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New Century AIM VCT 2
(LSE:OVCT)
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Rating:50Neutral
Price Target:
21.00 p
▼(-18.29% Downside)
Action:Reiterated
Date:07/09/26
The score is held back primarily by persistent negative cash flow and historically unstable profitability, despite a debt-free balance sheet. Technicals also remain weak with the stock below major moving averages and negative momentum. Valuation is a relative positive due to a moderate P/E and high dividend yield, but it is not enough to offset the cash-flow and trend risks.
Positive Factors
Diversified VCT investment model
As a VCT focused on AIM-listed smaller growth companies, the vehicle structurally accesses a broad set of early-stage opportunities. Diversification across many small holdings spreads idiosyncratic risk and preserves long-term upside potential from successful high-growth investments.
Negative Factors
Persistent negative cash flow
Consistent negative operating and free cash flow over multiple years signals earnings quality problems: reported gains are not converting to cash. This constrains distributions, forces reliance on balance sheet liquidity or capital raises, and may require asset disposals at suboptimal times.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified VCT investment model
As a VCT focused on AIM-listed smaller growth companies, the vehicle structurally accesses a broad set of early-stage opportunities. Diversification across many small holdings spreads idiosyncratic risk and preserves long-term upside potential from successful high-growth investments.
Read all positive factors
New Century AIM VCT 2 (OVCT) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.48M
Dividend Yield6.75%
Average Volume (3M)2.20K
Price to Earnings (P/E)11.3
Beta (1Y)-0.09
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)N/A
Shares Outstanding7,784,400
10 Day Avg. Volume0
30 Day Avg. Volume2,202
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)0.89
Price to Sales (P/S)7.39
P/FCF Ratio-15.92
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)N/A
Revenue Forecast (FY)N/A
New Century AIM VCT 2 Business Overview & Revenue Model
Company Description
New Century AIM VCT 2 Plc is a venture capital trust, which invests its funds primarily in unlisted, UK listed, and AIM traded companies. The company was founded on April 4, 2007 and is headquartered in London, the United Kingdom....
How the Company Makes Money
OVCT makes money primarily from investment returns generated by its portfolio. Its key economic return streams are: (1) capital gains realized when portfolio holdings are sold (e.g., disposing of shares in AIM-quoted investee companies after price...
New Century AIM VCT 2 Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
76
Positive
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 224.00K | -527.00K | 174.00K | 25.00K | 455.00K |
| Gross Profit | 224.00K | -527.00K | 151.00K | -4.00K | 415.00K |
| EBITDA | 94.00K | -630.00K | -282.00K | -1.59M | 1.07M |
| Net Income | 94.00K | -630.00K | -282.00K | -1.59M | 1.07M |
Balance Sheet | |||||
| Total Assets | 1.89M | 1.47M | 2.24M | 2.54M | 3.86M |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 16.00K | 243.00K | 354.00K | 0.00 |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 39.00K | 27.00K | 30.00K | 131.00K | 19.00K |
| Stockholders Equity | 1.85M | 1.44M | 2.21M | 2.41M | 3.84M |
Cash Flow | |||||
| Free Cash Flow | -104.00K | -119.00K | -239.00K | -28.00K | -96.00K |
| Operating Cash Flow | -104.00K | -119.00K | -239.00K | -28.00K | -96.00K |
| Investing Cash Flow | 97.00K | 24.00K | 29.00K | 125.00K | 449.00K |
| Financing Cash Flow | 321.00K | -132.00K | 99.00K | 168.00K | -322.00K |
New Century AIM VCT 2 Peers Comparison
UnderperformOutperform
Sector (68)
GB:OVCT
New Century AIM VCT 2
19.00
-2.43
-11.33%
GB:GV1O
Gresham House Renewable Energy VCT 1 PLC
5.50
-3.11
-36.11%
GB:GV1A
Gresham House Renewable Energy VCT 1 Plc Class A
5.05
0.00
0.00%
GB:PUAL
Puma Alpha VCT Plc
85.50
-12.00
-12.31%
GB:TPV
Triple Point VCT 2011 PLC
87.00
1.99
2.34%
GB:PU13
Puma VCT 13 PLC
117.50
1.00
0.86%
New Century AIM VCT 2 Corporate Events
Regulatory Filings and Compliance
Oberon AIM VCT Directors Increase Shareholdings
Positive
Jul 9, 2026
Oberon AIM VCT plc has reported that chairman Geoffrey Gamble and director John Beaumont have both increased their personal holdings in the company through share purchases on 8 July 2026. Gamble acquired 25,000 ordinary shares at 20.25p, lifting h...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Oberon AIM VCT Wins Strong Shareholder Backing at 2026 AGM
Positive
Jun 30, 2026
Oberon AIM VCT plc reported that all resolutions at its 30 June 2026 annual general meeting were approved by shareholders, covering routine business such as adoption of the 2025 financial statements, declaration of a final dividend of 1.35 pence p...
Business Operations and StrategyStock BuybackDividendsPrivate Placements and FinancingShareholder Meetings
Oberon AIM VCT Sets AGM to Back Expansion, Dividend and Capital Flexibility
Positive
Jun 1, 2026
Oberon AIM VCT PLC has called its nineteenth Annual General Meeting for 30 June 2026 in London, where shareholders will vote on routine matters including adoption of the 2025 accounts, approval of a final dividend of 1.35 pence per share, the dire...
Other
Oberon AIM VCT Chair and Investment Manager Lift Stakes in Trust
Positive
May 19, 2026
Oberon AIM VCT plc reported that its chairman, Geoffrey Gamble, and its investment manager, Simon Like, have both increased their personal stakes in the venture capital trust. Gamble bought 25,000 ordinary shares at 20.25p, lifting his holding to ...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Oberon AIM VCT Posts NAV Gain and Lifts Dividend as It Launches New Share Offer
Positive
Apr 30, 2026
Oberon AIM VCT plc reported a modestly improved performance for the year to 31 December 2025, with net asset value per share rising 2.5% to 26.44 pence and total return per share recovering to 1.45 pence from a loss the prior year. Shareholders...
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.