Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price400.00 GBp
Ethical score70.0/100
Our investment reviews on this name
2026-09-06Read Markdown389.00+2.8% to today
2026-08-06Read Markup389.00+2.8% to today ✓
2026-07-02Read Accumulation389.00+2.8% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
North Atlantic Smaller Cos Ord holds its Markdown at $400.00. The statistical read favours the buyers, held for 14 days.
As held on the ledger · 2026-09-18
Phase
Markdown · caution
Quantitative state
The statistical read favours the buyers, held for 14 days
Price at the screen
$400.00
Valuation
17.68 trailing · N/A forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Revenue purity
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
4.22%
Below 49%
Money owed to the company is 4.2% of assets, under the 49% limit.
Pass
Revenue purity
21.38%
Below 5%
21.4% of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
North Atlantic Smaller Cos Ord clears the business-activity screen. Where it falls short is income purity: around 21% of its income right now is non-operating interest income, against a roughly 5% ceiling, so it does not pass. That reflects what it earns today, not the business itself, and it could clear the screen if its operating revenue grows and the interest share falls.
Read as at 2026-10-07. It updates when the underlying figures move, and past reads are kept below.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
NAS.L trades on LSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown$400.00+2.8%Entry 6
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 2%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-09-06Markdown · changed$389.00+0.0%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 2%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-08-06Markup · changed$389.00+0.0%Entry 4
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 2%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-07-18Accumulation$389.00+0.0%Entry 3
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are up 2%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-07-03Accumulation$389.00+0.0%Entry 2
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Accumulation$389.00Entry 1
The framework reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$364.00
+8.2%
·
$1,082
+8.2%
2 months
$349.00
+12.9%
·
$1,129
+12.9%
3 months
$348.00
+13.2%
·
$1,132
+13.2%
6 months
$358.93
+9.8%
$7.00
$1,117
+11.7%
1 year
$385.93
+2.1%
$7.00
$1,039
+3.9%
2 years
$394.83
-0.2%
$15.80
$1,038
+3.8%
3 years
$384.76
+2.4%
$22.65
$1,083
+8.3%
5 years
$444.70
-11.4%
$24.85
$942
-5.8%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever NAS.L does next, these words stay.
North Atlantic Smaller Cos Ord · NAS.L · Markdown · $400.00
Recorded 2026-09-18 · before the outcome · scored mechanically