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Aptitude Software Group (APTD) Fair Value & Analysis

Technology · GB · Market cap 106M GBX

AS Aptitude Software Group APTD · LSE
Price£1.98
Fair Value£1.50
Upside-24.2%
Quality69/100
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Mixed Growth
Thin margins · 6.2% net margin
Low debt · generates free cash flow
2.73% dividend yield
Mixed vs. peers (8/14)
Narrow moat 43/100
Evidence: High Range £1.13 – £1.88 Share as image

Fair value as of: Jul 18, 2026

From 24 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from £1.52 to £1.50 (−1.3%) since Jul 14, 2026. Share price −2.5% over the past month.

A solid business, but screening 24% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (£1.88). The favourable scenario is already priced in.
  • Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

£6.53 £1.95 Fair Value £1.50 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £1.95 – £6.53 · fair‑value band £1.13 – £1.88 · the £1.98 price screens above the £1.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Aptitude Software Group (APTD) currently trades at £1.98, while our model-based Fair Value estimate is £1.50, implying the stock looks roughly 24.2% overvalued today. The Quality Score stands at 69/100 (solid quality), in the Technology sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Aptitude Software Group generated revenue of £65.0M at a net margin of 6.2%. Revenue declined 7.6% year over year. It earns a return on equity of 7.2%. The balance sheet holds a net cash position of £21.2M. Fundamentals as of Jul 18, 2026

Our scenario range runs from £1.13 (bear case) to £1.88 (bull case); at £1.98, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Technology peers we cover trades at -27% fair-value upside, at -24%, APTD screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £1.84 £2.17 £2.55 80
Residual Income £0.7600 £0.7800 £0.7700 76
Rev-Margin DCF £1.65 £2.13 £2.67 74
All 24 models by family
DCF Models
FCF DCF £1.82 £2.18 £2.61 38
Owner Earnings £1.60 £1.90 £2.26 31
5Y Revenue Exit £1.65 £2.11 £2.67 39
5Y EBITDA Exit £2.05 £2.80 £3.65 41
5Y P/E Exit £1.62 £2.05 £2.48 38
10Y Revenue Exit £1.70 £2.07 £2.50 36
10Y EBITDA Exit £1.93 £2.46 £3.09 37
10Y P/E Exit £1.70 £2.04 £2.39 35
Earnings-Based
Graham-Dodd £0.5100 £1.03 £1.29 54
EPV £1.26 £1.35 £1.43 59
Dividend Discount
Gordon GGM £0.3900 £0.5100 £0.6100 70
DDM Multi-Stage £0.3900 £0.5000 £0.6100 61
Multiples
P/E Multiple £1.13 £1.50 £1.88 63
P/S Multiple £0.9600 £1.28 £1.60 58
P/B Multiple £0.9600 £1.28 £1.60 55
EV/EBIT £2.13 £2.68 £3.23 53
EV/EBITDA £2.51 £3.19 £3.88 54
EV/Revenue £1.58 £2.06 £2.54 43
Asset-Based
NCAV (Graham) £0.5100 £0.6800 £1.01 50
Growth DCF
Growth DCF £1.84 £2.17 £2.55 80
Rev-Margin DCF £1.65 £2.13 £2.67 74
Economic Profit
Residual Income £0.7600 £0.7800 £0.7700 76
ROIC Compounder £1.27 £1.39 £1.50 72
Growth Earnings
Growth-Adj P/E £0.8200 £1.17 £1.52 68

Widest divergence: Growth DCF (£2.13) versus Dividend Discount (£0.5000). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 65.0M GBX
Revenue growth (YoY) -7.6%
Net margin 6.2%
Return on equity 7.2%
Free cash flow 9.5M GBX FY2025
P/E ratio 28.3
More key figures
Operating margin 10.6%
EPS (TTM) £0.0700
Dividend yield 2.7%
EPS growth (YoY) -9.7%
Net cash 21.2M GBX FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 68 · Market factors (momentum, volatility) 31

Profitability 32
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 17
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 93
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Aptitude Software Group plc, together with its subsidiaries, provides autonomous finance software solutions in the United Kingdom and internationally.

Full company description

Aptitude Software Group plc, together with its subsidiaries, provides autonomous finance software solutions in the United Kingdom and internationally. It offers Fynapse, an intelligent finance data management and accounting platform for autonomous finance; Aptitude Accounting Hub, a rules accounting engine and subledger solution; Aptitude RevStream, a SaaS solution that automates and manages revenue; Aptitude Fynapse and Microsoft Dynamics 365 Finance that integrates accounting rules engine and subledger with ERP solution; and KPMG powered finance enabled by Aptitude, a fintech platform. The company also provides IFRS 17 Solution and IFRS 17 Comply that comply to IFRS 17 insurance standards and requirements; Aptitude Lease Accounting Engine, a lease accounting solution; eSuite, a subscription management platform; and Aptitude Assure, a solution support service that offers access to product experts, expanded support and advisory services for incident management and upgrade planning needs, and comprehensive support of issues, upgrades, and solution expansions. In addition, it engages in delivery, training, cloud, and support services; employment and group services; and software development and services. The company was formerly known as Microgen plc and changed its name to Aptitude Software Group plc in April 2019. Aptitude Software Group plc was founded in 1974 and is headquartered in London, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Aptitude Software Group reported revenue of £65.0M in FY2025 versus £59.3M in FY2021, a compound +2.3%/yr. Reported net income was £4.0M in FY2025, compounding −5.6%/yr from FY2021.

Growth Quality 49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£65.0M
Latest YoY
−7.3%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−4.4%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.6%
Avg. growth/yr (40Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.6%
Revenue +2.3%/yr
FY21 £59.3M
FY22 £74.4M
FY23 £74.7M
FY24 £70.0M
FY25 £65.0M
Net income −5.6%/yr
FY21 £5.1M
FY22 £2.6M
FY23 £4.1M
FY24 £5.0M
FY25 £4.0M
Character of growth · EPS growth decomposed (2014-2025) −1.1 % p.a.
Revenue per share +7.7 pp

of which total revenue +8.0 pp · buybacks/dilution −0.3 pp

EBIT margin −9.7 pp
Tax rate +1.4 pp
Residual (interest, one-offs) −0.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

APTD screens 24% overvalued. Compare with SAP SE →

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Cite: Fair Value Calculator (2026). "Aptitude Software Group Fair Value". https://www.fairvalue-calculator.com/stock/APTD

Peer Group

Software - Application · 710 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 69 · Top 25%
Fair Value upside −24% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 2.7% · Above median
Debt / equity 0.09× · Higher than median

Valuation Multiples vs Software - Application median · lower = cheaper

P/E (TTM) 28.3× · Pricier than median
P/B 2.64× · Pricier than median
P/S (TTM) 2.20× · Pricier than median
P/FCF 15.1× · Pricier than median
EV/EBITDA 13.7× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 1 · sector 0
FUTURE 0 · sector 38
PAST 29 · sector 13
HEALTH 96 · sector 98
DIVIDEND 55 · sector 28

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
SAP SE SAPS C$12.69 C$16.26 +28%
Shopify Inc SHOP C$173.23 C$20.54 -88%
Uber Technologies, Inc UBER $72.67 $51.11 -30%
Salesforce, Inc CRM $170.77 $182.10 +7%
ServiceNow, Inc NOW $107.71 $33.12 -69%
Cadence Design Systems, Inc CDNS $384.17 $80.41 -79%
Snowflake Inc SNOW $271.87 $34.04 -87%
Adobe Inc ADBE $230.61 $379.48 +65%
Automatic Data Processing, Inc ADP $241.92 $177.51 -27%
Intuit Inc INTU $291.09 $258.69 -11%

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Frequently asked questions

Is Aptitude Software Group (APTD) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £1.50 versus a price of £1.98, about −24% (overvalued).
What is the fair value of APTD?
Our model-based fair value for Aptitude Software Group is £1.50 (as of Jul 18, 2026), built from audited fundamentals. The current price is £1.98.
What is the quality score of APTD?
Aptitude Software Group has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Aptitude Software Group (APTD)?
Aptitude Software Group reported trailing-twelve-month revenue of about £65.0M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of APTD?
The net profit margin of Aptitude Software Group is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.
Does Aptitude Software Group pay a dividend?
Aptitude Software Group currently shows a dividend yield of about 2.38% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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