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The share price currently trades around CHF 1.15. That appears low, especially considering the company is now completely debt-free following the sale of Skidata and holds a net cash position. Yet the stock remains under pressure. Why? Because balance sheet repair does not automatically translate into profit recovery.
More and more everyday services are becoming automated. From passport photos to laundry and printing, consumers increasingly rely on unattended machines that generate predictable and recurring revenues. One international operator has successfully built a scalable network around this trend, combining stable cash flows with structural growth opportunities. Despite recent short-term uncertainty, the underlying performance remains strong and the outlook points towards another record year. In this analysis, we examine the business model, results and growth prospects in detail.
Investor confidence in Auction Technology Group (ATG) has suffered a significant dent in 2025. A profit warning in August, followed by a substantial goodwill write-down on previous acquisitions, has reinforced the perception that growth at ATG is no longer automatically linked to predictable profitability. Although the company continues to invest strategically and expand its position in online auctions, the market has reacted in recent months primarily to disappointing margins, increasing complexity, and heightened uncertainty about the quality of previous acquisitions. However, the stock has since fallen so much that a major shareholder has made several attempts to acquire the company, but ATG is resisting this. Sharesunderten is seizing this opportunity and adding 650 ATG shares to its portfolio. Profile This British company, Auction Technology Group, traces its roots back to 1971. What began as a traditional auction service provider has evolved over the decades to match the sector’s technological development. The real transformation occurred in the 2000s, when the company increasingly focused on digitalization and online auctions. This shifted ATG from a traditional auction-related company to a technology platform that facilitates auctions without acting as an auction house itself. By bringing together platforms like LiveAuctioneers, Proxibid, The Saleroom, and Invaluable, ATG built a global network of auction houses and buyers. This network is crucial to the company’s profitability. The more listings appear on the platforms, the more attractive it becomes for buyers to join, which in turn leads to higher bids and more transactions. ATG facilitates auctions across a wide range of categories. In the art and antiques segment, this includes paintings, jewelry, coins, design objects, and collectibles. In the industrial and commercial segment, for example, machinery, construction equipment, trucks, agricultural equipment, and complete business inventories are auctioned. The revenue model consists of several components. The foundation is formed by commissions on transactions and fixed fees or subscriptions that auction houses pay for access to the platforms. In addition, ATG increasingly earns revenue from ancillary services, such as shipping, payments, and marketing services. Acquisitions ATG’s current position has been largely built through a long series of acquisitions. This acquisition strategy began relatively controlled, but has become increasingly capital-intensive and complex in recent years, eroding investor confidence. Around and shortly after the IPO in 2021, the acquisition strategy was further accelerated, with larger transactions such as LiveAuctioneers and Auction Mobility. In the 2025 fiscal year, the downside of this strategy came to light. ATG had to make a substantial goodwill write-down on previous acquisitions. A total of over $150 million was written off. This write-down had no cash flow impact, but it did confirm that part of the acquisition prices paid were no longer defensible based on the expected returns. In August 2025, ATG announced the acquisition of Chairish, an online marketplace for vintage furniture and design objects with fixed prices. Strategically, Chairish fits with the ambition to broaden its offering and appeal to buyers outside the traditional auction model. The announcement coincided with a profit warning, leading the market to view the transaction not as a logical next step, but as a risky extension at a time when confidence was already fragile. Takeover attempts by major shareholder In recent weeks, major shareholder FitzWalter Capital Partners has been in the spotlight. They made several attempts to take ATG private through successive bids. ATG rejected these attempts because the board considered the proposals insufficient and believed the bids did not adequately reflect the platform’s value and growth prospects. FitzWalter has since definitively stated that it will not submit a bid, thus ending the takeover process. Importantly, this episode clearly demonstrates that ATG is being followed not only by investors but also by parties looking at the company strategically. The fact that a major shareholder was willing to consider a bid confirms that the platform is a valuable asset in a market that remains highly fragmented globally. It is noteworthy that FitzWalter Capital purchased additional shares in early February, indicating that although the takeover bids were unsuccessful, they consider this level far too low to pass up. Results ATG operates with a split fiscal year ending on September 30. FY26 therefore covers the period from October 1, 2025, to September 30, 2026. In the Q1 trading update (through December 31, 2025), ATG reported a clear acceleration in revenue development. Revenue growth in constant currency amounted to 8.5%. This growth was primarily driven by the Arts & Antiques division, while Industrial & Commercial showed a slight decline in revenue. Chairish, which falls within Arts & Antiques, also made a good contribution to pro forma growth, with ATG explicitly stating that the benefits of becoming part of the group are starting to become apparent. At the same time, the integration remains on track, with operational synergies still moving towards an annual run rate of $8 million. ATG reported that the adjusted net debt/adjusted EBITDA ratio decreased to 2.0x at the end of December, compared to 2.2x at the end of FY25. Based on this Q1 performance, management confirmed its guidance for FY26. The company still expects pro forma revenue growth of 4–5%, with the growth being more pronounced in the first half of the year. ATG also expects an adjusted EBITDA margin of 34.5–35.5%. Management also reiterated that adjusted free cash flow remains strong and that leverage should be well below 2x by the end of FY26. Estimates The impact of the Chairish acquisition is clearly visible in the estimates for the coming years. The figures show that ATG is currently in a transition phase, with revenue growth continuing, accelerating in 2026 when the Chairish acquisition is fully factored in, but profitability is temporarily under pressure. This is a direct result of the integration of recent acquisitions, the shift toward lower-margin services, and the higher costs in the first years after an acquisition. It is expected that once the integration of acquisitions is complete and economies of scale are truly realized, ATG will once again benefit from operating leverage. Profitability is expected to increase
The original rationale behind this logistics specialist’s spin-off was crystal clear: by separating the company from its parent group, the market would finally recognize the true value of this fast-growing logistics powerhouse. The opposite happened. While the business continued to grow year after year and excelled in extensive automation and AI-driven logistics infrastructure, its valuation lagged.
On paper, this recycling technology specialist seems to be in the right place. Governments are enforcing deposit refund systems (DRS), supermarkets need its reverse vending machines, and the market is growing towards hundreds of millions of consumers. In practice, however, profitability is lagging, quarterly figures are volatile, and uncertainty is increasing now that the CEO is leaving.
Sharesunderten observes a clear trend across listed companies. While not all sectors are currently thriving, one underlying development stands out: businesses are becoming more efficient, largely driven by increasing automation. This trend is also visible at the company discussed in this analysis. Although market conditions remain challenging, there are encouraging signs. Efficiency is improving through automation, following a period of substantial investment. With most of these investments now completed, the first results are gradually becoming visible.
This stock has never been this low. Many investors will be disappointed and didn’t anticipate the price could fall so far. For us, however, this represents an opportunity: at this exceptionally low price, we see significant potential with relatively low risk. The publication of the third-quarter results didn’t sit well with investors, but reading between the lines, we see a stabilization in the downward trend. Sharesunderten is taking a position and buying shares for its portfolio.
Investors naturally tend to show a strong home bias. They prefer to invest in companies from their own country, as these feel more familiar and closer to home. However, by investing only in the Netherlands or Europe, many investors miss out on opportunities in fast-growing markets. Geographic diversification lowers risks, provides access to sectors that are barely represented in Europe, and opens the door to regions with structurally higher growth, such as China. With companies like this, we are not only investing in a specific niche, but we are also achieving geographic diversification at the same time. Sharesunderten includes 270 shares in the portfolio.
How a company deploys its capital often determines long-term success. Cash flow can be used in many ways, from rewarding shareholders to investing in growth or strengthening the balance sheet. When these choices are made consistently, value tends to accumulate over time. The business discussed here stands out for its balanced approach, combining shareholder returns with disciplined investment and financial prudence. While share price performance has been uneven over recent years, the underlying strategy points to steady progress. This provides the foundation for a renewed focus on future value creation.
After a challenging period marked by pressure on margins and operational headwinds, signs of recovery are becoming clearer. Market conditions are improving, cost controls have tightened, and strategic changes are beginning to show results. Operating in a cyclical industry means volatility is unavoidable, but structural improvements can significantly alter the outlook. A shift towards higher-value activities is helping to stabilise profitability, while sentiment slowly adjusts. Although caution remains warranted, the coming year may prove pivotal as the business moves beyond survival and towards renewed momentum.
Years of investment appear to be approaching a turning point. Major projects that once required substantial capital are now nearing a phase where they can generate meaningful cash flows. This transition marks a shift from development to production, with clear implications for financial strength and debt reduction. Despite this progress, the market’s attention remains limited, leaving the valuation largely unchanged. The coming period will be critical in determining whether improved cash generation translates into broader recognition of the company’s evolving profile.
There are phases in the market when a stock moves from being ignored to being reconsidered. Not because the story is suddenly obvious, but because the puzzle pieces are finally falling into place. A business once seen as outdated has been transforming itself quietly, while most investors were still focused on the past. Now, sentiment is shifting, and the gap between perception and reality is becoming hard to ignore
Sometimes everything seems to be right with a stock: revenue is growing, margins are improving, and the order book looks strong. The valuation is historically low. Everything looks so positive that we almost start to wonder if it’s too good to be true. But that’s not the case here, as four directors recently bought back shares. This gives Shares Under Ten confidence that this stock is on the verge of a strong recovery. In our view, this is an underexposed and undervalued stock.
The share price of this stock has fallen sharply over the past year, dropping from around 500 pence in mid 2024 to below 295 pence by August 2025. This significant decline is linked to disappointing copper production figures, economic uncertainty and geopolitical tensions, including newly imposed US import tariffs.
The share price of this stock has fallen sharply over the past year, dropping from around 500 pence in mid 2024 to below 295 pence by August 2025. This significant decline is linked to disappointing copper production figures, economic uncertainty and geopolitical tensions, including newly imposed US import tariffs.
On 22 November 2024, we initiated a position in B&S Group at a share price of €4,10, purchasing 600 shares for our Sharesunderten portfolio. Our decision was based on the conviction that the sharp share price decline in previous months was not the result of any fundamental deterioration but rather driven by negative sentiment and growing uncertainty about the company’s
On 22 November 2024, we initiated a position in B&S Group at a share price of €4,10, purchasing 600 shares for our Sharesunderten portfolio. Our decision was based on the conviction that the sharp share price decline in previous months was not the result of any fundamental deterioration but rather driven by negative sentiment and growing uncertainty about the company’s
On 17 October 2024, we took a position in Outokumpu at a share price of €3,28, purchasing 600 shares. Our aim was to take advantage of what we believed to be an overly pessimistic market view. The Finnish stainless steel producer was under pressure due to a combination of factors, including high energy prices, cheap imports from Asia, and weakening
On 12 March 2024, we took a speculative position in Yatra Online, an online travel platform active in the Indian market. The rationale was clear and compelling. The parent company had recently completed the IPO of its Indian subsidiary, retaining a 65 percent stake. That stake alone was worth an estimated $220 million, while Yatra’s total market capitalisation stood at
Despite a well-filled order book through to the end of 2027, the share price has dropped 30% since it began to look like Trump might win the election. While Trump introduces more uncertainty than other presidential candidates, Sharesunderten still sees enough potential and fundamentals to remain confident.
On 4 May 2021, we took a position in Hollywood Bowl Group at a share price of 232 pence. At the time, the UK was in the later stages of the COVID-19 pandemic, but the national vaccination campaign was in full swing. The economy was preparing to reopen, and Hollywood Bowl, operator of 64 bowling centres and a handful of
On 4 May 2020, during the first wave of the COVID-19 pandemic, we took a position in C&C Group at a share price of 185 pence. By that point, the stock had already fallen more than 50 percent since the start of the year, which in our view unfairly placed it among the market’s written-off names. The concerns were understandable:
On 18 October 2019, we took a position in Nokia Corporation, purchasing shares at €3,11 each. The rationale behind this decision was clear: we identified a lagging share price in a company that had recently undergone a fundamental transformation. The sale of its mobile phone division to Microsoft and its navigation unit to HERE had been completed, and Nokia had
Let’s be honest — it does look good when you’re trading “shares under ten” and you’ve got Rolls-Royce in your portfolio. Despite the prestigious name, this stock fully qualifies as a true penny stock. Shares Under Ten is adding 2,000 shares to the portfolio at the current price of around 97 pence. 5-Year Share Price Performance – Rolls-Royce Holdings plc. Company Profile The Rolls-Royce brand is, of course, best known for its luxury cars — but many may not realise that the automotive business has long been owned by BMW. Rolls-Royce Holdings plc, founded in 1884 and headquartered in London, operates independently and focuses on engineering and power systems. The company is structured into four divisions: Civil Aerospace, Power Systems, Defence, and New Markets. The Civil Aerospace division designs, manufactures, and services engines for large commercial aircraft, regional jets, and business aviation. The Power Systems division develops and sells integrated power and propulsion solutions for marine, defence, and selected industrial sectors. The Defence division supplies engines for military transport aircraft, patrol aircraft, and naval propulsion. The New Markets division focuses on small modular reactors (SMRs) and new electric energy solutions, as well as maintenance, repair, and overhaul (MRO) services. The New Markets division is expected to play a key role in the global energy transition. Rolls-Royce is working to accelerate the launch of a new generation of mini nuclear reactors, a development fast-tracked by the ongoing energy crisis. While these SMRs aren’t expected to be operational before the early 2030s, management is eager to speed up the process, especially as Western nations seek to reduce dependence on Russian fossil fuels following the invasion of Ukraine. However, engineers within the company have expressed frustration with the slow pace of regulatory approval in the UK, arguing that the government’s process for reviewing reactor safety is unnecessarily burdensome. Rolls-Royce aims to build SMRs that generate around 470 megawatts of power — just one-seventh the output of a large-scale nuclear plant, but at roughly one-twelfth the cost. The UK government has stated that the company’s technology is entirely new and must therefore undergo thorough scrutiny. Rolls-Royce engineers, however, point out that the technology is based on decades of experience in nuclear-powered submarines, a proven and extensively tested field. Rolls-Royce cannot be acquired without government approval. The UK government holds a so-called “golden share,” which grants it special veto rights. This share does not offer profit participation or capital rights, but allows government representatives to attend general meetings and block specific strategic moves — such as takeover bids — that could affect national interests. Financials The UK’s most well-known engineering firm was hit hard by the COVID-19 pandemic, as airlines pay Rolls-Royce based on the number of flight hours logged by its engines. Given these extraordinary circumstances, FY2020 and FY2021 are not considered reliable indicators of the company’s underlying performance. In 2021, Rolls-Royce reported £414 million in underlying operating profit, a sharp turnaround from a loss the previous year. Growth in the Power Systems and Defence divisions contributed significantly to this financial improvement. However, the company also reported a free cash outflow of £1.5 billion from continuing operations in the same year. CEO Warren East commented on the results: “We have improved our financial performance, met our short-term commitments, secured new business, and made important strategic progress during the year. While challenges remain, we are increasingly confident about the future and the significant commercial opportunities presented by the energy transition.” Rolls-Royce’s credit profile has improved since the onset of the pandemic, and its exposure to the Russia-Ukraine conflict remains limited. As a result, Moody’s upgraded the company’s outlook from negative to stable. Pros Strong visibility and predictability of earnings Stable margins in the Defence division New CEO Warren East is aiming to bring fresh momentum to the company Cons Loss of market share in the business jet segment Disappointing cash flow development High R&D costs for new engine programmes Conclusion We are not particularly enthusiastic about this stock. While management certainly shows no lack of ambition, those good intentions have yet to translate into improved results. The company appears to be spread too thin across too many markets — and it’s simply not possible to be best-in-class everywhere. A more focused approach would likely serve Rolls-Royce well. Divesting non-core activities and doubling down on key strengths could strengthen both performance and investor confidence. The business jet division, for example, already faced structural challenges before the energy crisis, and its outlook remains weak. A sale of this unit might be a sensible move — especially if a solid price can still be secured. Back in August 2021, management announced it was open to selling assets such as ITP Aero, the turbine blade manufacturer, in an effort to raise at least £2 billion. Strategic asset sales like these may be necessary to unlock value and refocus the company. Third-Party Analyst Ratings for Rolls-Royce. Globally, twenty analysts currently cover Rolls-Royce Holdings, and the consensus view is that the stock could gain around 28% over the next 12 to 18 months. At Shares Under Ten, we believe the share price has likely found a bottom, and we’re taking this opportunity to add the stock to our portfolio. Naturally, we’ll be monitoring developments closely. A takeover seems highly unlikely under current circumstances. Rolls-Royce plays a vital role in the UK defence sector, and the government holds a golden share that gives it veto power over any unwanted acquisition. In addition, ceding control over Rolls-Royce’s expertise in modular nuclear reactors would run counter to the UK’s long-term energy policy. Former Prime Minister Boris Johnson has been a strong advocate for nuclear energy and clearly sees the company’s know-how as a strategic national asset — especially amid the current energy crisis.Takeover rumours have surfaced before. Rolls-Royce was the subject of M&A speculation both in 2015 and again in 2020. However, following a series of profit warnings in 2015, the stock price fell by around 75%, and its recovery
This is a chance we simply can’t ignore. We’re looking at a company with a market cap of around €2.5 billion, while one of its divisions is about to be sold for a stunning €2.3 billion in cash. That means investors are set to receive a substantial portion of their investment back through a special dividend. And the best part?
Last year, SharesUnderTen scored big with this stock. We issued a Buy recommendation when the price was between €5 and €6. The stock rallied almost immediately, hitting our price target of €13 before the year was out. We exited a bit earlier, but investors who held on locked in gains of over 135% in just six months. Since then, the
The Dutch staffing company Brunel is a globally operating specialist employment agency, active in various fields, including energy, engineering and IT. Brunel distinguishes itself from its competitors by its focus on highly qualified specialists and niche markets, such as the oil and gas industry and renewable energy, combined with a strong global presence. Employment agencies are generally considered early cyclical.
Sharesunderten is surprised that the price of this Belgian share Deceuninck has fallen by more than 10 percent in one year, despite the fact that the price of the Turkish (listed) company Ege Profil, of which Deceuninck owns almost 88 percent of all shares, has risen by no less than 280 percent in one year. Investors seem concerned about the
Grab is a young and fast-growing tech company with strong market positions in Southeast Asia. The company was founded as a kind of Uber to match taxis and customers, but has grown into a super app that allows users to initiate all kinds of activities. Grab has been listed for two years and despite the phenomenal growth that the company
The analysts at Sharesunderten give the stock the benefit of the doubt by taking a modest position. If the results disappoint, we can quickly withdraw. However, if the optimism that prevails in our team proves justified and the price rises, we will reassess our strategy. After conversion to euros, the price of the stock is €1.58, and we buy 400
The combination of a share buyback and a (higher) dividend payout could push BP’s share price significantly higher over the coming months and years. If everything goes according to plan, shareholders can expect a total cash return of 8% to 11% per share from 2022 onwards — considerably more than what the major industry peers are offering. We’re aiming for
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