ANG

Angling Direct PLC

Retail First-pass screen £36m

440/1000 Overall fit

AI beneficiary 35% 25

Operating leverage 25% 72

Valuation 25% 30

Downside protection 15% 68

First-pass take

Strong operational execution: 14.8% revenue growth, 42.9% EBITDA growth, and +140bps margin expansion. However, traditional fishing retail lacks AI exposure and faces cyclical leisure-spending demand. Healthy balance sheet (£10.9m net cash), but no valuation multiples disclosed.

Flags

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