GB Group

LN: GBG

Market Cap£1795m

Last Close 911.5p

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 16 countries.

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Investment summary

In GB Group’s recent AGM trading update, management confirmed that it had seen a good start to FY22. All divisions are benefiting from the consumer shift to transacting online. Cryptocurrency trading has boosted Identity volumes in the quarter, while Location continues to see good demand and recent licence extensions point to a recovery in the Fraud business. The strong trading in Q122 provides management with confidence for the year ahead; we maintain our forecasts.

Y/E Mar
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 199.1 51.7 45.7 17.9 50.9 N/A
2021A 217.7 61.4 56.7 21.7 42.0 N/A
2022E 209.6 50.8 46.5 17.7 51.5 N/A
2023E 233.0 56.6 52.1 19.6 46.5 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.

Last updated on 21/09/2021
Content on GB Group
ENTERPRISE ADOPTION OF AI – CUTTING THROUGH THE HYPE
TMT | | 5 August 2021
GB Group – Good start to the year
TMT | Flash note | 29 July 2021
GB Group – Benefiting from the shift to online transactions
TMT | Update | 15 June 2021
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Katherine Thompson

Director
Sector
TMT
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Share price graph
Balance sheet
Forecast net cash (£m) 51.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 4.0 10.9 27.0
Relative* 5.4 10.8 2.1
52-week high/low 954.0p/694.0p
*% relative to local index
Key management
David Rasche Chairman
Chris Clark CEO
David Ward CFO
Company website

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