About smallcap

Hidden gems are, by definition, hidden.

Where no analyst is looking and no screener has reliable figures, smallcap finds and reads the annual reports nobody else is reading, and links every figure back to the page of the filed PDF.

Then it values each company with a model whose assumptions you can change, writes up what it finds, and sends a letter every week on the model portfolios and the news.

CCohort CHRTone company’s valuation history: the intrinsic value set at each annual report, FY2016 to FY2025, under the share price
1,164p+51% to base·above the bull case, overvalued
1 Sept 2026, last closeFY2025 vintagebase 770pbear 494pbull 1,011p
400p1,200p1,600p2017201820192020202120222023202420252026

Green where the price sat below the base value, red where above, deeper beyond the bear or bull case. The grey band is bear to bull.

FY2025
Report reached the market
20 Aug 2025
Bear · base · bull
494p · 770p · 1,011p
Close that week
1,244p, +62% to base
Status
published as struck
Move across the chart for any week. Click a marker, or use the arrow keys, for its vintage.
Cohort intrinsic-value vintages, GBP
VintageValuedBearBaseBullClose that weekClose to baseStatus
FY201629 Jul 2016280p427p561p345p−19%published as struck
FY20172 Aug 2017259p436p570p406p−7%published as struck
FY201830 Aug 2018378p569p697p411p−28%published as struck
FY20199 Aug 2019346p651p814p448p−31%revised before publication
FY202021 Aug 2020404p659p824p620p−6%revised before publication
FY202126 Aug 2021375p646p840p546p−15%published as struck
FY202225 Aug 2022252p484p627p531p+10%published as struck
FY202323 Aug 2023290p458p618p507p+11%published as struck
FY202421 Aug 2024426p638p833p874p+37%published as struck
FY202520 Aug 2025494p770p1,011p1,244p+62%published as struck
Open the dashboard
Why small companies

Higher returns, few readers,
and priced well below their own history.

Three figures about UK small companies, and the reason smallcap covers them and not the FTSE 100. None of the figures is ours; the source is under each.

14.8% a yearUK smaller companies, 1955 to 2019, against 11.5% for the FTSE All-Share.
Smaller companies14.8%
FTSE All-Share11.5%

Annualised total return, income reinvested, excluding investment companies. 3.3 points a year, compounded over 64 years.

Marsh & Evans, London Business School, Numis Smaller Companies Index review, 2020
1.5 analystsper AIM company on average, against 8.0 on the main market, 2015 to 2020.
Main market8.0
AIM1.5

Analysts per company. Even the largest AIM companies, over £600m, averaged 6.1 in 2019. For most AIM companies the annual report is the only full account of the business that gets written.

Fu, Jenkinson, Newton and Xie, European Financial Management, 2023 · Hardman & Co, reported by IR Magazine, May 2019
−24.3% to historyUK small caps’ forward P/E against their own ten-year average, at 31 January 2025. Large caps were 7.7% below theirs.
UK small caps−24.3%
UK large caps−7.7%

Twelve-month forward price to earnings, each against its own ten-year average. The discount is widest at the small end, and that gap is where smallcap looks.

Abrdn, Bloomberg data to 31 Jan 2025, reported by MoneyWeek
01 · The reports, read

Every annual report, read into
figures you can screen.

There are many reasons small companies beat large ones over time. One of the big ones is that their accounts are hard to find, harder to analyse, and harder still to trust when there isn’t an army of analysts doing the leg-work for you. So we do it. We read each company’s annual reports as printed and keep over 200 metrics a year, each with the page, column and scale it came from. You get to screen the whole index without reading 2,609 PDFs, and you can still check any figure against its page.

Here is one: Fevertree Drinks’s FY2024 revenue, read from page 110 of 156, Note 4, column 2024. Step through the ten reports: the printed scale changes 2 times, the stored value stays in pounds.

Page 110 of FEVR-AR-2024-ch-2: the consolidated income statement, with revenue of 368.5 £m
Extracting FY2024FEVR-AR-2024-ch-2
£368.5mRevenue
Caption
Revenue
Printed
368.5 £m
Column
2024
Stored
368,500,000 GBP
Page
PDF 110printed 108, of 156
  • Read from page 110 of FEVR-AR-2024-ch-2
  • Matched across 2 readings, including the FY2025 comparative
  • 8 checks run, validation passed
publisheddashboard · APIComing soon · this page

218,895 figures for 627 companies so far, in the dashboard, with the same page link on every one. See Fevertree Drinks

02 · The figures, checked

8 checks before a figure
reaches your screen.

When it’s your money on the line, you want to trust the numbers behind your decisions. So, can you trust ours? We read every figure twice: once from the report for its year, and once from the next year’s report, which prints it again. If the two agree, it’s confirmed. If they differ, both are kept. Then 8 checks run on every period, and anything that fails is flagged on the dashboard. Click any figure to open the PDF page it was taken from.

FEVR-AR-2024-ch-2, page 110: FY2024 report, column 2024
FEVR-AR-2024-ch-2 p. 110 · FY2024 report, column 2024
FEVR-AR-2025-ch-3, page 95: FY2025 report, comparative column 2024
FEVR-AR-2025-ch-3 p. 95 · FY2025 report, comparative column 2024
Checking Fevertree Drinks · Revenue FY2024

Every figure is read from two different filings: the report for its year, and the next year's report, which prints the same year again as a comparative. Take Fevertree's 2024 revenue as an example: both readings agree, so it is stored once and marked confirmed.

£368.5mconfirmed
First reading
368.5 £mFEVR-AR-2024-ch-2 · p. 110 · column 2024
Second reading
368.5 £mFEVR-AR-2025-ch-3 · p. 95 · comparative column 2024
Stored
368,500,000 GBPone value, both readings kept
  • Two readings, from two filings, agree
  • Confidence 0.98
  • Stored once, with both filings kept as its sources
confirmeddashboard · APIComing soon
03 · The companies, valued

An intrinsic value with its assumptions
on show, and yours if you disagree.

Everybody loves a good deal. Especially investors.

Each company gets a discounted-cash-flow value with a bear and a bull case, and every assumption behind it is on show. Don’t agree with one? Change it, and the value is recomputed. Every value is struck on the day the report came out, using nothing published after it, so what you see is what you could have known at the time. Here’s how it works, step by step, for a company you may well have flown with.

J
Jet2 JET2 · Leisure travel
Valued at its FY2023 report, struck 7 Aug 2023, the day it reached the market.
the value appears at step 4?
Step 1 of 5

The figures

Every figure here was read from the filed report the way sections 01 and 02 showed, and stored with its page. Eight reports, ending with the FY2023 report this valuation is struck on. You can see the pandemic in the middle.

£mFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023
Revenue, £bn
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Revenue1,405.4p. 401,729.3p. 412,391.8p. 473,143.1p. 573,584.7p. 75395.4p. 861,231.7p. 995,033.5p. 109
Operating profit105p. 40103p. 41130.6p. 47203.4p. 57184.6p. 75(336.1)p. 86(323.9)p. 99394p. 109
Profit for the year88.8p. 4076.7p. 41110.7p. 47145.6p. 57116p. 75(271.2)p. 86(315.4)p. 99290.8p. 109
Earnings per share60.2pp. 4051.8pp. 4174.6pp. 4798pp. 5777.9pp. 101(151.2p)p. 111(147p)p. 99135.4pp. 109
The base year. Revenue £5,033.5m, operating profit £394.0m, a 7.8% margin. Cash £955.2m against borrowings of £729.2m, and 214.7m shares in issue. Everything that follows starts from these.
FAQ

Questions,
answered

Where the numbers come from, why each is read twice, and what happens when something doesn’t add up.

Open the dashboard
01What can smallcap tell me?
Ten years of income statement, balance sheet and cash flow figures for AIM companies, plus the derived metrics analysts screen on: growth, margins, cash conversion, dilution, net debt. Every figure carries the filing, page and column it was read from.
02Where do the numbers come from?
From the annual reports themselves, as filed at Companies House and, for overseas-incorporated companies, SEDAR, SEC EDGAR, the ASX or the FCA's National Storage Mechanism. Nothing is taken from a data vendor or a summary.
03Why two readings of every figure?
Each figure is read twice, once from the report for that year and once from the comparative column of the following year's report. When the two agree, the figure is confirmed. When they differ, the later value is kept as a restatement and the original is shown beside it.
04What happens when something doesn't add up?
Eight deterministic checks run on every period: the balance sheet balances, subtotals tie, cash reconciles, EPS and dividends recompute. A figure that fails is held back and flagged in the dashboard rather than published as clean.
05How are the valuations done?
Each year's report gets its own discounted-cash-flow value, struck on the day the report reached the market and using only what was public then: the filed figures, the gilt yield of the day and an equity premium. A bear and a bull case bracket it. Every vintage is audited for lookahead before it is shown, so the ten-year history is what you could actually have known, not hindsight.
06How current is the data?
Reports are picked up as they are filed and the corpus is re-extracted on a rolling basis. The last full extraction was on 6 October 2026, and each company page shows the filing date of its latest report.
07Can I get the data out?
Not yet. A read-only API is coming soon, and it will serve the same figures, provenance and validation results to your own models and notebooks. Until then the dashboard is the way in.
08Is this investment advice?
No. smallcap reports what companies filed and shows you where it came from. What you make of it is your call.

Clarity in
the filed accounts