Pinewood Technologies Group PLC

First-pass take

PINE is a recurring-revenue SaaS provider for automotive retail with strategic AI exposure via Seez AI (acquired Mar 2025). Strong net-cash position (£32m) and sticky product (2.5% churn, 83% recurring), but cyclical end-market, no valuation disclosure, and heavy intangibles (80% of assets) limit appeal. Operating leverage not yet evident: EBITDA grew 17% while revenue grew 30%.