TENG

Ten Lifestyle Group PLC

Travel and Leisure First-pass screen £82m

360/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 50

Valuation 25% 30

Downside protection 15% 38

First-pass take

Technology-enabled concierge platform with 23% revenue growth but pre-profitable, deeply loss-making (-9.4% adjusted EBITA margin), burning cash (£8.3m outflow), and no AI exposure. Material customer concentration (~22%) limits downside protection.

Flags

loss-makingcash-burncustomer-concentrationcyclicalno-valuation-datastale