Online shopping and digital marketing concept, Woman using digital tablet with shopping cart icon on screen on dark background.

Unbound Group

LN: UBG

Market Cap£15m

Last Close 34.5p

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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Investment summary

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 13/05/2022
Content on Unbound Group
Unbound Group – Strong momentum in Q123
Consumer | research Update | 16 May 2022
Online shopping and digital marketing concept, Woman using digital tablet with shopping cart icon on screen on dark background.
Unbound Group – executive interview
Consumer | Edison TV | 24 February 2022
Unbound Group – A reassuring debut
Consumer | research Flash note | 17 February 2022
Online shopping and digital marketing concept, Woman using digital tablet with shopping cart icon on screen on dark background.
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Share price graph
Balance sheet
Forecast net debt (£m) 7
Forecast gearing ratio (%) 3500
Price performance
%
1m
3m
12m
Actual (4.2) (37.5) (62.0)
Relative* (1.5) (34.6) (63.3)
52-week high/low 124.0p/33.0p
*% relative to local index
Key management
Neil Johnson Chairman
Ian Watson CEO
Daniel Lampard CFO