musicMagpie (AIM: MMAG)

Currency in GBP

Last close As at 07/06/2023


2.65 (17.38%)

Market capitalisation


musicMagpie is a circular economy pioneer in refurbished consumer technology and media in the UK and United States. It is expanding its offer into rentals of smartphones and other technology to consumers and corporates, 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 (29.8) (52.3) (64.2)
Relative (28.5) (50.4) (63.9)
52 week high/low 50.0p/8.9p


musicMagpie delivered FY22 results in line with our expectations despite the tougher environment faced by UK consumer-facing companies. Strong revenue growth from Consumer Technology offset the decline in Disc Media and Books. The multiple initiatives to increase and improve sourcing of products and to grow its end-markets are bearing fruit, as evidenced by the growing proportion of Consumer Technology sales. Our profit expectations are broadly unchanged as we anticipate better growth in Consumer Technology offsetting the decline in Disc Media and Books.

Y/E Nov Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 145.5 12.2 7.9 6.11 2.9 1.6
2022A 145.3 6.5 (0.9) (0.71) N/A 3.4
2023E 153.8 9.2 (1.1) (0.86) N/A 2.1
2024E 165.1 11.5 0.7 0.50 35.8 1.7



ConsumerWatch – April 2023


ConsumerWatch – January 2023


ConsumerWatch – October 2022


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