# British Smaller Companies VCT 2 (BSC.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price 50p, market value 191 millionp.

## Valuation
- **P/E (trailing): 50.0×** (5-yr avg 1842.4×, 3-yr avg 2422.7×). British Smaller Companies VCT 2 trades at 50.0× trailing earnings, well below its own five-year average of 1842.4×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 15.3×**. Each dollar of revenue is priced at 15.3×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 16.8×**. Enterprise value is 16.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: -1.1%** (5-yr avg -0.2%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.
- **Earnings yield: 2.0%**. The inverse of the P/E: 2.0% of the price is earned each year.

## Profitability
- **Gross margin: 49.0%**. British Smaller Companies VCT 2 keeps 49.0% of revenue after the direct cost of what it sells.
- **Operating margin: -388.5%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: 87.3%**. 87.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 2.5%**. 2.5% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: -42.3%**. Return on all capital, debt included, is -42.3%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.9%**. Each dollar of assets produces 3.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 41.9%** (3-yr -8.1%/yr, 5-yr 2.8%/yr). Revenue grew 41.9% over the last year, against 2.8% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 43.8%** (3-yr -26.3%/yr, 5-yr -15.8%/yr). Earnings per share rose 43.8%, roughly in step with revenue.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 64 millionp**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. British Smaller Companies VCT 2 does not currently pay a dividend, but it returned -28.1% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): -3.8%** (YTD 9611.6%, 3-mo -1.1%). The shares are down 3.8% over twelve months including dividends.
- **From 52-week high: -7.4%** (10062.6% above the low). Trading 7% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.

Live score and charts: https://foliofundamentals.com/analyzer?s=BSC.L · Page: https://foliofundamentals.com/stocks/bsc.l

Not investment advice.