# Conduit Holdings Limited (CRE.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services / Insurance. Price 450p, market value 630 millionp.

## Valuation
- **P/E (trailing): 4.5×** (5-yr avg 505.4×, 3-yr avg 505.4×). Conduit Holdings Limited trades at 4.5× trailing earnings, well below its own five-year average of 505.4×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 6.8×, higher than trailing, so analysts expect earnings to fall.
- **Price / sales: 0.5×**. Each dollar of revenue is priced at 0.5×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 1.1×**. Enterprise value is 1.1× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Free-cash-flow yield: 94.3%** (5-yr avg 0.4%). Free cash flow equals 94.3% of the market value, above its five-year average of 0.4%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 22.2%**. The inverse of the P/E: 22.2% of the price is earned each year.

## Profitability
- **Gross margin: 100.0%**. Conduit Holdings Limited keeps 100.0% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 14.7%**. 14.7% of revenue is left after running the business.
- **Net margin: 14.0%**. 14.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 10.6%**. 10.6% on shareholders' equity is solid.
- **Return on invested capital: 31.9%**. Return on all capital, debt included, is 31.9%: comfortably above what that capital costs.
- **Return on assets: 10.5%**. Each dollar of assets produces 10.5% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 12.1%** (3-yr 38.9%/yr, 5-yr 361.4%/yr). Revenue grew 12.1% over the last year, against 361.4% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -6.3%**. Earnings per share fell 6.3%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 21.2%/yr**. Free cash flow has compounded at 21.2% a year over three years.

## Financial health
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.
- **Cash and short-term investments: 251 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 yield: 5.72%** (0p per share, trailing). Conduit Holdings Limited yields 5.72%, an income-level yield.
- **Payout ratio: 51%** (15% of free cash flow). 51% of earnings goes out as dividends, leaving room to keep raising it.
- **Shareholder yield: 8.6%**. Dividends plus net buybacks return 8.6% of the market value a year.

## Analyst view
- **Analyst consensus: buy** (6 analysts). 6 analysts cover Conduit Holdings Limited; the consensus is buy, with an average price target of 537p (+19% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 67.3%** (YTD 17.2%, 3-mo 4.7%). The shares are up 67.3% over twelve months including dividends.
- **From 52-week high: -7.0%** (64.5% 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): 62**. An RSI of 62 is neutral.
- **Beta (1 yr): 0.40** (volatility 26%). Beta of 0.40 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.