olivLaw · European equity research
ME Group International plc MEGP.L
United Kingdom · London Stock Exchange · ISIN GB0008481250 · Vertical: Listed companies from United Kingdom
ME Group International plc runs a global fleet of automated instant-service machines, mainly photobooths and self-service laundries, across 16 countries. With total revenue growing only modestly and a strong push to expand laundry operations, the group is a useful case study of an asset-based model with long-lived equipment. Reported revenue was £315.4m.
At the close of 05 Nov 2026, ME Group International plc (MEGP.L) stock was 1.14 GBP (−3.22% on the day), with market capitalisation 430.7 m GBP, P/E 7.7 on diluted EPS of 0.15 GBP over the last 12 months, beta 7.36, 52-week range 0.01–1.90 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.5
- neutral
- Bollinger (20, 2)
- 1.09 – 1.21
- in the lower half of the band · %B 0.45 · band width 10.5%
- SMA 50 / 200
- 1.18 / 1.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.2% | −0.6% | −0.6 pp | — |
| 3 months | −5.0% | −4.2% | −0.8 pp | — |
| 6 months | −17.1% | +4.3% | −21.5 pp | — |
| Year to date | −24.4% | +7.5% | −31.9 pp | — |
| 1 year | −41.3% | +9.9% | −51.2 pp | +5.8% |
| 3 years | −20.1% | +49.8% | −70.0 pp | +26.3% |
| 5 years | +72.5% | +42.8% | +29.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 10.5, median 12.6, max 14.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 297.7 m | 307.9 m | 315.4 m |
| Revenue YoY | unavailable | +3.4% | +2.4% |
| Net income | 50.7 m | 54.1 m | 56.6 m |
| Net income YoY | unavailable | +6.8% | +4.6% |
| Diluted EPS | 0.13 | 0.14 | 0.15 |
| Diluted EPS YoY | unavailable | +7.1% | +4.5% |
| net % | 17.0% | 17.6% | 17.9% |
| Free cash flow | 41.9 m | 33.8 m | 28.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 56.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 213.0 m GBP
- Total assets
- 334.4 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.54x
- ROE
- 28.8%
- ROA
- 17.7%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 297.7 m | 307.9 m | 315.4 m | esef· 24 Mar 2026verified |
| Cost of revenue | 194.4 m | 198.4 m | 202.4 m | esef· 24 Mar 2026verified |
| Gross profit | 103.2 m | 109.5 m | 113.0 m | esef· 24 Mar 2026verified |
| Operating income | 67.5 m | 74.4 m | 78.1 m | esef· 24 Mar 2026verified |
| Interest expense | 2.5 m | 2.6 m | 2.3 m | esef· 24 Mar 2026verified |
| Pre-tax income | 67.1 m | 73.4 m | 78.2 m | esef· 24 Mar 2026verified |
| Income tax | 16.4 m | 19.3 m | 21.6 m | esef· 24 Mar 2026verified |
| Net income | 50.7 m | 54.1 m | 56.6 m | esef· 24 Mar 2026verified |
| Diluted EPS | 0.13 | 0.14 | 0.15 | esef· 24 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 103.7 m | 77.5 m | 56.5 m | esef· 24 Mar 2026verified |
| Receivables | 12.3 m | 19.3 m | 19.2 m | esef· 24 Mar 2026verified |
| Inventories | 32.5 m | 38.1 m | 47.7 m | esef· 24 Mar 2026verified |
| Current assets | 156.4 m | 134.9 m | 133.5 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 118.1 m | 136.3 m | — | esef· 04 Mar 2025verified |
| Goodwill | 15.9 m | 11.0 m | 11.2 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 22.0 m | 14.4 m | 16.2 m | esef· 24 Mar 2026verified |
| Total assets | 326.3 m | 304.0 m | 334.4 m | esef· 24 Mar 2026verified |
| Accounts payable | 50.5 m | 48.2 m | 52.2 m | esef· 24 Mar 2026verified |
| Current liabilities | 95.1 m | 76.5 m | 86.6 m | esef· 24 Mar 2026verified |
| Equity | 160.1 m | 179.9 m | 213.0 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 377.8 m | 376.7 m | 377.1 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 87.7 m | 85.9 m | 90.8 m | esef· 24 Mar 2026verified |
| Capex | 45.8 m | 52.1 m | 62.1 m | esef· 24 Mar 2026verified |
| Free cash flow | 41.9 m ≈ | 33.8 m ≈ | 28.7 m ≈ | esef· 24 Mar 2026derived |
| Investing cash flow | -57.0 m | -47.6 m | -60.5 m | esef· 24 Mar 2026verified |
| Financing cash flow | -57.0 m | -60.7 m | -54.5 m | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 430.7 m GBP
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 17.9% | 69 (vs peers) | 15% |
| FCF conversion · Quality | 50.7% | 30 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 34.6x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.5x | 62 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 7.7x | 89 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.7% | 83 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet85/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation86/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ME GROUP INTERNATIONAL PLC (MEGP.L). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 315.4 m GBP in 2025; YoY growth 2.4%; net margin 17.9%; ROE 28.8%.
The estimated value range is 1.68–2.60 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 2.15 GBP, the price of 1.14 GBP leaves a potential of 88.3% (value / price − 1) and a margin of safety of 46.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 34.6x
- P/E (TTM): 7.7x
- FCF yield: 6.7%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 50.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| MEGP.LMe Group International PLC | 430.7 m | 7.7 | 28.8% | 17.9% | +2.4% | −30% / −11% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for MEGP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.67 Total return -42% · Per year -42% | 1.18 Total return 3% · Per year 3% | 1.77 Total return 55% · Per year 55% |
| 3 years | 0.62 Total return -46% · Per year -18% | 1.23 Total return 8% · Per year 3% | 2.05 Total return 79% · Per year 21% |
| 5 years | 0.58 Total return -50% · Per year -13% | 1.30 Total return 13% · Per year 3% | 2.36 Total return 107% · Per year 16% |
- Exit P/E± 0.31
- Net margin± 0.22
- Annual revenue growth± 0.18
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ME Group International plc runs a global fleet of automated instant-service machines, mainly photobooths and self-service laundries, across 16 countries. With total revenue growing only modestly and a strong push to expand laundry operations, the group is a useful case study of an asset-based model with long-lived equipment. Reported revenue was £315.4m 1.
SWOT
Strengths
- Strong and predictable cash flow from long-life assets and long-term contracts with site owners.
- Dominant position in ID photobooths and an extensive in-house field engineer network.
- In-house research and development capability that diversifies the service offer.
Weaknesses
- Heavy dependence on photobooths, whose segment revenue declined in fiscal 2025.
- Most revenue is generated outside the UK, exposing the group to exchange-rate swings.
- Sourcing most products from outside the UK adds trade and logistics risk.
Opportunities
- Rapid laundry rollout into new countries and through strategic acquisitions could accelerate growth.
- New AI features and the laundry app could strengthen customer loyalty.
- Renewing the printing estate with more efficient Speedlab units could improve margins.
Threats
- Centralised image capture for official documents could reduce demand for photobooths.
- A prolonged recession or high inflation could reduce discretionary consumer spending.
- Cyber attacks on ID data transfers could cause disruption and data breaches.
Risks
- Rules on official photographshigh
Centralisation or acceptance of user-made photographs could directly affect photobooth revenue.
- Exchange ratesmedium
Most revenue is generated outside the UK, and a stronger pound could reduce the reported value of results.
- Security of identity datahigh
The photobooth network transfers biometric data to government databases, exposing the group to cyber risk.
- Relationships with site ownersmedium
Deterioration of ties with key site owners could affect results, although revenue is spread across a broad customer base.
- Environmental and compliance costslow
Rules on waste, energy and emissions could raise costs and reduce profitability.
Investment thesis
What would need to be true (bull case)
- The laundry segment is growing strongly, and as its share of revenue and EBITDA rises, the group's growth profile could become more robust.
- Cash flow from existing assets and long-term contracts gives flexibility for investment and acquisitions.
- Innovation in digital products and AI could open new revenue streams from the same site network.
What would break the thesis
- Total revenue grew only modestly and photobooths, the largest segment, declined, which could limit overall growth.
- Regulatory changes on ID photographs could abruptly reduce demand for a central part of the business.
- Currency exposure and cost pressures could erode margins, especially if revenue growth stays slow.
What to watch
- Pace of new laundry installations and progress toward the long-term target2026
- Trend in photobooth revenue following changes to rules on official photographsnext 10-K
- Effect of exchange rates on reported sterling revenueQ1 2027
- Results from the laundry app launch and the Kee.ME machines2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group installs and operates automated equipment in high-footfall locations such as shopping centres, travel hubs and supermarkets, based on long-term partnerships with site owners. Its core activities are photobooths and laundries, and it pays site owners a percentage of machine turnover, a fixed fee or a combination of both 1. The company presents itself as a global leader in photobooths for instant photo ID and aims to expand its laundry network quickly.
The model relies on long-life assets maintained by an in-house field engineer network, which keeps incremental costs low. The group generated £115.5 million of cash from operations in 2025 and ended the year with a net cash position of £26.5 million 1.
Diversification into digital printing, other vending equipment and innovations such as the new laundry app, launched in November 2025, complements the core. The stated purpose is to provide local services that make everyday life easier 1.
Segments
Photobooths (Photo.ME)
The oldest and most cash-generative segment. Vending revenue was £166.2m in fiscal 2025, down 4.0% year on year, and EBITDA was £59.3m 1. Photobooths produce ID photos for official documents and form a stable, high-margin segment.
Printing and other equipment
Digital printing kiosks and other equipment (food and fruit juice vending, children's rides, photocopiers) are smaller segments. Printing had vending revenue of £10.8m and other vending £10.1m 1. The company is replacing older printing machines with lower-cost Speedlab units.
Market context
The group operates in Europe, Asia-Pacific and other regions, and its revenue depends on discretionary consumer spending and footfall at partner sites. The ID photo market is shaped by rules on official photographs, while self-service laundry is expanding across several European countries 1.
The macroeconomic backdrop remains uncertain, and the group is exposed to exchange-rate movements because most revenue is generated outside the UK 1.
Trends
- Laundry expansiontailwind
Rapid growth in self-service laundries is the main growth engine and shifts the revenue mix toward segments with higher returns on invested capital.
- Rules on ID photographsheadwind
If governments centralise biometric image capture or accept self-made photographs for official documents, photobooth revenue could be affected.
- Digitalisation and AItailwind
Demand for digital services and interactive photo products, including AI-generated photos, opens new sales and loyalty opportunities.
- Environmental and energy costsmixed
Rising costs linked to environmental rules, waste disposal and energy could weigh on profitability, while energy-efficiency measures may offset some pressure.
Competitive position
The company says it holds a dominant market position and high barriers to entry in its key markets, based on site-owner partnerships and its field engineer network 1. Direct competition comes from local laundry and photobooth operators, as well as from centralised ID-photo solutions promoted by governments.
Its strengths include a large site network and an innovation track record, but the laundry and photo markets are fragmented and competitive pressure could grow as the segments become more attractive 1.
- Local self-service laundry operators
Regional competitors running laundries in commercial locations; the sources do not identify listed companies.
- Instant ID photobooth operators
Local or regional firms offering ID photos; the group has acquired one such competitor in Belgium.
- Print kiosk providers
Operators competing for the same high-footfall sites, particularly in Europe.
- Public document-issuing authorities
Not classic competitors, but centralised image capture could directly reduce demand for photobooths.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-10-31 (ESEF) · SEC / ME Group International plc · 31 Oct 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.