# Anglo-Eastern Plantations (AEP.LSE)

Canonical: https://gigainvestors.com/s/AEP.LSE

Analysis as of: 2026-10-16T07:44:27.430Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 175.60 per share; close as of 2026-10-15.

Estimated value: low GBX 222.07 per share, central GBX 308.35 per share, high GBX 358.60 per share. Buy at or below the central value GBX 308.35 per share. Valuation as of 2026-10-16T07:44:27.430Z; scenarios are not confidence intervals.

Expected annual return: 15.6% at the stated quote. About 15.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.22×

- FY2018: 0.13×

- FY2019: 0.04×

- FY2020: 0.21×

- FY2021: 0.31×

- FY2022: 0.29×

- FY2023: 0.19×

- FY2024: 0.22×

- FY2025: 0.24×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 15.9%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 24.6%

- Recent gross margin (lower of latest and 3-year median): 23.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.2%

- FY2017: 15.9%

- FY2018: 7.7%

- FY2019: 2.3%

- FY2020: 15.9%

- FY2021: 49.2%

- FY2022: 58.3%

- FY2023: 14.4%

- FY2024: 18.2%

- FY2025: 23.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $343M

- Net income, five-year total: $372M

- Return on incremental invested capital: 28.6%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 7.8 pp

- Working capital / revenue, final three-year average: 9.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.97×

- FY2023: 0.69×

- FY2024: 0.86×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.2% vs 18.2%

- Per-share earnings: 0.09 to 0.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $3.5B

- Cumulative retained earnings: $454M

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.7%

- Per-share value change: $0.08

- Per-share value, starting three-year median: $0.09

- Per-share value, ending three-year median: $0.17

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $1.9M

- Cumulative net income, 10 years: $502M

- ROIC, first three-year median: 15.2%

- ROIC, last three-year median: 18.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.09

- FY2017: $0.09

- FY2018: $0.03

- FY2019: $0.04

- FY2020: $0.08

- FY2021: $0.17

- FY2022: $0.22

- FY2023: $0.14

- FY2024: $0.17

- FY2025: $0.24

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 6.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.34×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -2.7%

- FY2018: -1.6%

- FY2019: 0.3%

- FY2020: -6.5%

- FY2021: -10.5%

- FY2022: -5.0%

- FY2023: 4.0%

- FY2024: -1.1%

- FY2025: -4.9%

## Holders

## Price story

Down 91% since Apr 2026 · "The relative pricing of soft oils remained a key determinant of CPO demand." (AEP filing, May 2026) · sales +27.6%

Story as of 2026-10-16T10:00:13.051Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.3% a year for ten years

### Sales · FY2024–2025

sales +27.6%; source https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: $246M 

- FY2017: $292M 

- FY2018: $251M 

- FY2019: $219M 

- FY2020: $264M 

- FY2021: $433M 

- FY2022: $448M 

- FY2023: $371M 

- FY2024: $372M 

- FY2025: $475M 

### Gross margin · FY2025

gross margin 26.9%; source https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml; observed 2026-05-12.

- FY2016: 26.5% 

- FY2017: 25.4% 

- FY2018: 16.9% 

- FY2019: 10.4% 

- FY2020: 23.4% 

- FY2021: 31.7% 

- FY2022: 30.7% 

- FY2023: 21.2% 

- FY2024: 23.8% 

- FY2025: 26.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in farm products; annual sales are USD 475 million.

- Source: https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: revenue 474971267; grossProfit 127856341; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AEP.LSE: AEP Plantations Plc, together with its subsidiaries, owns, operates, and develops oil palm plantations in Indonesia and Malaysia. The company primarily includes oil palms, harvesting fresh fruit bunches FFB, shell nuts, and processing them into crude palm oil CPO, palm kernels, biogas products, and rubber slab. It also operates as agricultural practices on land management include zero burning, integrated pest management, soil and water conservation, and biomass recycling. The company also operates biogas plants that generates and sells electricity as the national grid. Additionally, it engages in operating the oil palm and rubber plantation business. The company was formerly known as Anglo-Eastern Plantations PLC and changed its name to AEP Plantations Plc in November 2025. AEP Plantations Plc was incorporated in 1985 and is based in London, the United Kingdom. AEP Plantations Plc operates as a subsidiary of Genton International Limited.

### Why customers stay

Margins ranged from 21.2% to 26.9% during 2023–25; it earns 15.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: grossProfit / revenue = 23.8%.

- Source: https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: grossProfit / revenue = 26.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,0.15181982162763882],[2017,0.1590571823376969],[2018,0.07682396281656627],[2019,0.023304311185310712],[2020,0.1594285822714384],[2021,0.49198811608538434],[2022,0.5831142835694215],[2023,0.14439097042061433],[2024,0.18201894929718723],[2025,0.23496650355836146]]; median 0.15924288230456765. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.1% of cash earnings on expansion; earns 28.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2016: growth capex 14807000; upkeep 15677000; owner earnings 34713000. Growth capex / owner earnings = 0.4265548929795754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2017: growth capex 10908000; upkeep 16284000; owner earnings 36214000. Growth capex / owner earnings = 0.3012094769978461.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2019: growth capex 0; upkeep 33169000; owner earnings 1381400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2020: growth capex 5100000; upkeep 16177000; owner earnings 31613400. Growth capex / owner earnings = 0.16132399552088672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2021: growth capex 9380000; upkeep 16994000; owner earnings 68271000. Growth capex / owner earnings = 0.13739362247513587.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2022: growth capex 14950858.70850727; upkeep 19075141.29149273; owner earnings 86544058.70850727. Growth capex / owner earnings = 0.17275430493575408.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2023: growth capex 0; upkeep 33421000; owner earnings 37547200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); FY2024: growth capex 800728.9129842669; upkeep 28212271.087015733; owner earnings 58135728.91298427. Growth capex / owner earnings = 0.013773438949785471.

- Source: https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: growth capex 11194036; upkeep 19355743; owner earnings 92680731. Growth capex / owner earnings = 0.12078061835744476.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Incremental return on capital 0.2863547413754088, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,1003000],[2017,1515000],[2018,1585000],[2019,1240000],[2020,197000],[2021,395000],[2022,1975000],[2023,15845000],[2024,5918000],[2025,35356547]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml (filed 2026-05-12); FY2025: cash repurchases 11591189 USD.

### Are managers owners

Insiders own 55.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AEP.LSE SharesStats.PercentInsiders = 55.944 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Ten-year compound average after fade. Initial solved rate -0.030771958107752462. Price 175.6; FX 75.34943299551671; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.03427109329703295 → FY2025 0.23897872982311383. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 551.00 per share

- 2016-11: GBX 589.50 per share

- 2016-12: GBX 674.50 per share

- 2017-01: GBX 714.00 per share

- 2017-02: GBX 685.00 per share

- 2017-03: GBX 688.00 per share

- 2017-04: GBX 737.00 per share

- 2017-05: GBX 775.00 per share

- 2017-06: GBX 814.00 per share

- 2017-07: GBX 845.50 per share

- 2017-08: GBX 830.00 per share

- 2017-09: GBX 864.50 per share

- 2017-10: GBX 825.50 per share

- 2017-11: GBX 770.00 per share

- 2017-12: GBX 769.00 per share

- 2018-01: GBX 760.00 per share

- 2018-02: GBX 770.00 per share

- 2018-03: GBX 770.00 per share

- 2018-04: GBX 758.00 per share

- 2018-05: GBX 744.00 per share

- 2018-06: GBX 690.00 per share

- 2018-07: GBX 730.00 per share

- 2018-08: GBX 650.00 per share

- 2018-09: GBX 570.00 per share

- 2018-10: GBX 575.00 per share

- 2018-11: GBX 556.00 per share

- 2018-12: GBX 568.00 per share

- 2019-01: GBX 554.00 per share

- 2019-02: GBX 534.00 per share

- 2019-03: GBX 512.00 per share

- 2019-04: GBX 528.00 per share

- 2019-05: GBX 459.00 per share

- 2019-06: GBX 479.00 per share

- 2019-07: GBX 454.50 per share

- 2019-08: GBX 462.50 per share

- 2019-09: GBX 445.50 per share

- 2019-10: GBX 460.00 per share

- 2019-11: GBX 536.00 per share

- 2019-12: GBX 574.00 per share

- 2020-01: GBX 550.00 per share

- 2020-02: GBX 526.00 per share

- 2020-03: GBX 468.00 per share

- 2020-04: GBX 481.00 per share

- 2020-05: GBX 480.00 per share

- 2020-06: GBX 497.00 per share

- 2020-07: GBX 472.50 per share

- 2020-08: GBX 512.00 per share

- 2020-09: GBX 510.00 per share

- 2020-10: GBX 477.50 per share

- 2020-11: GBX 621.00 per share

- 2020-12: GBX 583.00 per share

- 2021-01: GBX 608.00 per share

- 2021-02: GBX 603.00 per share

- 2021-03: GBX 610.00 per share

- 2021-04: GBX 652.00 per share

- 2021-05: GBX 670.00 per share

- 2021-06: GBX 610.00 per share

- 2021-07: GBX 616.00 per share

- 2021-08: GBX 645.00 per share

- 2021-09: GBX 626.00 per share

- 2021-10: GBX 760.00 per share

- 2021-11: GBX 730.00 per share

- 2021-12: GBX 720.00 per share

- 2022-01: GBX 724.00 per share

- 2022-02: GBX 725.00 per share

- 2022-03: GBX 764.00 per share

- 2022-04: GBX 876.00 per share

- 2022-05: GBX 856.00 per share

- 2022-06: GBX 806.00 per share

- 2022-07: GBX 900.00 per share

- 2022-08: GBX 900.00 per share

- 2022-09: GBX 780.00 per share

- 2022-10: GBX 800.00 per share

- 2022-11: GBX 790.00 per share

- 2022-12: GBX 800.00 per share

- 2023-01: GBX 760.00 per share

- 2023-02: GBX 804.00 per share

- 2023-03: GBX 820.00 per share

- 2023-04: GBX 836.00 per share

- 2023-05: GBX 858.00 per share

- 2023-06: GBX 752.00 per share

- 2023-07: GBX 673.00 per share

- 2023-08: GBX 738.00 per share

- 2023-09: GBX 714.00 per share

- 2023-10: GBX 702.00 per share

- 2023-11: GBX 695.00 per share

- 2023-12: GBX 670.00 per share

- 2024-01: GBX 693.00 per share

- 2024-02: GBX 682.00 per share

- 2024-03: GBX 696.00 per share

- 2024-04: GBX 710.00 per share

- 2024-05: GBX 672.00 per share

- 2024-06: GBX 660.00 per share

- 2024-07: GBX 628.00 per share

- 2024-08: GBX 616.00 per share

- 2024-09: GBX 612.00 per share

- 2024-10: GBX 666.00 per share

- 2024-11: GBX 665.00 per share

- 2024-12: GBX 654.00 per share

- 2025-01: GBX 676.00 per share

- 2025-02: GBX 666.00 per share

- 2025-03: GBX 740.00 per share

- 2025-04: GBX 758.00 per share

- 2025-05: GBX 758.00 per share

- 2025-06: GBX 880.00 per share

- 2025-07: GBX 892.00 per share

- 2025-08: GBX 1,255.00 per share

- 2025-09: GBX 1,380.00 per share

- 2025-10: GBX 1,400.00 per share

- 2025-11: GBX 1,425.00 per share

- 2025-12: GBX 1,370.00 per share

- 2026-01: GBX 1,470.00 per share

- 2026-02: GBX 1,575.00 per share

- 2026-03: GBX 1,695.00 per share

- 2026-04: GBX 1,900.00 per share

- 2026-05: GBX 1,738.00 per share

- 2026-06: GBX 146.68 per share

- 2026-07: GBX 180.00 per share

- 2026-08: GBX 205.00 per share

- 2026-09: GBX 205.00 per share

- 2026-10: GBX 175.60 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 92.55 per share, central GBX 113.72 per share, high GBX 129.33 per share

- FY2017: low GBX 102.88 per share, central GBX 116.43 per share, high GBX 131.30 per share

- FY2018: low GBX 84.20 per share, central GBX 93.00 per share, high GBX 104.71 per share

- FY2019: low GBX 18.17 per share, central GBX 18.56 per share, high GBX 19.09 per share

- FY2020: low GBX 86.96 per share, central GBX 96.02 per share, high GBX 108.07 per share

- FY2021: low GBX 149.55 per share, central GBX 166.48 per share, high GBX 186.98 per share

- FY2022: low GBX 174.42 per share, central GBX 223.83 per share, high GBX 255.32 per share

- FY2023: low GBX 123.19 per share, central GBX 135.97 per share, high GBX 152.99 per share

- FY2024: low GBX 159.18 per share, central GBX 175.88 per share, high GBX 198.11 per share

- FY2025: low GBX 240.93 per share, central GBX 325.61 per share, high GBX 374.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:50:16.282Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138009ROZICGP42QP19/2025-12-31/ESEF/GB/0/2138009ROZICGP42QP19-2025-12-31/reports/2138009ROZICGP42QP19-2025-12-31-T01.xhtml); period 2025-12-31, filed 2026-05-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations