# Chenavari Toro Income Fund Limited (TORO.L) fundamentals

Data as of 2026-09-08. LSE, United Kingdom. Sector: Financial Services. Price €0.52, market value €162 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Chenavari Toro Income Fund Limited reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 20.0×**. Each dollar of revenue is priced at 20.0×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 0.8×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **EV / EBITDA: 36.2×**. Enterprise value is 36.2× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 7.3%** (5-yr avg 7.7%). Free cash flow equals 7.3% of the market value, in line with its five-year average of 7.7%. Above 5% is generally attractive.

## Profitability
- **Gross margin: 83.3%**. Chenavari Toro Income Fund Limited keeps 83.3% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 52.9%**. 52.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 94.3%**. 94.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.9%**. 11.9% on shareholders' equity is solid.
- **Return on invested capital: 2.2%**. Return on all capital, debt included, is 2.2%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.1%**. Each dollar of assets produces 1.1% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 3.9%**. Revenue grew 3.9% over the last year.
- **EPS growth (1 yr): -100.0%**. Earnings per share fell 100.0%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 3/9**. 3 of 9 checks pass: weak or deteriorating financials.
- **Cash and short-term investments: €13 million**. 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: 11.28%** (€0.06 per share, trailing). Chenavari Toro Income Fund Limited yields 11.28%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 84%** (389% of free cash flow). 84% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): -20.2%/yr** (1-yr 4.7%). The dividend has not grown over five years.
- **Shareholder yield: 20.6%**. Dividends plus net buybacks return 20.6% of the market value a year.

## Price and momentum
- **Total return (1 yr): -13.2%** (YTD -9.7%, 3-mo -2.3%). The shares are down 13.2% over twelve months including dividends.
- **From 52-week high: -24.3%** (5.1% above the low). Trading 24% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 38**. An RSI of 38 is neutral.
- **Beta (1 yr): 0.01** (volatility 15%). Beta of 0.01 against the FTSE All-Share: the shares move much less than the market.

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

Not investment advice.