GB Group


£1149.6m market cap

595p last close

GBG specialises in identity data intelligence. Its products/services enable customers to understand and verify clients and employees in fraud, risk management, compliance and customer on-boarding services. With headquarters in the UK, it operates in 24 countries.

Investment summary

GB Group’s Identity capital markets day was a deep dive into the group’s largest business (36% of FY19 revenues). With electronic identity verification (eIDV) a structural growth market, GBG has invested heavily in the business over the last four years, expanding geographically and adding new capabilities and data sets. We forecast the identity business to be the fastest growing division over the next three years, underpinning the group’s targeted double-digit organic revenue growth target.

Y/E Mar
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2018A 119.7 28.7 25.8 13.5 44.1 28.3
2019A 143.5 34.1 31.3 15.4 38.6 33.9
2020E 192.6 46.2 40.7 16.4 36.3 26.2
2021E 213.9 50.7 45.5 18.4 32.3 23.9
Industry outlook

Globalisation and the growth in internet trading have also resulted in the need for higher compliance standards in light of the rising scope and financial impact of cybercrime. This, in turn, is driving the demand for more complex and comprehensive solutions for the verification of personal data.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (£m) 37.7
Forecast gearing ratio (%) 11
Price performance
Actual 15.5 (0.8) 0.9
Relative* 14.2 (1.3) 3.6
52-week high/low 631.0p/410.5p
*% relative to local index
Key management
David Rasche Chairman
Chris Clark CEO
Dave Wilson FD

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