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Access Intelligence
(LSE:PULS)
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Rating:42Neutral
Price Target:
18.00 p
▼(-25.00% Downside)
Action:Reiterated
Date:09/12/26
The score is weighed down primarily by weak financial performance (declining revenue, persistent net losses, and margin compression) and very bearish technicals (price far below key moving averages with negative momentum). The main support comes from a modestly levered balance sheet and a rebound to positive operating/free cash flow in 2025, though cash flow volatility and a negative P/E limit the valuation case.
Positive Factors
Modest Leverage
Modest leverage reduces fixed financial obligations and preserves flexibility to fund operations, invest in platforms, or withstand weaker trading. Compared with a highly levered structure, the balance sheet gives management more room to address profitability challenges without immediate refinancing pressure.
Negative Factors
Declining Revenue
Repeated revenue declines indicate that the company is not currently expanding its addressable customer activity or fully retaining existing demand. The 2025 contraction is especially concerning because sustained top-line weakness can reduce operating leverage and limit investment capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Modest Leverage
Modest leverage reduces fixed financial obligations and preserves flexibility to fund operations, invest in platforms, or withstand weaker trading. Compared with a highly levered structure, the balance sheet gives management more room to address profitability challenges without immediate refinancing pressure.
Read all positive factors
Access Intelligence (PULS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£27.80M
Dividend Yield12.5%
Average Volume (3M)47.98K
Price to Earnings (P/E)―
Beta (1Y)0.31
Revenue Growth4.57%
EPS Growth-3.85%
CountryUK
Employees779
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.06
Shares Outstanding135,593,480
10 Day Avg. Volume11,512
30 Day Avg. Volume47,975
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)1.37
Price to Sales (P/S)0.79
P/FCF Ratio13.35
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)0.03
Revenue Forecast (FY)£63.50M
Access Intelligence Business Overview & Revenue Model
Company Description
Pulsar Group plc, along with its various subsidiaries, delivers cloud-based software solutions and related services. These offerings cater to a diverse clientele, including leading consumer brands, major corporations, marketing firms, and governme...
How the Company Makes Money
Access Intelligence makes money by monetizing its B2B information assets and audience through a mix of recurring and campaign-based revenues. Key revenue streams typically include: (1) Subscriptions and data/services: selling access to proprietary...
Access Intelligence Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
63
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 64.07M | 61.17M | 62.00M | 62.40M | 65.71M | 33.30M |
| Gross Profit | 35.20M | 35.08M | 45.11M | 46.06M | 49.80M | 25.05M |
| EBITDA | 14.98M | 9.90M | 1.49M | -2.83M | -249.00K | -4.97M |
| Net Income | -7.67M | -9.64M | -6.57M | -7.90M | -4.19M | -8.71M |
Balance Sheet | ||||||
| Total Assets | 92.61M | 86.27M | 88.40M | 90.69M | 93.68M | 101.21M |
| Cash, Cash Equivalents and Short-Term Investments | 1.49M | 384.00K | 1.00M | 2.25M | 4.92M | 13.46M |
| Total Debt | 9.21M | 8.18M | 9.18M | 2.53M | 2.52M | 4.37M |
| Total Liabilities | 56.93M | 50.87M | 45.72M | 41.00M | 33.30M | 40.20M |
| Stockholders Equity | 35.69M | 35.40M | 42.68M | 49.69M | 60.37M | 61.01M |
Cash Flow | ||||||
| Free Cash Flow | 5.07M | 3.63M | -7.03M | -527.00K | -6.08M | -6.00M |
| Operating Cash Flow | 5.17M | 3.73M | -74.00K | 8.56M | 2.47M | -2.38M |
| Investing Cash Flow | -5.69M | -5.98M | -5.52M | -9.07M | -8.54M | -44.24M |
| Financing Cash Flow | 3.35M | 1.59M | 1.42M | -2.04M | -2.63M | 58.65M |
Access Intelligence Technical Analysis
Negative
24.00
Price Trends
31.05
Negative
35.09
Negative
38.49
Negative
Market Momentum
-2.89
Positive
2.87
Positive
16.83
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:PULS, the sentiment is Negative. The current price of 24 is below the 20-day moving average (MA) of 24.25, below the 50-day MA of 31.05, and below the 200-day MA of 38.49, indicating a bearish trend. The MACD of -2.89 indicates Positive momentum. The RSI at 2.87 is Positive, neither overbought nor oversold. The STOCH value of 16.83 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:PULS.
Access Intelligence Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | £42.54M | -70.55 | -0.98% | 8.38% | 19.31% | 64.00% | |
66 Neutral | £39.03M | 30.00 | 19.30% | 1.43% | 15.92% | 154.39% | |
65 Neutral | £70.67M | 20.58 | 18.91% | ― | -3.15% | -17.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | £33.80M | -105.18 | -1.32% | 0.04% | -41.95% | -106.40% | |
42 Neutral | £27.80M | -3.30 | -21.57% | 12.50% | 4.57% | -3.85% |
* Technology Sector Average
GB:PULS
Access Intelligence
18.50
-20.00
-51.95%
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91.00
-63.40
-41.06%
GB:IGP
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116.50
-53.50
-31.47%
GB:OMG
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1.66
4.46%
GB:SKL
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-22.73%
Access Intelligence Corporate Events
Regulatory Filings and Compliance
Pulsar Group Clarifies Kestrel-Linked Shareholding After Portfolio Transfer
Neutral
Aug 21, 2026
Pulsar Group plc has disclosed changes to the shareholdings associated with non-executive director Max Royde, following the transfer of 251,387 ordinary shares out of accounts under the discretionary management of Kestrel Partners LLP. The reshuff...
Business Operations and StrategyRegulatory Filings and Compliance
Pulsar Group Moves to Reassure Markets Over HMRC Tax Discussions
Positive
Aug 18, 2026
Pulsar Group Plc has responded to recent media speculation by confirming it is in regular dialogue with HM Revenue Customs over the timing of certain VAT and PAYE payments. The company has already made substantial tax payments and expects to sett...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Pulsar Group posts record revenue and strengthens balance sheet on enterprise and AI-led growth
Positive
Jul 20, 2026
Pulsar Group reported a robust first half to 31 May 2026, with annual recurring revenue rising to £67.2 million, record revenue up 10% to £33.0 million and adjusted EBITDA up 39% to £5.1 million, supported by a leaner cost base and ...
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.