GB Group

AIM: GBG

Market Cap£818m

Last Close 324.2p

GB Group is a specialist in identity data intelligence. Its products and services enable its customers to better understand and verify their customers and are used across a range of fraud, risk management, compliance and customer on-boarding services.

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Investment summary

GB Group (GBG) reported a mixed performance in H123: strong growth in its Fraud and Location businesses was offset by weaker performance in the Identity business resulting in pro forma constant currency revenue growth of 3.4% y-o-y. Cryptocurrency headwinds and slowing economic growth drive downgrades to our Identity revenues and normalised EPS forecasts. Integration of Acuant is now complete and GBG is showing early signs of leveraging Acuant’s products and technology across the group.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 217.7 61.4 56.7 22.4 14.5 8.7
2022A 242.5 62.2 57.1 20.2 16.0 12.5
2023E 298.1 74.6 66.5 20.0 16.2 11.5
2024E 334.4 84.6 77.1 22.5 14.4 9.4
Industry outlook

Globalisation and the growth in internet trading have also resulted in the need for higher compliance standards in light of the rising scope and financial impact of cybercrime. This, in turn, is driving the demand for more complex and comprehensive solutions for the verification of personal data and the reduction of identity-related fraud.

Last updated on 01/12/2022
Content on GB Group
GB Group – H123 performance masks strategic progress
TMT | research Update | 1 December 2022
GB group 1
GB Group – FY23 outlook maintained
TMT | research Update | 20 October 2022
GB group 1
GB Group – Maintaining FY23 outlook
TMT | research Flash note | 28 July 2022
GB group 1
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (14.7) (27.5) (57.9)
Relative* (20.2) (29.8) (59.1)
52-week high/low 749.5p/324.2p
*% relative to local index
Key management
Richard Longdon Chairman
Chris Clark CEO
David Ward CFO
Richard Foster IR