GB Group

LN: GBG

Market Cap£1,003m

Last Close 398p

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.

More GB Group content >

Investment summary

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 30/06/2022
Content on GB Group
GB Group – Capitalising on recent strategic investment
TMT | research Update | 20 June 2022
GB Group – Strong H2 performance drives upgrades
TMT | research Update | 21 April 2022
GB Group – Strong organic growth in H122
TMT | research Update | 1 December 2021
View more
Register to receive research on GB Group as it is published
Share price graph
Balance sheet
Forecast net debt (£m) 68.5
Forecast gearing ratio (%) 8
Price performance
%
1m
3m
12m
Actual (28.4) (27.9) (51.8)
Relative* (23.7) (23.4) (50.9)
52-week high/low 952.5p/398.0p
*% relative to local index
Key management
David Rasche Chairman
Chris Clark CEO
David Ward CFO
Richard Foster IR