Xaar plc

XAR.L · Technology · Computer Hardware · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

11.36M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

0 USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

0 USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

3.79M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

155.97M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.02×

the ratio the screener ranks by

Margin of Safety

-4017.3%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 11.36M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)11.36M USD
−②Net Debt Today0 USD
+③Growth Value0 USD
=Value11.36M USD

EPV of the Operations (NOPAT over WACC)

11.36M USD

Net debt today

0 USD

Growth Value

0 USD

Value

11.36M USD

①EPV (earnings power value)

11.36M USD

②Net Debt Today

0 USD

③Growth Value

0 USD

Market value

Market Cap155.97M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-1272.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 0 USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 0 USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap155.97M USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 0 USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 0 USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap155.97M USD

The price on the date above times the shares.

Value vs market

Margin of Safety—

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 9.19%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.78×Market Risk Premium 6.00%= 9.19%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC 25.00% (default): the statements print a tax provision of -326.23K USD on a pretax income of -4.40M USD, which gives no rate between 0 and the profit before tax, so the 25% default stands for the tax the interest saves.

Interest Expense =EBIT -3.77M USD−Pretax Income -4.40M USD= —

The interest the company paid: EBIT is the profit before tax plus the interest.

No interest is read: it needs debt and an EBIT above the profit before tax, the gap between them being the interest. Without it the cost of debt takes the 4% default.

Cost of Debt 4.00% (default): with no debt or no interest read, the 4% default after tax stands for what the lenders are paid a year.

Debt Weight =Total Debt 0 USDMarket Cap + Total Debt 155.97M USD + 0 USD= 0.00%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 100.00%×Cost of Equity 9.19%+Debt Weight 0.00%×Cost of Debt 4.00%= 9.19%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 0 USD − Total Liabilities 0 USD = Book Value Today 0 USD

Total Debt 0 USD − Cash 0 USD = Net Debt Today 0 USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.6%at most 5%passes78,475,411 / 78,916,804
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets—at least -10.0%not measured(2.40M USD − -4.57M USD) ÷ 0 USD
Price to bookMarket Cap ÷ Book Value Today—at most 3×not measured155.97M USD ÷ 0 USD
Operating marginOperating Income ÷ Revenue1.9%above 10.0%does not pass1.55M USD ÷ 80.96M USD
Revenue growthRevenue ÷ Revenue a Year Before − 119.9%above 10.0%passes80.96M USD / 67.52M USD
Net cash(Cash − Total Debt) ÷ Market Cap0.0%above -30%passes(0 USD − 0 USD) ÷ 155.97M USD
Operating efficiencyOperating Income ÷ Gross Profit4.8%above 25.0%does not pass1.55M USD ÷ 31.94M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

138.64 GBp

Enterprise value

114.70M GBP

the provider's own figure

EV / EBITDA

26.89×

Price / book

2.01×

the provider's book

Price / earnings

—

Return on equity

-3.3%

the provider's figure, not this page's

Profit margin

-3.4%

Revenue growth

9.1%

Analyst target, mean

145.14 GBp

Analysts

2

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

87.84M89.53M67.52M80.96M

Gross profit

34.57M34.28M24.65M31.94M

Operating income

3.91M1.47M-761.24K1.55M

EBITDA

operating income before depreciation and amortisation

7.32M4.24M-3.05M1.21M

Pretax income

994.43K-3.46M-11.77M-4.40M

Net income

1.97M-3.07M-13.59M-4.57M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

4.11M770.41K-1.10M941.01K

R&D

8.11M7.19M5.35M6.30M
Balance sheet, year end

Total assets

123.66M124.79M102.10M105.50M

Total liabilities

37.17M36.30M26.82M29.63M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

86.49M88.49M75.29M75.87M

Total debt

11.12M12.88M8.15M7.24M

Cash and equivalents

10.31M9.09M10.94M7.21M

Net PP&E

fixed assets after depreciation

29.34M28.67M21.77M22.81M

Working capital

current assets less current liabilities

36.04M38.85M38.83M36.62M
Cash flow

Operating cash flow

-6.64M-572.33K8.29M2.40M

Capital expenditure

paid out, so below zero

-6.50M-2.47M-1.28M-3.97M

Depreciation and amortisation

5.78M6.99M8.17M4.98M

Free cash flow

operating cash flow plus capital expenditure

-13.15M-3.05M7.00M-1.58M