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Another encouraging takeaway from today’s AGM.

Shareholders overwhelmingly backed the board, dividend and strategy, with most resolutions receiving over 99% support. The share buyback authority was approved with 99.95% support, while the Rule 9 waivers were also comfortably passed by independent shareholders.

Combined with this morning’s update of improving margins, stronger cash (£20.6m), encouraging Rossmann sales and unchanged full-year expectations, management now has significant flexibility to allocate capital through growth initiatives, acquisitions and potential buybacks.

Overall, today’s AGM appears to have strengthened both confidence and optionality.

Extremely encouraging AGM update, in my opinion.

The key point for me is that sales from 1 April to 31 May were ahead of the same period last year, despite management continuing to describe trading conditions as difficult.

Full-year expectations remain unchanged, margins continue to improve, Rossmann’s launch into 2,200 stores is reportedly showing encouraging early sales, Walmart’s significantly improved Christmas order remains intact and the company has announced a Christmas gift range launch with Ulta Beauty in the US.

Meanwhile, cash has increased to £20.6m, the balance sheet remains debt free and the business continues to expand internationally.

After all the negativity of recent months, this feels like a meaningful step in the right direction.

Ex-dividend day next week with company AGM/Updates the week after while disclosed shorts are now at 0%.

Interesting that ShortTracker is now showing 0.00% disclosed short interest in W7L following the latest reduction below the reporting threshold.

Considering the shares were above 500p not that long ago and recently fell to 165p, it is notable that all previously disclosed shorts have now disappeared while the company remains debt free, cash generative, dividend paying, buying back shares, expanding internationally and guiding towards an H2 recovery.

Perhaps the question now is whether the market has over-discounted the company’s long-term fundamentals and recovery potential.

https://shorttracker.co.uk/company/GB00BYMF3676/

Worth noting the company is still renewing buyback authority while management/founders remain heavily aligned with shareholders and increasing potential ownership exposure.

To me, that does not look like a board positioning for structural decline or financial stress.

The balance sheet remains debt free, cash remains strong, dividends were increased, and operational expansion continues globally through Rossmann, Walmart, Barry M and new international markets.

The market clearly still wants proof that H2 recovery materialises — fair enough — but this RNS reads far more like a management team confident in the long-term outlook than one preparing for a broken business scenario.

Post from ADVFN today:

nawaralsaadi29 Apr '26 - 07:59 - 4693 of 4699

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If you are trading the stock, there will be plenty of volatility. If you are in for the long haul, as they continue to expand their distribution, broaden their product offering, and deepen relationships with major retailers, then sit still, relax and collect the higher dividend while they continue building the foundation for a much larger, highly profitable business.

In my opinion, the valuation is already extremely depressed, and quite reflective of a weak start to 2026. I am loving that they've finally gotten into Germany, and I think India and South America have the potential to be big markets for them considering their low price points. I still see Warpaint positioned for £200m in sales and EBITDA at £45m-£50m by 2030. If the stock sells off here, this would be an excellent opportunity to take a long term position.

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Some helpful additional context from Shore Capital on trading conditions in 2026:

The c£6.5m sales shortfall includes a c.£1.5m loss of sales from Bodycare year-on-year, a c.£2m headwind from the USA, as everyday sales materially struggle even post lower tariffs, coupled with lower sales activity from a number of customers in the UK and EU. However, whilst one swallow does not make a summer, we note a stronger April is reported, with we believe sales ahead by c.£2m YoY. Looking forward from here, the Board states it expects the improved performance to continue through the year “particularly in the second half’, such confidence is underpinned by an anticipated £8m of income from the Barry M acquisition announced as pending in February 2026, further supported by new distribution agreements noting an expected launch with Dirk Rossman in Germany (2,200 store, part of the AS Watson Group), a “significantly improved” Christmas order from Walmart USA, and new markets opened in India and South America (Panama, Argentina and Chile).

Fantastic update, thank you W7L team!

Remaining shorts here will likely close before the April results update, we’ll also have the AGM and further H1 updates (including on Barry M progress) in June, GLA.

Post from ADVFN today:

back2basics122 Feb '26 - 13:35 - 4636 of 4636

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The price action here continues to speak volumes.

W7L has now firmly broken out from the 200–230p base and is holding well above prior resistance on materially higher volume. That is not how dead-cat bounces behave — that is how re-ratings begin. We’ve moved from panic lows at 175p to 270p+ in a matter of weeks, with higher highs and higher lows now clearly forming.

Fundamentally, the backdrop is strengthening at the same time as the chart improves. The Barry M acquisition adds 1,300+ retail locations at a minimal entry price and no liabilities. Brand Architekts has already been turned profitable. Management has guided to a return to organic growth in 2026 and expects to update on further significant customer rollouts at the April results.

Meanwhile, shorts have been steadily reducing exposure and institutional holders such as Schroders have increased their position. That combination — short covering plus institutional accumulation — is typically seen in the early stages of sustained upside moves.

At 270p, the valuation remains modest relative to historic multiples and current broker targets in the 450–500p range (which may now increase as we move forward). Net cash, strong margins, expanding distribution and multiple catalysts ahead create a powerful setup into April results and then June trading update and AGM.

This still looks like the early innings of a broader recovery and re-rating.

ADVFN post today:

cashisking7620 Feb '26 - 10:29 - 4615 of 4616

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The rally here still looks like it’s in its early stages. After a significant de-rating, the valuation remains modest relative to fundamentals, balance sheet strength and the improving outlook. Risk/reward now looks clearly skewed to the upside.

“Warpaint London Valuation” according to Simply Wall Street

W7L Share Price vs Future Cash Flow Value:

W7L Fair Price when looking at its future cash flows using a Discounted Cash Flow model is currently UK£4.39

https://simplywall.st/stocks/gb/household/aim-w7l/warpaint-london-shares/valuation

The picture is starting to come together here.

Barry M is now formally completed, removing any execution or court-risk overhang. Warpaint has secured a highly recognisable UK value cosmetics brand with immediate scale and extensive retail distribution for just £1.4m, funded entirely from existing cash and with no liabilities. That looks clearly value-accretive.

At the same time, expectations were already heavily reset at H1 and the shares de-rated hard on well-understood, largely one-off issues. The latest update points to stabilising trading, improving gross margins, Brand Architekts profitable in year one, and a return to organic growth flagged for FY26.

Notably, Berenberg has today reaffirmed its Buy rating and 510p price target, even after factoring in the macro backdrop. That suggests the recent de-rating has gone well beyond what fundamentals justify.

With balance sheet strength intact, short pressure easing, uncertainty reducing rather than increasing, and now broker support explicitly reiterated, the downside from these levels looks increasingly limited. The upside from any normalisation or re-rating appears materially larger.

February 9, 2026

“Berenberg Bank Reaffirms Buy Rating for Warpaint London (LON:W7L)”

“Berenberg Bank reaffirmed its Buy rating on Warpaint London (LON:W7L) with a GBX 510 target, implying roughly a 155% upside from the current share price.”

https://www.marketbeat.com/instant-alerts/berenberg-bank-reaffirms-buy-rating-for-warpaint-london-lonw7l-2026-02-09/

The Barry M acquisition is now formally completed, removing any execution or court-risk overhang. This confirms Warpaint has secured a highly recognisable UK value cosmetics brand, with immediate scale and extensive retail distribution, for just £1.4m and with no liabilities.

With completion now done, the market can refocus on integration, margin upside and the return to organic growth flagged in this morning’s update. This looks like a clean, value-accretive deal that strengthens Warpaint’s UK footprint at a time when consumers are trading down — and importantly, it’s been funded entirely from existing cash.

Combined with stabilising trading and improving margins, this removes uncertainty rather than adding it. In my view, this further supports the case that the recent de-rating has been overdone.

As the market digests today’s update, the picture is clearer: one-off headwinds already disclosed, margins improving, a return to organic growth guidance, and the Barry M acquisition secured at a very attractive price. The fundamentals look far stronger than the current valuation suggests.

I don’t think you can conclude “insiders got wind of a poor update” from this price action. Today’s tape actually shows absorption, not panic: by ~12:30 the ADVFN montage has buy volume massively ahead of sell volume, with multiple sizeable clips going through around 200p (incl. several 25k prints plus an 85k and other blocks).

When you see that mix — big volume but price relatively capped — the most common explanation in an illiquid AIM stock is simply an overhang / patient seller being worked, not leaked bad news. MMs can keep the price contained while stock is quietly absorbed.

Also, if there were genuinely price-sensitive negative information known to the company, it should be disclosed via RNS when identified — not “show up in the tape” first. Ultimately the update will decide; until then, tape-reading this as insider knowledge is a stretch.

Trading update here last year was on 06 February and without any prior notification (as is norm), hence, I assume similar timing this year but in the meanwhile, shorts seem to be closing positions.

Notable volume has gone through here recently (≈2m shares traded just yesterday), yet the price has held relatively firm despite that supply. That usually points to underlying demand rather than forced selling.

The combination of unusually high volume and a relatively capped share price suggests patient accumulation rather than distribution — buyers appear content to absorb stock without chasing the price, which is often how positions are built in illiquid names.

With expectations already reset and the trading update likely not far away, valuation at these levels looks increasingly compelling on a risk/reward basis. Downside appears more limited unless trading materially disappoints, while any stabilisation could prompt a meaningful re-rating.

Https://www.bloomberg.com/news/articles/2025-11-29/black-friday-sales-rise-underscoring-us-consumers-resilience?srnd=homepage-uk&embedded-checkout=true

Everything points to a fundamentally sound, oversold business now entering its recovery phase.

Debt-free, profitable, high-yielding, and technically turning — a rare combination in today’s small-cap market.

This looks very much like the early stages of accumulation, where patience is likely to be extremely well rewarded.

On every key metric — valuation, cash, margins, yield — W7L remains massively oversold and materially undervalued.

W7L “Fair Value” today as per “Simply Wall Street” intrinsic valuation model/calculations is: £3.83, and all with no debt nor any liabilities and with unprecedented H2 rollouts now in progress!

https://simplywall.st/stocks/gb/household/aim-w7l/warpaint-london-shares/valuation