ADVT

Advancedadvt Limited

Technology First-pass screen £215m

560/1000 Overall fit

AI beneficiary 35% 60

Operating leverage 25% 70

Valuation 25% 30

Downside protection 15% 65

First-pass take

AI strategy credible (inSTREAM IPA platform, £2.3m prior R&D) but FY25 growth driven by operational improvements and contract renewals, not demonstrated AI adoption. Strong operating leverage: 90% EBITDA growth on 17.8% organic, 80.3% recurring revenue. Valuation unscoreable (no price). Net cash £109.5m provides cushion; £44m goodwill overhang and integration execution risks material.

Flags

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