GB Group specialises in identity data intelligence. Its products/services enable customers to understand and verify clients and employees in fraud, risk management, compliance and customer on-boarding services. With headquarters in the UK, it operates across 17 countries.
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GB Group (GBG) reported strong underlying revenue growth for FY22 while profitability growth reflected the resumption of investment in the business. GBG has demonstrated the ability to navigate challenges with its performance over the COVID-19 pandemic and we view its diversified business (by geography and vertical) as a strength in an uncertain market environment. Our forecasts are substantially unchanged and in our view the valuation has become increasingly detached from the company’s growth potential.
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 | 19.8 | N/A |
| 2022A | 242.5 | 62.2 | 57.1 | 20.2 | 21.9 | N/A |
| 2023E | 300.8 | 75.8 | 67.7 | 20.4 | 21.7 | N/A |
| 2024E | 337.0 | 85.5 | 78.0 | 22.8 | 19.4 | N/A |
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 30/06/2022Content on GB Group
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TMT
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Share price graph
Balance sheet |
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| Forecast net debt (£m) | 68.5 |
| Forecast gearing ratio (%) | 8 |
Price performance
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Key management |
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| David Rasche | Chairman |
| Chris Clark | CEO |
| David Ward | CFO |
| Richard Foster | IR |