Unbound Group is the parent company for a group selling a range of brands focused on the over-55 demographic. It will build on the foundation of its main business, Hotter Shoes, to grow value through a curated multi-brand retail platform with a range of complementary products and services.
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Unbound Group’s (UBG’s) Q123 trading update to the end of April 2022 shows continuing strong momentum, in contrast to recent trends in the wider consumer space. Management’s outlook for FY23 is unchanged despite the more challenging macroeconomic environment due to inflationary pressures. The company is making good progress with signing new partner brands to the Unbound platform, which should launch in July 2022. Our forecasts are unchanged ahead of the June publication of results for the 12 months ended January 2022 and do not reflect a recent property disposal that would help UBG’s financial position (£1.75m). Our DCF-based valuation remains 165p per share.
Y/E Jan |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (fd) (p) |
P/E (x) |
P/CF (x) |
---|---|---|---|---|---|---|
2020A | 85.5 | 10.9 | 0.5 | N/A | N/A | N/A |
2021A | 44.5 | (6.9) | (14.3) | N/A | N/A | N/A |
2022E | 51.9 | 5.5 | 0.3 | 0.9 | 38.3 | 2.6 |
2023E | 59.5 | 7.5 | 2.0 | 3.8 | 9.1 | 1.9 |
Industry outlook
Unbound’s structural growth drivers include: an ageing population; the 55+ demographic is the wealthiest, and has the greatest disposable income; increasing online penetration and digital literacy; increasing focus on health and wellbeing; and the core demographic is materially underserved online and offline.
Last updated on 13/05/2022Content on Unbound Group








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Consumer
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Balance sheet |
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Forecast net debt (£m) | 7 |
Forecast gearing ratio (%) | 3500 |
Price performance
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Key management |
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Neil Johnson | Chairman |
Ian Watson | CEO |
Daniel Lampard | CFO |