Added to YB: 2026-08-27
Pitch date: 2026-08-24
TBTG.L [bullish]
The Beauty Tech Group plc
Author Info
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Company Info
The Beauty Tech Group plc, together with its subsidiaries, provides at-home beauty devices in the United States, Canada, the United Kingdom, Ireland, Europe, Asia, and internationally.
Market Cap
GBP 361.1M
Pitch Price
GBP 3.42
Price Target
N/A
Dividend
N/A
EV/EBITDA
9.63
P/E
32.08
EV/Sales
2.30
Sector
Household Durables
Category
growth
The Beauty Tech Group Ticking Our Boxes
TBTG.L: Overlooked UK-listed at-home beauty-device pure-play (CurrentBody, ZIIP, Tria, ~$500m cap, IPO'd late last year) priced like low-single-digit grower/low ROIIC; author's thesis: hidden compounder mispriced. Valuation: 10x EV/NOPAT FY26, <6x FY28; FY25 ~£25.5m NOPAT, EBITA margin ~25%; own-brand rev +79% CAGR 3yrs, low/mid-teens organic. Priced at ~18.5% CAGR base (22%+ w/ buybacks) over 10yrs; on 15x exit could double in 2.5yrs (~35% CAGR). Catalysts: repeated guidance hikes (14%→22%, likely another next month), Tria 4X relaunch Mar-2026, huge buyback firepower (>£135m net cash by FY28 vs £380m cap), 1H results Sep-17-2026. Structural: ~7-10% share of >£2bn growing device TAM, no listed pure-play comp, >15% insider ownership, smart money adding. Risks: consumer-sentiment softness; wholesale shift compresses GM; ROIC flattered by outsourced mfg/warehousing; thesis needs excess-cash return. Author: 2% starter, up to 5% on capital-allocation signals; STRONG BUY.
Read full article (13 min)