New Risk • Feb 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Dec 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 30% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jul 30
Yellow Cake plc, Annual General Meeting, Sep 04, 2025 Yellow Cake plc, Annual General Meeting, Sep 04, 2025. Location: 3rd floor, gaspe house, 66 72 the esplanade, st helier, je1 2lh, Jersey New Risk • Jul 25
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Announcement • Jul 25
Yellow Cake plc Announces Board Changes, Effective 25 July 2025 Yellow Cake appointment of Zoe Rizzuto as an independent non-executive director with effect from 25 July 2025. Zoe Rizzuto is an Executive Director at Langham HallFund Management (Jersey) Limited, having joined the firm in August 2014. She brings over 25 years of experience in Jersey's financial services industry. Ms Rizzuto holds board-level responsibility for the fund administration business in Jersey and has overseen all departments within Langham Hall Jersey during her tenure. Ms Rizzuto has extensive expertise in both private client services and fund administration, with over a decade spent in senior roles across these areas. She has worked with a diverse range of clients, structures, assets, and jurisdictions. She currently serves on the boards of several regulated and unregulated Jersey vehicles, managing a wide variety of assets, including residential and commercial property, investment portfolios, and debt structures. Ms Rizzuto is approved to act as a key person by the Jersey Financial Services Commission. Ms Rizzuto is a Chartered Secretary and an Associate of The Chartered Governance Institute. Ms Rizzuto's appointment follows the resignation of Claire Brazenallas an independent non-executive director with effect from 25 July 2025. Zoe Rizzuto is an Executive Director at Langham Hall Fund Management (Jersey) Limited. Langham Hall provides administration services to the Group, which will include the services of Ms Rizzuto. In addition, the Group's business relationship with Langham Hall is not considered material. Langham Hall has multiple similar relationships and Ms Rizzuto does not directly benefit from any fees paid by the Group to Langham Hall. No element of her compensation from Langham Hall is tied to her role as a director of Yellow Cake. Ms Rizzuto will not serve on the Company's audit, remuneration, or nomination committees. Zoe Amy Rizzuto(aged 48) has held the following directorships and/or partnerships in the past five years: Dove GP Limited; Paloma GP I Limited; Paloma GP II Limited; Paloma III GP Limited; Patron Capital GP V Limited; Patron Capital GP VI Limited; Patron Capital GP VII Limited; Patron Provincie Holdings Limited; Patron Provincie Limited; Prime London Residential Development Jersey GP Limited; Prime London Residential Development Jersey Holding Limited; Prime London Residential Development Jersey Master Holding Limited; Prime London Residential Development Jersey II GP Limited; Prime London Residential Development Jersey II Holding Limited; Prime London Residential Development Jersey II Master Holding Limited; Savills IM Single Asset Vehicle Fund ICC; Signal Credit GP Limited; Signal Capital Partners (Jersey) Holdco Limited; Signal RE GP Limited; Signal Alpha II GP Limited; Signal Alpha Management Limited; Signal Alpha III GP Limited; Yoo Capital Fund II GP Limited; Langham Hall Fund Management (Jersey) Limited; LHJ Nominees 1 Limited; LHJ Nominees 2 Limited; LHJ Secretaries Limited; LHJ Trustees Limited. Previous directorships or partnerships: - Aeon Capital investments GP Jersey Limited; ALW Value Investors Asia II GP Limited; ALW Value Investors Asia III GP Limited; VIA 111 Value Investors (Jersey) I Trustee Limited; ALW VIA III AIV GP Limited; ASF UK (Trustee) Limited; Cornbrook Manchester Limited; Vox OPCO Limited; Landmark Manchester Limited; Manchester Landmark Investment Ltd; Baumont Co-Invest General Partner Limited; Cordatus Real Estate (Jersey) GP Limited; Cordatus Real Estate Trustee Company Limited; Cordatus Jersey Nominee I Limited; DV4 Properties Orchard Brae co. Limited; EHP MidCo Limited; EHP BottomCo Limited; EHP Propco 1 Limited; EHP (GP) Limited; Elevation Managers GP Limited; EHP 2 (GP) Limited; EHP Co-invest GP Limited; EHP 3 (GP) Limited; 55 Plus Ltd; Alum BidCo II Limited; Hailsham House (New Road) Limited; Kettlewell House Limited; Liss Developments Limited; EHP (Buckingham) Limited; EHP BottomCo II Limited; Tanglewood (Propco) Limited; Tanglewood Care Homes Limited; Tanglewood (Lincolnshire) Limited; Tanglewood Properties (Lincolnshire) Limited; EHP (Liss) Limited; Berkley Care (Warwick) Limited; EHP (Louth) Limited; EHP II GP Limited; Augusta Real Estate Limited; AUG Limited; LISTA Limited; Lutetia Limited; BOB Limited; LOB Limited; HEREF Warwick Limited; HEREF Fareham Limited; Huris (Swindon) Limited; Huris (Thames Park) Limited; CL Mersey Holding Limited; WH 101 Old Hall Street Limited; CL Mersey Holding II Limited; CL Selby Holdings Limited; CL Abbey Limited; Picture Living unitholder Ltd;; Picture Living Trustee 1 Ltd;; Savills Investment Management (Jersey) Limited; Savills Investment Management (Jersey) Limited; Signal Capital Group Holdings Limited; Signal Credit GP Limited; Signal Credit Team GP Limited; Signal Capital Partners (Jersey) Holdco Limited; Signal Holdco GP Limited; Signal RE GP Limited; Signal Real Estate Team GP Limited; Signal Alpha II GP Limited; Signal Alpha II CIP GP Limited; Signal Alpha II CIP Team GP Limited; Signal Alpha II Finco Limited; Signal Alpha II Credit Holdco Limited; Stein Holdco Limited; Signal Alpha Jersey MC Limited; Stein Bidco Limited; SLF 2 Limited; SLF 3 Limited; Signal Alpha C4 Limited; Signal Alpha LL1 Limited; Signal Alpha III GP Limited; Signal Alpha III CIP GP Limited; Signal Alpha III CIP Team GP Limited; Signal Alpha III Finco Limited; Signal Alpha LL2 Limited; SCP (Jersey) MW Limited; Signal RH I Limited; Signal RP II Limited; Signal RH II Limited; Signal RP II Limited; Vanbrugh Prime Property Growth Fund Limited; Vanbrugh PPG GP Limited; Vanbrugh Prime Property Growth Fund (Parallel) Limited; Vanbrugh Mayfair Limited; VREOP (Unitholder) Limited; VREOP (Feeder I) Limited; Wainbridge Global Opportunities London Limited; YCF II Holdings Limited; YC SBM Holdings Limited; YCF II Shaftesbury Limited; YC CFQ Holdings Limited; YC CFQ Ltd; Savills Investment Management (Jersey) Limited; SCP Jersey CLO IG Limited. Zoe Rizzuto was a director of Vanbrugh Prime Property Growth Fund Limited, Vanbrugh Mayfair Limited, Vanbrugh Prime Property Growth Fund (Parallel) Limited, Vanbrugh PPG GP Limited (together the "Vanbrugh Companies") when the Vanbrugh Companies were placed into liquidation on 30 November 2021. The Vanbrugh Companies were subsequently dissolved following a creditors' winding up on 5 May 2023. New Risk • Jun 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. New Risk • Feb 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to UK£5.92, the stock trades at a trailing P/E ratio of 2.2x. Average forward P/E is 3x in the Oil and Gas industry in the United Kingdom. Total returns to shareholders of 76% over the past three years. Announcement • Jul 29
Yellow Cake plc, Annual General Meeting, Sep 03, 2024 Yellow Cake plc, Annual General Meeting, Sep 03, 2024. Location: 3rd floor, gaspe house, 66 72 the esplanade, st helier, je1 2lh, Jersey New Risk • Jun 23
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 85% per year for the foreseeable future. High level of non-cash earnings (38% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Price Target Changed • Feb 04
Price target increased by 13% to UK£8.41 Up from UK£7.41, the current price target is an average from 5 analysts. New target price is 15% above last closing price of UK£7.32. Stock is up 79% over the past year. The company is forecast to post earnings per share of US$4.49 next year compared to a net loss per share of US$0.56 last year. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£7.29, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 16x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 213% over the past three years. Price Target Changed • Jan 08
Price target increased by 9.7% to UK£7.23 Up from UK£6.60, the current price target is an average from 5 analysts. New target price is 17% above last closing price of UK£6.17. Stock is up 53% over the past year. The company is forecast to post earnings per share of US$3.05 next year compared to a net loss per share of US$0.56 last year. New Risk • Oct 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Shareholders have been diluted in the past year (18% increase in shares outstanding). Price Target Changed • Oct 05
Price target increased by 12% to UK£6.28 Up from UK£5.61, the current price target is an average from 5 analysts. New target price is 21% above last closing price of UK£5.17. Stock is up 24% over the past year. The company is forecast to post earnings per share of US$1.47 next year compared to a net loss per share of US$0.56 last year. Announcement • Jul 25
Yellow Cake plc, Annual General Meeting, Sep 06, 2023 Yellow Cake plc, Annual General Meeting, Sep 06, 2023, at 09:30 Coordinated Universal Time. Location: 3rd Floor Gaspé House, 66-72 The Esplanade, St Helier Jersey New Risk • Jun 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2022 fiscal period end). Shareholders have been diluted in the past year (8.2% increase in shares outstanding). Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Claire Brazenall was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 11
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Claire Brazenall was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 13
Price target increased to UK£5.80 Up from UK£5.30, the current price target is an average from 4 analysts. New target price is 39% above last closing price of UK£4.18. Stock is up 10.0% over the past year. The company is forecast to post earnings per share of US$0.89 for next year compared to US$2.60 last year. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 19% share price gain to UK£4.17, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 110% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£3.35, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 11x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 63% over the past three years. Price Target Changed • May 05
Price target increased to UK£5.30 Up from UK£4.93, the current price target is provided by 1 analyst. New target price is 37% above last closing price of UK£3.87. Stock is up 45% over the past year. The company is forecast to post earnings per share of US$2.13 for next year compared to US$0.34 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Emily Manning was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 17% share price gain to UK£4.66, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 16% share price gain to UK£3.60, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 19x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 54% over the past three years. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Emily Manning was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 17% share price gain to UK£3.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 20x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improved over the past week After last week's 18% share price gain to UK£3.63, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 20x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 54% over the past three years. Price Target Changed • Sep 13
Price target increased to UK£3.41 Up from UK£3.05, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of UK£3.49. Stock is up 63% over the past year. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 20% share price gain to UK£3.06, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 23x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 34% over the past three years. Executive Departure • Apr 08
Independent Non-Executive Director has left the company On the 31st of March, Alexandra Nethercott-Parkes' tenure as Independent Non-Executive Director ended after 1.7 years in the role. We don't have any record of a personal shareholding under Alexandra's name. Alexandra is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 19% share price gain to US$2.64, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 23x in the Trade Distributors industry in the United Kingdom. Total returns to shareholders of 66% over the past year. Is New 90 Day High Low • Dec 23
New 90-day high: UK£2.52 The company is up 24% from its price of UK£2.04 on 23 September 2020. The British market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Dec 07
New 90-day high: UK£2.24 The company is up 6.0% from its price of UK£2.11 on 08 September 2020. The British market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Is New 90 Day High Low • Oct 22
New 90-day low: UK£1.95 The company is down 14% from its price of UK£2.28 on 24 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: UK£1.99 The company is down 3.0% from its price of UK£2.04 on 26 June 2020. The British market is also down 3.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Trade Distributors industry, which is up 10.0% over the same period.