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The Conygar Investment Company (CIC) Fair Value & Analysis

Real Estate · GB · Market cap 14.9M GBX

TC The Conygar Investment Company CIC · LSE
Price£0.2500
Fair Value£0.1969
Upside-21.2%
Quality65/100
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Mixed Growth
Loss-making · -29.5% net margin
Low debt · generates free cash flow
Ranks above peers (8/12)
Narrow moat 42/100
Evidence: Medium Range £0.1122 – £0.2804 Share as image

Fair value as of: Jul 19, 2026

From 9 valuation models · updated 22 days ago

Fair value updated Jul 19, 2026, revised from £0.5900 to £0.1969 (−66.6%) since Jun 26, 2026. Share price +6.4% over the past month.

A solid business, but screening 21% overvalued on our models.

What matters now

  • Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (£0.1122 to £0.2804) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

£1.69 £0.2250 Fair Value £0.1969 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range £0.2250 – £1.69 · fair‑value band £0.1122 – £0.2804 · the £0.2500 price screens above the £0.1969 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

The Conygar Investment Company (CIC) currently trades at £0.2500, while our model-based Fair Value estimate is £0.1969, implying the stock looks roughly 21.2% overvalued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate 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: medium).

Over the trailing twelve months, The Conygar Investment Company generated revenue of £32.1M at a net margin of -29.5%. Revenue grew 94.0% year over year. It earns a return on equity of -16.1%. Net debt stands at £44.8M. Fundamentals as of Jul 19, 2026

Our scenario range runs from £0.1122 (bear case) to £0.2804 (bull case); at £0.2500, the current price sits within 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 Real Estate peers we cover trades at 32% fair-value upside, at -21%, CIC screens richer 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 £2.22 £3.55 £5.63 80
Rev-Margin DCF £2.23 £3.99 £7.40 74
Gordon GGM £0.1700 £0.2800 £0.3600 70
All 9 models by family
DCF Models
FCF DCF £2.37 £3.30 £6.01 38
5Y Revenue Exit £2.10 £3.50 £6.41 39
10Y Revenue Exit £2.14 £4.30 £5.60 36
Dividend Discount
Gordon GGM £0.1700 £0.2800 £0.3600 70
DDM Multi-Stage £0.1700 £0.2600 £0.3000 61
Multiples
EV/Revenue £1.83 £2.59 £3.35 43
Asset-Based
NCAV (Graham) £0.3500 £0.4700 £0.7000 50
Growth DCF
Growth DCF £2.22 £3.55 £5.63 80
Rev-Margin DCF £2.23 £3.99 £7.40 74

Widest divergence: Growth DCF (£3.55) versus Dividend Discount (£0.2600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 32.1M GBX
Revenue growth (YoY) +94.0%
Net margin -29.5%
Return on equity -16.1%
Free cash flow 11.6M GBX FY2025
Operating margin 68.6%
More key figures
EPS (TTM) £-0.1600
EPS growth (YoY) +373%
Net debt 44.8M GBX FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 63 · Market factors (momentum, volatility) 38

Profitability 4
Margins and returns on capital today
Quality Growth 100
Are margins and returns improving?
Cashflow 98
Earnings quality: real cash, not paper profit
Fin. Strength 37
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 80
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 77
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

The Conygar Investment Company PLC (Conygar) is an AIM quoted property investment and development group dealing in UK property. Our aim is to invest in property assets and companies where we can add value using our property management, development and transaction structuring skills.

Full company description

The Conygar Investment Company PLC (Conygar) is an AIM quoted property investment and development group dealing in UK property. Our aim is to invest in property assets and companies where we can add value using our property management, development and transaction structuring skills. The business operates two major strands, being property investment and property development. Assets are recycled to release capital as opportunities present themselves and we will continue to buy-back shares where appropriate. However, in order to progress our pipeline of development projects, in particular at TIQ, we will need to raise substantial amounts either as debt, through asset sales, or from joint ventures and are continuing our discussions in that regard. The Conygar Investment Company PLC was established on September 22, 2003 and incorporated in United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

The Conygar Investment Company reported revenue of £21.9M in FY2025 versus £2.6M in FY2021, a compound +69.7%/yr. Reported net income was −£19.5M in FY2025.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£21.9M
Latest YoY
+268.4%
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.
+45.8%
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.
+67.2%
Avg. growth/yr (21Y) 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.
+26.0%
Revenue +69.7%/yr
FY21 £2.6M
FY22 £7.1M
FY23 £14.0M
FY24 £5.9M
FY25 £21.9M
Net income
FY21 £26.5M
FY22 −£53.0K
FY23 −£29.5M
FY24 −£33.7M
FY25 −£19.5M

CIC screens 21% overvalued. Compare with DLF Limited →

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Cite: Fair Value Calculator (2026). "The Conygar Investment Company Fair Value". https://www.fairvalue-calculator.com/stock/CIC

Peer Group

Real Estate - Development · 588 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 67 · Top 25%
Fair Value upside −20% · Below median
Return on assets 7% · Top 25%
Net margin (TTM) -30% · Bottom 25%
Operating margin (TTM) 69% · Top 25%
Revenue growth 94% · Top 25%

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/B 0.48× · Cheaper than median
P/S (TTM) 0.63× · Cheaper than median
P/FCF 1.7× · Pricier than median
EV/EBITDA 1.2× · Cheaper than 75% of peers

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 7 · sector 48
FUTURE 100 · sector 0
PAST 0 · sector 10
HEALTH 100 · sector 84
DIVIDEND 0 · sector 38

Insider activity: 40/100

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹657.75 ₹159.49 -76%
Lodha Developers Limited LODHA ₹1,188 ₹583.43 -51%
PT Pantai Indah Kapuk Dua Tbk, PANI 6,125 IDR 1,330 IDR -78%
Oberoi Realty Limited OBEROIRLTY ₹1,925 ₹1,183 -39%
Godrej Properties Limited GODREJPROP ₹2,102 ₹1,044 -50%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 555.00 IDR 1,388 IDR +150%
PT Sentul City Tbk, BKSL 64.00 IDR 84.16 IDR +32%
PT Ciputra Development Tbk, CTRA 555.00 IDR 1,388 IDR +150%
PT Duta Pertiwi Tbk DUTI 4,100 IDR 6,239 IDR +52%

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Frequently asked questions

Is The Conygar Investment Company (CIC) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of £0.1969 versus a price of £0.2500, about −21% (overvalued).
What is the fair value of CIC?
Our model-based fair value for The Conygar Investment Company is £0.1969 (as of Jul 19, 2026), built from audited fundamentals. The current price is £0.2500.
What is the quality score of CIC?
The Conygar Investment Company has a Quality Score of 65/100. 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 The Conygar Investment Company (CIC)?
The Conygar Investment Company reported trailing-twelve-month revenue of about £32.1M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of CIC?
The net profit margin of The Conygar Investment Company is about -29.5%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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