Added to YB: 2026-06-18
Pitch date: 2026-06-15
FRAS.L [bullish]
Frasers Group Plc
-2.24%
current return
Author Info
Andrew Brown manages Dynasty Trust - a wholesale unit trust investing ONLY in public companies with controlling shareholders. Sign up for the newsletter.
Company Info
Frasers Group Plc, together with its subsidiaries, engages in the retail and wholesale of sports and leisure clothing, footwear and equipment, and apparel through department stores, shops, and online.
Market Cap
GBP 3.1B
Pitch Price
GBP 7.37
Price Target
13.30 (+85%)
Dividend
N/A
EV/EBITDA
6.12
P/E
7.23
EV/Sales
1.01
Sector
Specialty Retail
Category
value
Frasers Group PLC: different = discount
FRAS.L: UK retailer 73% owned by Mike Ashley; guided FY26 (Apr) PBT £575M from retail/property. Owns iconic brands (Lonsdale, Slazenger, Dunlop), £1bn+ shopping centres (~8.7% yield), £1.2bn listed stakes (Hugo Boss bid, Accent hostile bid). Hidden value in depreciated freeholds (+£600M addback). Author values at £13.30/sh (£5.95bn), ~67% upside via 11x P/E retail + stakes - net debt. Buybacks ongoing. Contrarian UK bet.
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