward book of £67m (+£18m, +37% YoY) with average forward‑book claim value up to £158k (from £124k) and £32m of large cases (≥£0.5m, up from £21m). FY2026 trading showed realized revenue ~£28m, gross cash receipts £26.6m (+£1m, +4% YoY), adjusted realized PBT £0.1m (or £1.9m excluding a £1.8m specific bad‑debt provision), gross margin 37% (vs 32%), investment value of cases £46m (≈+£5m), £7.2m invested in new/ongoing cases (+5% YoY), and net debt slightly higher at £11.5m versus an HSBC RCF of £17.5m. Operational guidance emphasises keeping net debt under 50% of gross cash receipts, prioritising reinvestment in higher‑value cases and the legal team (three hires in FY26, selective future hires), converting the forward book (average case life ~14 months, ~12 months to collect, >90% settled by agreement), resolving cartel exposures and overdue debt (trade debtors overdue fell 18% to £12.3m; ECL charge £3.6m including £1.8m for two debtors with £4.7m net exposure), and returning capital to shareholders in the medium term (dividends/share buybacks possible, but no buybacks planned today).Manolete Partners Plc Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
72
Positive
Cash Flow
48
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 27.88M | 30.48M | 26.30M | 26.79M | 15.24M |
| Gross Profit | 10.42M | 10.43M | 10.14M | 9.61M | 4.99M |
| EBITDA | 2.74M | 1.50M | 2.50M | -3.02M | 4.85M |
| Net Income | 1.09M | 893.00K | 933.00K | -3.12M | 3.68M |
Balance Sheet | |||||
| Total Assets | 71.80M | 73.98M | 71.87M | 62.48M | 68.44M |
| Cash, Cash Equivalents and Short-Term Investments | 36.95M | 30.80M | 30.36M | 23.71M | 35.78M |
| Total Debt | 12.74M | 11.76M | 13.73M | 10.38M | 13.38M |
| Total Liabilities | 29.39M | 32.54M | 31.39M | 23.32M | 26.22M |
| Stockholders Equity | 42.40M | 41.44M | 40.47M | 39.16M | 42.22M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 2.53M | -1.39M | 7.50M | 2.88M |
| Operating Cash Flow | 6.98M | 2.53M | -1.39M | 7.50M | 2.88M |
| Investing Cash Flow | -7.17M | 22.00K | 16.00K | -5.81M | -6.47M |
| Financing Cash Flow | 750.00K | -3.31M | 2.19M | -3.32M | 4.70M |
Manolete Partners Plc Technical Analysis
Negative
38.00
Price Trends
38.50
Negative
39.40
Negative
44.42
Negative
Market Momentum
-0.36
Negative
41.85
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MANO, the sentiment is Negative. The current price of 38 is above the 20-day moving average (MA) of 37.80, below the 50-day MA of 38.50, and below the 200-day MA of 44.42, indicating a bearish trend. The MACD of -0.36 indicates Negative momentum. The RSI at 41.85 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:MANO.
Manolete Partners Plc Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £240.27M | 19.10 | 61.14% | 6.78% | 20.86% | 31.27% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | £98.18M | 31.78 | 4.61% | 7.41% | 8.23% | 118.63% | |
60 Neutral | £405.76M | 146.21 | 1.30% | 2.37% | 8.11% | -69.68% | |
54 Neutral | £16.27M | 14.86 | 2.62% | 0.35% | -7.28% | 22.55% | |
47 Neutral | £307.23M | -1.54 | -677.10% | 5.94% | -16.13% | -1315.87% |
* Industrials Sector Average
GB:MANO
Manolete Partners Plc
37.00
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-56.47%
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GB:KEYS
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Manolete Partners Plc Corporate Events
Business Operations and StrategyFinancial Disclosures
Manolete Partners Sets Record H1 Revenue as Forward Book Hits £69m
Positive
Oct 7, 2026
Manolete Partners reported record half-year realised revenue of £17.4 million for the six months to 30 September 2026, up 23% year-on-year, driven by a higher number of completed cases and a greater proportion of large claims. Despite lower g...
Business Operations and StrategyFinancial Disclosures
Manolete Partners Secures £3m Insolvency Case Settlement, Reaffirms Outlook
Positive
Oct 2, 2026
Manolete Partners Plc, the UK’s leading insolvency claims financing specialist, focuses on acquiring and managing insolvency-related litigation to deliver strong returns from a £500 million-a-year market. Backed by over 1,400 completed ...
Business Operations and StrategyShareholder Meetings
Manolete Partners Gains Shareholder Backing as All AGM Resolutions Pass
Positive
Sep 8, 2026
Manolete Partners Plc reported that all resolutions at its Annual General Meeting on 8 September 2026 were duly passed by shareholders, confirming ongoing support for the company’s governance and strategic direction. The vote results, to be ...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Manolete Partners Reports Strong Trading and Expanding Insolvency Claims Portfolio
Positive
Sep 8, 2026
Manolete Partners Plc, the UK’s leading insolvency claims financing specialist, operates in a fast-growing market focused on funding litigation arising from corporate and personal insolvencies. With more than 1,400 completed cases, nationwid...
Business Operations and StrategyFinancial DisclosuresShareholder Meetings
Manolete Partners Reports Positive Trading and Growing Case Book
Positive
Sep 8, 2026
Manolete Partners Plc, the UK’s leading insolvency claims financing company, operates in a growing market for funding litigation linked to corporate failures and restructuring. With more than 1,400 completed cases and repeated top-tier legal...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
Manolete Partners Secures £3.4m Settlement in Major Insolvency Case
Positive
Aug 17, 2026
Manolete Partners Plc has secured a £3.425 million settlement from a large insolvency-related case completed in July 2026, with the cash received in the same month and contributing to realised revenues for the current financial year. The boar...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.