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NAHL Group Plc
(LSE:NAH)
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Rating:75Outperform
Price Target:
45.00 p
▲(26.05% Upside)
Action:Upgraded
Date:10/07/26
The score is driven by strong earnings-call momentum (upgraded outlook and expected move to net cash), attractive valuation (low P/E), and supportive technical uptrend (price above major moving averages with positive MACD). The main constraint is financial volatility, highlighted by the large 2024 loss despite the 2025 recovery and steady free cash flow.
Positive Factors
Profitability rebound and operating growth
The return to stronger revenue and profit growth indicates improved operating performance across the group after a difficult period. Rising underlying profit and EPS provide greater internal funding capacity and suggest that the business can convert demand and operational improvements into earnings over the next several quarters.
Negative Factors
Earnings volatility
The sharp swing from a large loss to renewed profitability shows that earnings remain sensitive to operating and case outcomes. This volatility can make future results less predictable, limit confidence in margin sustainability, and constrain the group’s ability to plan investment and capital allocation consistently.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability rebound and operating growth
The return to stronger revenue and profit growth indicates improved operating performance across the group after a difficult period. Rising underlying profit and EPS provide greater internal funding capacity and suggest that the business can convert demand and operational improvements into earnings over the next several quarters.
Read all positive factors
NAHL Group Plc (NAH) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£21.61M
Dividend Yield7.11%
Average Volume (3M)174.41K
Price to Earnings (P/E)6.0
Beta (1Y)-0.15
Revenue Growth1.45%
EPS GrowthN/A
CountryUK
Employees261
SectorCommunication Services
Sector Strength97
IndustryAdvertising Agencies
Share Statistics
EPS (TTM)0.07
Shares Outstanding48,463,104
10 Day Avg. Volume400,744
30 Day Avg. Volume174,415
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.74
Price to Sales (P/S)0.42
P/FCF Ratio2.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.05
Revenue Forecast (FY)£38.20M
NAHL Group Plc Business Overview & Revenue Model
Company Description
NAHL Group Plc, along with its subsidiaries, delivers a diverse range of products and services to both private individuals and businesses across the United Kingdom. The company primarily targets two key sectors: consumer legal support and the intr...
How the Company Makes Money
NAHL Group historically generates revenue primarily by (1) marketing and lead generation for consumer legal claims and (2) monetising those enquiries through referral/marketing fees or other commercial arrangements with law firms or legal service ...
NAHL Group Plc Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 13, 2027
Earnings Call Sentiment Positive
The call was broadly positive. The group delivered revenue, profit and cash-flow growth, reduced net debt to its lowest level since IPO, reported strong personal injury settlements and pipelines, and upgraded expectations to reach net cash by the end of October. These positives outweighed challenges in case management, expert-witness capacity, higher inquiry acquisition costs, a smaller recent National Accident Law intake and court-related delays.Positive Updates
Revenue and Profit Growth
Continuing-operations revenue increased 5% to GBP 18.3 million, while profit before tax rose 31% to GBP 2.3 million. Underlying operating profit increased by GBP 0.4 million to GBP 3.4 million, and basic EPS increased 30% to 3.5p.
Negative Updates
Case Management Revenue Decline
The case management market remained challenging, and Bush & Co. case management revenue declined 8%. Management cited fewer new initial needs assessment instructions, lower average invoice values for ongoing case management, fewer cases billed each month and increased discharges.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Profit Growth
Continuing-operations revenue increased 5% to GBP 18.3 million, while profit before tax rose 31% to GBP 2.3 million. Underlying operating profit increased by GBP 0.4 million to GBP 3.4 million, and basic EPS increased 30% to 3.5p.
Read all positive updates
Company Guidance
The Board upgraded its previous expectations for 2026 outturn and now anticipate being in a net cash position by the end of October for the first time since IPO; the sale of Searches UK is expected to complete shortly, with around GBP 1.1 million in cash on completion, while the GBP 1.85 million contract-dispute settlement is due to be paid on or before the 15th of October 2026. NAL case revenues are expected to be lower over the coming periods on an absolute basis, although July and August settlements were 3% fewer and cash from those settlements was up 22% to GBP 1.8 million; Bush & Co. expects report numbers to grow in the future, its new technology to come online over the next few months, and the transition to its employed case management team to complete fully by early next year. Bush & Co. Care Solutions anticipates breaking through the GBP 1 million revenue barrier this year, while options are being progressed to accelerate growth even further over the next few years.NAHL Group Plc Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 39.18M | 40.04M | 38.80M | 42.19M | 41.42M | 38.95M |
| Gross Profit | 20.44M | 19.90M | 18.37M | 18.71M | 16.19M | 15.92M |
| EBITDA | 7.81M | 7.97M | -36.71M | 3.32M | 6.48M | 5.91M |
| Net Income | 3.59M | 3.26M | -39.29M | 384.00K | 385.00K | 156.00K |
Balance Sheet | ||||||
| Total Assets | 47.89M | 46.10M | 47.90M | 91.91M | 96.21M | 97.87M |
| Cash, Cash Equivalents and Short-Term Investments | 3.16M | 1.51M | 1.85M | 2.01M | 2.65M | 2.46M |
| Total Debt | 5.34M | 5.88M | 10.44M | 13.44M | 17.93M | 20.11M |
| Total Liabilities | 23.38M | 23.48M | 28.77M | 33.85M | 38.89M | 41.25M |
| Stockholders Equity | 24.51M | 22.62M | 19.13M | 58.06M | 57.32M | 56.62M |
Cash Flow | ||||||
| Free Cash Flow | 7.06M | 6.54M | 4.89M | 7.20M | 5.74M | 4.52M |
| Operating Cash Flow | 7.13M | 6.60M | 5.08M | 7.51M | 6.02M | 5.14M |
| Investing Cash Flow | -2.33M | -2.37M | -130.00K | -339.00K | -3.56M | -4.04M |
| Financing Cash Flow | -3.25M | -4.57M | -5.11M | -7.82M | -2.26M | -2.25M |
NAHL Group Plc Technical Analysis
Positive
35.70
Price Trends
36.10
Positive
36.10
Positive
35.32
Positive
Market Momentum
2.22
Negative
73.11
Negative
95.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NAH, the sentiment is Positive. The current price of 35.7 is below the 20-day moving average (MA) of 38.45, below the 50-day MA of 36.10, and above the 200-day MA of 35.32, indicating a bullish trend. The MACD of 2.22 indicates Negative momentum. The RSI at 73.11 is Negative, neither overbought nor oversold. The STOCH value of 95.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NAH.
NAHL Group Plc Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £21.61M | 5.99 | 15.24% | 7.11% | 1.45% | ― | |
67 Neutral | £43.90M | 33.43 | 9.14% | 1.73% | -1.27% | -70.61% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | £22.65M | -1.46 | -26.56% | 0.22% | 13.48% | -495.86% | |
47 Neutral | £13.37M | -3.00 | -19.11% | 1.38% | -6.88% | 63.74% | |
47 Neutral | £19.37M | -27.45 | -10.38% | ― | 2.25% | -158.24% |
* Communication Services Sector Average
GB:NAH
NAHL Group Plc
44.60
3.00
7.21%
GB:EBQ
Ebiquity
9.63
-4.88
-33.62%
GB:TMG
The Mission Group
25.00
1.50
6.38%
GB:SYS1
System1
346.00
110.30
46.80%
GB:DNM
Dianomi Plc
64.50
44.00
214.63%
NAHL Group Plc Corporate Events
Business Operations and StrategyFinancial DisclosuresLegal ProceedingsM&A Transactions
NAHL Group lifts profits, cuts debt as legal and critical care units grow
Positive
Sep 30, 2026
NAHL Group reported a solid first half, with revenue up 5% to £18.3m, underlying operating profit rising 13% and profit before tax jumping 31% to £2.3m, supported by strong cash generation and a two-thirds reduction in net debt to £...
Business Operations and StrategyFinancial DisclosuresLegal Proceedings
NAHL Group secures £1.85m settlement in contract dispute
Positive
Sep 28, 2026
NAHL Group has resolved a long-running contract dispute with a supplier in its Consumer Legal Services division, securing a £1.85m payment due by 15 October 2026 in full and final settlement. The income had not been included in prior financia...
Business Operations and StrategyFinancial Disclosures
NAHL Group to unveil half-year results with open investor webcast
Neutral
Sep 23, 2026
NAHL Group plc, a leading player in the UK consumer legal services sector, operates across two main divisions: Consumer Legal Services, which supports law firms and claimants through brands including National Accident Helpline and National Acciden...
Business Operations and StrategyM&A Transactions
NAHL Group to Sell Non-Core Searches UK Unit to TM Group
Positive
Aug 27, 2026
NAHL Group Plc has agreed to sell its non-core subsidiary Searches UK Limited, a provider of residential and commercial property conveyancing searches, to TM Group (UK) Limited for an enterprise value of £1.23m. Searches UK, acquired in 2016 ...
Business Operations and StrategyFinancial Disclosures
NAHL Group lifts profits and slashes net debt as it reshapes Critical Care operations
Positive
Jul 22, 2026
NAHL Group Plc reported that first-half 2026 trading was in line with expectations, with revenue rising 3% to about £19.7m and underlying operating profit up around 8% to £3.4m, supported by strong cash generation that lifted free cash f...
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.