Somero Enterprises Inc (SOM.L) valuation at a glance
- Price
- $3.41
- Forward P/E
- 7.5×
- Market cap
- $177M
CompaniesSOM.L
SOM.L
Somero Enterprises Inc
IndustrialsUSAconstruction equipmentnet cashbuyback
Overview
$3.41+0.1%
Market Cap
$177M
Interim results RNS 2026-09-08
P/E (TTM)
13.4×
Interim results RNS 2026-09-08
Rev Growth YoY
–
Interim results RNS 2026-09-08
Gross Margin
52.0%
Interim results RNS 2026-09-08
FCF Yield
9.6%
Calculated from Interim results RNS 2026-09-08
Fair Value
Not established
yfinance
Conviction
3/5Debt-free US maker of laser-guided concrete screeds, AIM-quoted, growing H1 2026 revenue 22.4% while buying back stock, but guiding H2 lower.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 100/100
Value3/3
Future1/1
Past3/3
Health4/4
Dividend3/3
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Somero Enterprises designs and sells laser-guided concrete screeding equipment used to place large flat floors for non-residential construction. The company is Delaware-incorporated with Florida headquarters and Michigan operations, reports in USD, and trades only on AIM as a Depositary Interest quoted in GBp, with Cavendish as Nominated Adviser. H1 2026 revenue was 48.7M USD, up 22.4% from 39.8M USD, with adjusted EBITDA of 10.074M USD, a 20.7% margin, and GAAP net income of 6.673M USD. The balance sheet carried 29.585M USD of cash, including 372k USD of restricted collateral, with the company stating no outstanding debt at 2026-06-30 and a 25.0M USD undrawn revolving facility to August 2027, against 79.8M USD of equity. Capital is being returned through both a raised 12.0M USD buyback and an interim dividend lifted 25% to 0.05 USD per share. The offsetting facts are FY2026 guidance of about 95M USD revenue, implying an H2 of roughly 46.3M USD and a sequential decline, and an unresolved governance review running through 2026.
Bull Case
GrowthH1 2026 revenue reached 48.7M USD, up 22.4% on the 39.8M USD reported for H1 2025, per the interim results RNS dated 2026-09-08.
Balance sheetAt 2026-06-30 the company reported 29.585M USD of cash, including 372k USD restricted collateral, stated no outstanding debt, and had a fully undrawn 25.0M USD revolving credit facility running to August 2027.
Capital returnsThe Board raised the buyback authority from 4.0M USD announced 2026-03-12 to 6.0M USD on 2026-04-09 and to 12.0M USD on 2026-07-22, with 5.842M USD covering 2,320,557 shares executed by 2026-06-30 and purchases continuing at 15,000 shares on 2026-09-16.
Bear Case
GuidanceFY2026 guidance of about 95M USD revenue against H1 2026 revenue of 48.7M USD implies H2 2026 of roughly 46.3M USD, a sequential decline.
Earnings qualityNet income growth of 157% YoY in H1 2026 is largely a tax-comparison artefact, with the effective tax rate at 26% versus 47% in H1 2025 on a prior-period valuation allowance, while profit before tax rose 86% and revenue 22.4%.
CyclicalityDemand is tied to non-residential construction activity, and FY2026 adjusted EBITDA guidance of about 19.5M USD sits only modestly above the 10.074M USD delivered in H1 2026.
Key Metrics
Market Cap
$177M
Interim results RNS 2026-09-08
Enterprise Value
$150M
Calculated from Interim results RNS 2026-09-08
Revenue (TTM)
–
Interim results RNS 2026-09-08
P/E (TTM)
13.4×
Interim results RNS 2026-09-08
Forward P/E
7.5×
yfinance
P/S (TTM)
–
Interim results RNS 2026-09-08
P/B
1.7×
Interim results RNS 2026-09-08
EV/EBITDA
5.5×
Calculated from Interim results RNS 2026-09-08
PEG
–
Calculated from Interim results RNS 2026-09-08
Revenue Growth
–
Interim results RNS 2026-09-08
Gross Margin
52.0%
Interim results RNS 2026-09-08
Operating Margin
16.6%
Interim results RNS 2026-09-08
Net Margin
–
Interim results RNS 2026-09-08
Free Cash Flow
$17M
Interim results RNS 2026-09-08
FCF Yield
9.6%
Calculated from Interim results RNS 2026-09-08
Debt / Equity
0.0×
Interim results RNS 2026-09-08
Current Ratio
5.8×
Interim results RNS 2026-09-08
Short Interest
–
Interim results RNS 2026-09-08
Institutional Own.
46.8%
Interim results RNS 2026-09-08
Insider Own.
32.5%
Interim results RNS 2026-09-08
Shares Out.
51.7M
Interim results RNS 2026-09-08
Float
31.4M
Interim results RNS 2026-09-08
Valuation
Price vs Fair Value
Now $3.41
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SOM.L | $132M | 13.4× | 1.4× | 5.5× | +22.0% | 52.0% | 15.0% |
| ASTE | $971M | 50.3× | 0.6× | 9.3× | +24.0% | 26.0% | 1.0% |
| TEX | $6.87B | 28.8× | 1.0× | 14.7× | +50.0% | 17.0% | 2.0% |
| MTW | $764M | 37.8× | 0.3× | 8.5× | +10.0% | 19.0% | 1.0% |
| CMCO | $476M | – | 0.3× | 14.7× | +125.0% | 35.0% | -21.0% |
| LNN | $1.20B | 22.7× | 1.9× | 14.1× | -5.0% | 29.0% | 9.0% |
Financials
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Total Revenue | 133.6 | 120.7 | 109.2 | 88.9 |
| Cost of Revenue | 57.4 | 53.3 | 50.4 | 42.7 |
| Gross Profit | 76.2 | 67.4 | 58.8 | 46.2 |
| Operating Income | 43.1 | 33.6 | 24.3 | 13.9 |
| EBITDA | 42.3 | 34.8 | 25.7 | 17.5 |
| Net Income | 31.1 | 28.0 | 18.6 | 10.2 |
| Diluted EPS | 0.55 | 0.50 | 0.33 | 0.18 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & Equivalents | 33.7 | 33.3 | 29.5 | 33.2 |
| Total Assets | 99.0 | 98.5 | 98.1 | 97.9 |
| Total Debt | 1.4 | 2.0 | 2.8 | 2.9 |
| Total Liabilities | 21.9 | 15.3 | 13.8 | 15.5 |
| Shareholders' Equity | 77.1 | 83.2 | 84.3 | 82.4 |
| Shares Out. (M) | 55.8 | 55.5 | 54.9 | 54.1 |
| Line Item | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Operating Cash Flow | 27.8 | 24.4 | 17.6 | 17.8 |
| Capital Expenditure | (5.4) | (1.7) | (2.4) | (0.8) |
| Free Cash Flow | 22.4 | 22.7 | 15.2 | 17.0 |
| Investing Cash Flow | (5.2) | (1.7) | (2.4) | (0.8) |
| Financing Cash Flow | (31.7) | (22.6) | (19.3) | (12.7) |
Figures normalized from SOMERO ENTERPRISE INC. COM STK 's most recent annual report and exchange data. USD millions; EPS and share count per their units. Annual periods. Source: Interim results ↗
Catalysts
October 2026
Corporate
Interim dividend payment
Interim dividend of 0.05 USD per share, up 25% from 0.04 USD and about 2.6M USD in total, ex-dividend 2026-09-17 and record date 2026-09-18.
H2 2026 to early 2027
Governancehigh relevance
Outcome of the governance review
RNS titles in 2026 include Update on Governance Review on 2026-06-26, Statement regarding AGM Voting on 2026-06-29 and Governance Update and Board Change on 2026-08-28; the substance is not quantified in the sources reviewed.
H2 2026
Corporate
Continued execution of the 12.0M USD buyback
Authority was raised to 12.0M USD on 2026-07-22 with 5.842M USD executed by 2026-06-30, so a material portion remains; shares outstanding fell from 54,065,489 at 2025-12-31 to 51,736,367 at the 2026-09-17 total voting rights announcement.
Q1 2027
Earningshigh relevance
FY2026 results versus about 95M USD revenue guidance
FY2026 guidance is about 95M USD revenue and about 19.5M USD adjusted EBITDA; the H2 implied run-rate is the test of whether H1 momentum persisted.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| Guided sequential revenue decline in H2 2026 | Financial | Medium | High | FY2026 guidance of about 95M USD against 48.7M USD in H1 2026 implies roughly 46.3M USD in H2 2026, so reported growth should decelerate sharply in the second half. |
| Unresolved governance review and evidence of shareholder dissent | Governance | Medium | Medium | Three 2026 RNS titles reference a governance review, AGM voting and a board change; the detail is unquantified in the sources reviewed, leaving board composition and policy outcomes uncertain. |
| Exposure to the non-residential construction cycle | Market/Macro | High | Medium | Equipment sales for large flat concrete floors depend on non-residential project starts, so a downturn would hit revenue and the 20.7% H1 2026 adjusted EBITDA margin together. |
| Earnings quality distorted by the tax comparison | Financial | Medium | High | The H1 2026 effective tax rate of 26% versus 47% in H1 2025 means headline net income growth overstates operating improvement; profit before tax grew 86% and revenue 22.4%. |
| AIM-only quotation of a US issuer in a Depositary Interest | Liquidity | Medium | Medium | The company states it is traded only on AIM and has not applied or agreed to have any securities admitted or traded on any other exchange; a micro-cap of about 176.6M USD in a DI structure can trade thinly, and the buyback VWAP of 262.78p on 2026-09-16 sat about 3% above the 255.10 GBp quote taken on 2026-09-17, a disagreement between instruments that is unresolved. |
Technical Snapshot
52-Week Range
–$3.41–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: Interim results RNS 2026-09-08. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
UNVERIFIED. Insider and substantial shareholder ownership was not independently confirmed in the sources reviewed for this record. What is confirmed is the share count: 51,825,423 shares issued and 51,776,016 outstanding at 2026-06-30, and 51,736,367 in the total voting rights announcement dated 2026-09-17, down from 54,065,489 at 2025-12-31.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| SOM.L | $132M | 13.4× | 1.4× | 5.5× | +22.0% | 52.0% | 15.0% |
| ASTE | $971M | 50.3× | 0.6× | 9.3× | +24.0% | 26.0% | 1.0% |
| TEX | $6.87B | 28.8× | 1.0× | 14.7× | +50.0% | 17.0% | 2.0% |
| MTW | $764M | 37.8× | 0.3× | 8.5× | +10.0% | 19.0% | 1.0% |
| CMCO | $476M | – | 0.3× | 14.7× | +125.0% | 35.0% | -21.0% |
| LNN | $1.20B | 22.7× | 1.9× | 14.1× | -5.0% | 29.0% | 9.0% |
Recognizable sector comparables. Source basis: Interim results RNS 2026-09-08; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17RNS
H1 2026 growth is real but the tax comparison flatters the bottom line
Revenue of 48.7M USD in the six months to 2026-06-30 was up 22.4% and adjusted EBITDA was 10.074M USD at a 20.7% margin. Basic EPS was 0.1244 USD on 53,635,347 weighted-average shares and diluted EPS 0.1220 USD on 54,700,784. The 157% net income increase is largely a tax artefact, with the effective rate at 26% against 47% a year earlier.
2026-09-17RNS
Free cash flow is not a disclosed line item
The company does not publish a free cash flow line. H1 2026 operating cash flow was 7.059M USD and capital expenditure 0.634M USD, which nets to 6.43M USD on a simple derivation. Dividends paid fell to 3.366M USD in H1 2026 from 7.123M USD in H1 2025 as capital return shifted toward the buyback.
2026-09-17Research
Share count reduction should be quoted on the right basis
Shares outstanding fell 4.2% over the six months from 54,065,489 at 2025-12-31 to 51,776,016 at 2026-06-30, and stood at 51,736,367 in the 2026-09-17 total voting rights announcement. On a year-on-year weighted-average basis the reduction is 2.15%, 53,635,347 against 54,814,372, so the two figures are not interchangeable.
Sources
Somero Enterprises Inc valuation questions
What is Somero Enterprises Inc's forward P/E ratio?
Somero Enterprises Inc (SOM.L) trades at a forward P/E of 7.5×.
What is Somero Enterprises Inc's market cap?
Somero Enterprises Inc (SOM.L) has a market capitalization (its market value, often searched as "net worth") of $177M, and an enterprise value of $150M.