Tribal Group PLC

First-pass take

Tribal is a profitable education software company with strong recurring revenue (45% ARR, 5.6% growth) and exceptional operating leverage (46.9% profit growth on flat revenue), but faces significant headwinds: Asia Pacific decline (15.6%), upcoming contract losses (800 schools migrating), and no AI exposure. £20m net cash provides downside protection, but valuation assessment is impossible without share price.