CHAR

Chariot Limited

Energy First-pass screen £47m

220/1000 Overall fit

AI beneficiary 35% 10

Operating leverage 25% 25

Valuation 25% 30

Downside protection 15% 35

First-pass take

Chariot is an early-stage African energy developer with zero AI exposure. Loss-making (US$22.3M in 2024), pre-revenue (US$162k), with material going-concern uncertainty if the planned 2025 demerger fails. Etana Energy electricity trading shows promise (US$175M financed) but contributions remain prospective. Exploration-stage oil/gas carries high risk.

Flags

no-ai-exposureloss-makingpre-revenueexploration-stagegoing-concern-uncertaintydemerger-pendingdevelopment-stagemicro-capemerging-market-riskpolitical-regulatory-riskno-valuation-data