musicMagpie (AIM: MMAG)

Currency in GBP

Last close As at 04/02/2023


−3.60 (−8.07%)

Market capitalisation


musicMagpie is a leader of re-commerce in the UK and United States in consumer technology, books and disc media through its proprietary technology platform. It is expanding its offer into rentals of smartphones and other consumer technology, and widening its sourcing infrastructure.

The markets for pre-owned products in MMAG’s core categories in the UK and United States were worth £9bn in FY20, of which the UK was £1.6bn and the United States was £7.1bn (source: musicMagpie’s Admission Document). According to independent third-party research commissioned by management, medium-term annual market growth rates for the product categories were forecast to be Technology 15%, Books stable/low growth and Media negative 5–10%.



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • Ian Storey


  • Matthew Fowler


  • Steve Oliver


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 83.0 310.0 (74.9)
Relative 75.4 278.8 (75.0)
52 week high/low 165.5p/8.9p


musicMagpie’s (MMAG’s) management has indicated that its full-year results to the end of November 2022 are in line with its expectations. A record Black Friday week offset the previously flagged weaker summer and early autumn trading, with reported revenue of £144.8m marginally below our forecasts. Net debt was better than expected due to improvements in working capital and lower capital investment in rentals. We have lowered our FY23 and FY24 revenue estimates by c 1% while maintaining our EBITDA. On our revised estimates, MMAG trades on FY23 and FY24 multiples of 0.2x EV/sales in both years and EV/EBITDA multiples of 3.3x and 2.7x, respectively.

Y/E Nov Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 153.4 13.9 9.2 10.52 3.9 2.9
2021A 145.5 12.2 7.9 6.11 6.7 3.6
2022E 144.8 6.5 (0.5) (0.37) N/A 6.8
2023E 154.8 9.2 (0.5) (0.41) N/A 4.8



ConsumerWatch – January 2023


ConsumerWatch – October 2022


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