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Currency in GBP
Last close As at 09/06/2023
GBP0.03
▲ −0.75 (−21.43%)
Market capitalisation
GBP2m
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.
Consumer
Consumer
Director, Consumer
Daniel Lampard
CFO
Ian Watson
CEO
Forecast net debt (£m)
7
Forecast gearing ratio (%)
3500
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (62.1) | (38.9) | (91.8) |
| Relative | (61.4) | (36.5) | (91.7) |
| 52 week high/low | 33.0p/2.5p |
Unbound Group’s update is encouraging with respect to current trading (since April 2022). Significantly, the launch of the curated multi-brand platform, which seeks to capitalise on the strengths of and customer loyalty to its core footwear offering and expand its addressable market, is confirmed as on time with an attractive blend of new partners. The share price has been very weak amid the recent widespread derating of online retailers, leading to an attractive prospective FY23e P/E multiple of 7.8x.
| 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 | 3.1 | 0.2 |
| 2023E | 59.5 | 7.5 | 2.0 | 3.8 | 0.7 | 0.2 |
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