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ATG

Auction Technology Group PLC

Technology First-pass screen £424m
330/1000 Overall fit
AI beneficiary 35% 35
Operating leverage 25% 32
Valuation 25% 30
Downside protection 15% 33

First-pass take

Modest AI integration for search/recommendations, not core to revenue. EBITDA margins compressed 5.5ppts to 40.4% despite 9% growth; FY26 guidance shows further decline to 34-35%. Carrying $174m net debt at 2.2x leverage. Goodwill impairment signals market skepticism post-August profit downgrade.

Flags

loss-makingmargin-compressionleverageno-valuation-datagoodwill-impairmentcyclical