Gattaca - excellent 2026 Finals clearly point out that this group's shares are undervalued at 131p, SQC TP 200p
Mark Watson-Mitchell - 03.11.2026
This morning Gattaca (LON:GATC) reported a cracking set of Final Results for its year to end-July.
The Group reported that it had a FY26 revenue of £443.3m (+11% YoY) and Net Fee Income (NFI) of £43.2m (+11%, like-for-like +7%), with contract NFI up 16% and SoW NFI down 44%; underlying EBITDA rose to £7.0m (+94%) and continuing underlying profit before tax was £6.1m (+85%), delivering reported profit after tax of £4.0m and basic EPS of 12.7p (up 81%).
At the end of the period, the Group had Net cash of £15.4m with £32.0m undrawn facility headroom, NFI per sales head increased 20% and per total head 19%, the Board proposes a full-year dividend of 6.0p (final 4.67p) and expects FY27 underlying PBT of c. £6.5m.
The Business
Gattaca is a UK-based recruitment company providing recruitment services in the private and public sectors.
It operates across various segments like Mobility, Energy, Defence, and Technology, with a focus on engineering and technology-related talent.
The company also offers workforce solutions, technical recruitment, and project-based services.
Management Comment
CEO Matthew Wragg stated that:
“Looking ahead, I am excited to see us continue to build momentum.
We enter the year with real positivity.
Recognised as a great place to be, with great culture, tools and a place where people can enjoy their work, be successful and contribute positively to the markets that we serve.
Our continued focus on our strategy, a healthy opportunity pipeline and a robust balance sheet, places us well to continue to build sustainable growth for FY27 and beyond .”
The Equity
There are 31.53m shares in issue.
Mutual Funds and ETF’s hold 5.18%, other Institutional Investors hold 57.27%, while Public Companies and Retail Investors hold 37.56% of the equity.
The larger holders include MMGG Acquisition (22.8%), Hargreaves Lansdown Asset Management (4.19%), Chelverton Asset Management (3.74%), Interactive Investor Services (3.65%), Apex Financial Services (Trust Company) (3.11%), Hargreaves Lansdown Fund Managers (1.73%), IG Markets (0.72%), HSBC Global Asset Management (0.34%), Seven Investment Management (0.32%) and HSBC Bank (Market Maker) (0.13%).
Broker Views
Analysts Sanjay Vidyarthi and Joe Brent, at Panmure Liberum, have recently upped their Buy note advice with an increased Target Price of 200p (185p).
Their estimates for the current 2027 year, they see £45.3m NFI, £6.5m profit, 14.4p earnings and 6.9p per share in dividend.
Looking further ahead into 2028, they see £47.4m NFI, £7.5m profit, 16.5p earnings and a dividend raised to 6.9p per share.
For the 2028 year, the estimates are £47.8m NFI, £7.5m profit, 16.5p earnings and a dividend of 8p per share.
My View
On the basis of the analyst estimates, I stand firmly by my early August-set 200p Target Price.
The shares closed down 11p last night at just 131p - giving investors a very cheap way into a progressive group, whose shares will be re-rated upwards.
(Profile 16.03.26 @ 104p set a Target Price of 125p*)
(Profile 08.06.26 @ 147.50p set a Target Price of 165p*)
(Profile 03.08.26 @ 164p set a Target Price of 200p)
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