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SWG

Shearwater Group PLC

Technology First-pass screen £9.29m
400/1000 Overall fit
AI beneficiary 35% 38
Operating leverage 25% 42
Valuation 25% 30
Downside protection 15% 57

First-pass take

Cyclical cybersecurity services company facing near-term headwinds (revenue −26%, margins collapsed to 1% EBITDA). Limited AI leverage: benefits from threat awareness, not infrastructure spend. Recovery narrative emerging (SaaS transition, cost reduction, Q1 improving) but loss-making. No valuation metrics disclosed. Modest downside protection despite net cash due to proven cyclical exposure.

Flags

loss-makingmargin-compressionno-valuation-datacyclicalrecovery-dependentai-defensive-onlymicro-cap