olivLaw · European equity research
Frasers Group plc FRAS.L
United Kingdom · London Stock Exchange · ISIN GB00B1QH8P22 · Vertical: Listed companies from United Kingdom
Frasers Group is a British sports and lifestyle retail group that combines retail with strategic investments in other listed companies. In fiscal 2026 net debt rose to £1,262.4m, driven by investments in HUGO BOSS and Accent Group and by acquisitions, which makes the balance between trading and investment activity important to monitor.
At the close of 05 Nov 2026, Frasers Group plc (FRAS.L) stock was 9.58 GBP (+5.27% on the day), with market capitalisation 4.1 bn GBP, P/E 11.0 on diluted EPS of 0.87 GBP over the last 12 months, beta 0.69, 52-week range 6.19–9.58 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)
- 76.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.26 – 9.38
- above the upper band · %B 1.18 · band width 12.6%
- SMA 50 / 200
- 8.34 / 7.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.26 / 0.22
- 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 | +16.8% | −0.6% | +17.5 pp | — |
| 3 months | +17.5% | −4.2% | +21.7 pp | — |
| 6 months | +40.5% | +4.3% | +36.1 pp | — |
| Year to date | +41.3% | +7.5% | +33.8 pp | — |
| 1 year | +38.4% | +9.9% | +28.5 pp | +5.8% |
| 3 years | +18.4% | +49.8% | −31.4 pp | +26.3% |
| 5 years | +42.7% | +42.8% | −0.2 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 100 percentile of its own 3-quarter history (min 7.6, median 9.2, max 9.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 5.2 bn | 4.8 bn | 5.2 bn |
| Revenue YoY | unavailable | −7.5% | +8.9% |
| Net income | 380.8 m | 292.1 m | 375.0 m |
| Net income YoY | unavailable | −23.3% | +28.4% |
| Diluted EPS | 0.87 | 0.68 | 0.87 |
| Diluted EPS YoY | unavailable | −22.2% | +28.4% |
| net % | 7.3% | 6.1% | 7.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 26 Apr 2026
- Cash
- 388.9 m GBP
- Financial debt
- 1.7 bn GBP
- Net debt
- 1.3 bn GBP
- Equity
- 2.5 bn GBP
- Total assets
- 6.5 bn GBP
- Debt / equity
- 0.67x
- Current ratio
- 1.80x
- ROE
- 16.9%
- ROA
- 6.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.2 bn | 4.8 bn | 5.2 bn | esef· 02 Sept 2026verified |
| Cost of revenue | 2.9 bn | 2.6 bn | 2.7 bn | esef· 02 Sept 2026verified |
| Gross profit | 2.4 bn | 2.3 bn | 2.6 bn | esef· 02 Sept 2026verified |
| Operating income | 514.6 m | 557.5 m | 386.3 m | esef· 02 Sept 2026verified |
| Interest expense | 91.5 m | 182.8 m | 158.1 m | esef· 02 Sept 2026verified |
| Pre-tax income | 501.0 m | 379.9 m | 527.8 m | esef· 02 Sept 2026verified |
| Income tax | 107.9 m | 92.7 m | 184.0 m | esef· 02 Sept 2026verified |
| Net income | 380.8 m | 292.1 m | 375.0 m | esef· 02 Sept 2026verified |
| Diluted EPS | 0.87 | 0.68 | 0.87 | esef· 02 Sept 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 358.6 m | 252.2 m | 388.9 m | esef· 02 Sept 2026verified |
| Receivables | 674.9 m | 927.8 m | 978.8 m | esef· 02 Sept 2026verified |
| Inventories | 1.4 bn | 1.1 bn | 1.3 bn | esef· 02 Sept 2026verified |
| Current assets | 2.5 bn | 2.4 bn | 2.7 bn | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 962.6 m | 1.1 bn | 1.4 bn | esef· 02 Sept 2026verified |
| Total assets | 4.5 bn | 5.1 bn | 6.5 bn | esef· 02 Sept 2026verified |
| Accounts payable | 683.9 m | 663.8 m | 879.1 m | esef· 02 Sept 2026verified |
| Short-term debt | 0 | 75.0 m | 0 | esef· 02 Sept 2026verified |
| Long-term debt | 806.2 m | 1.1 bn | 1.7 bn | esef· 02 Sept 2026verified |
| Current liabilities | 964.8 m | 1.2 bn | 1.5 bn | esef· 02 Sept 2026verified |
| Total liabilities | 2.6 bn | 3.1 bn | 4.0 bn | esef· 02 Sept 2026verified |
| Equity | 1.9 bn | 2.0 bn | 2.5 bn | esef· 02 Sept 2026verified |
| Shares outstanding at year end | 438.7 m | 432.7 m | 432.5 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 682.2 m | 943.4 m | 583.8 m | esef· 02 Sept 2026verified |
| Investing cash flow | -355.8 m | -1.2 bn | -669.0 m | esef· 02 Sept 2026verified |
| Financing cash flow | -297.6 m | 161.9 m | 216.3 m | esef· 02 Sept 2026verified |
| Share repurchases | 126.4 m | 0 | 18.1 m | esef· 02 Sept 2026verified |
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: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.1 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · 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: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.6% | 25 (vs peers) | 24% |
| Net margin · Quality | 7.1% | 43 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 15 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 11.0x | 78 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.4% | 6 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet42/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality32/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation· partial78/100 · 1/3 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
FRASERS GROUP PLC (FRAS.L). Latest full fiscal year: 2026; data up to 2026-04-26.
Figures computed from the financial statements: revenue 5.2 bn GBP in 2026; YoY growth 8.9%; net margin 7.1%; ROE 17.1%.
The estimated value range is 9.79–15.10 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 12.51 GBP, the price of 9.58 GBP leaves a potential of 30.6% (value / price − 1) and a margin of safety of 23.4% (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: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.8x
- P/E (TTM): 11.0x
- The price is below the estimated value range
What contradicts it
- ROIC: 7.6%
- Interest coverage: 2.4x
- Shareholder yield (distributions): 0.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, 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% |
| FRAS.LFrasers Group PLC | 4.1 bn | 11.0 | 17.1% | 7.1% | +8.9% | +25% / +8% |
| 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% |
| 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 FRAS.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 | 5.91 Total return -38% · Per year -38% | 10.44 Total return 9% · Per year 9% | 15.69 Total return 64% · Per year 64% |
| 3 years | 6.26 Total return -35% · Per year -13% | 12.38 Total return 29% · Per year 9% | 20.36 Total return 113% · Per year 29% |
| 5 years | 6.63 Total return -31% · Per year -7% | 14.69 Total return 53% · Per year 9% | 26.43 Total return 176% · Per year 23% |
- Exit P/E± 3.10
- Net margin± 2.17
- Annual revenue growth± 1.71
- Annual dilution± 0.18
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
Frasers Group is a British sports and lifestyle retail group that combines retail with strategic investments in other listed companies. In fiscal 2026 net debt rose to £1,262.4m 1, driven by investments in HUGO BOSS and Accent Group and by acquisitions, which makes the balance between trading and investment activity important to monitor.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- Competitive pressure in sports and fashion retail could limit margins.
- Higher financing costs could weigh on results if rates stay high 1.
- A fall in the value of strategic stakes could weigh on the balance sheet.
Risks
- Rising net debthigh
Net debt increased in fiscal 2026, which could limit financial flexibility if conditions worsen 1.
- Exposure to derivativeshigh
Results include gains and losses on options and other derivatives, which can materially influence profit 1.
- Asset impairmentmedium
Goodwill and certain investments were impaired, which could reflect weaker performance in some assets 1.
- Integration of acquisitionsmedium
Integrating XXL and Holdsport could face difficulties, affecting efficiency and margins.
- Key-person dependencelow
The group's strategy is closely linked to its founder and leadership decisions, which could create governance risks 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Integration of XXL and Holdsport and effects on margins2027
- Gains and losses from derivative instruments2027
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
Frasers Group plc is a UK retail group founded by Mike Ashley that operates sports, apparel and lifestyle brands through store networks and online channels 1. Beyond retail, the group holds strategic stakes in fashion and sports companies and uses derivatives, including put options, to build these positions over time 1. In fiscal 2026 the group completed the acquisitions of XXL and Holdsport 1.
The group's financial structure combines operations with a large investment portfolio, so results also depend on these holdings. Management classified HUGO BOSS and Accent Group as associates accounted for under the equity method 1.
The group refinanced its borrowings in July 2025 through a combined three-year facility with extension options 1. Management states that it operates comfortably within its banking facilities and covenants 1.
Segments
Sports and lifestyle retail
Retail activity, covering the sports brands and the store network, is the operational base of the group. The XXL acquisition strengthened online and in-store sports retail 1.
Market context
Trends
- Consolidation through acquisitionsmixed
The XXL and Holdsport acquisitions extended the group and brought goodwill and new assets 1. Integrating these assets could affect margins if synergies are not realised.
- Cost of financingheadwind
Net interest costs rose with greater use of credit facilities 1. If interest rates stay high, this pressure could persist.
- Strategic retail partnershipstailwind
The agreement with Accent Group provides for opening Sports Direct stores in partnership 1. Such partnerships could extend the group's presence.
- Volatility of derivative instrumentsmixed
Results include gains and losses on options and derivatives, which can vary significantly from year to year 1.
Competitive position
The group competes with other sports and apparel retailers in the UK and Europe, both in stores and online. Its position depends on pricing, brand range and logistics efficiency.
Through its stakes in HUGO BOSS and Accent Group, the group also has interests in companies active in fashion, which complicates the competitive picture.
- JD Sports Fashion
Sports and streetwear retailer with a strong UK presence, a direct competitor in sportswear.
- Dick's Sporting GoodsDKS
US sporting goods retailer competing in equipment and apparel.
- Foot LockerFL
US athletic footwear and apparel retailer, also active in international markets.
- HUGO BOSS
Luxury fashion brand in which the group holds a strategic stake, making it both investee and indirect competitor.
News & filings
In the press
- Британская Frasers Group получила контроль над Hugo BossKommersant (RU) · 24 Oct 2026 · RU
- Frasers Group получила контроль над немецким брендом Hugo BossRBC News (RU business+politics) · 24 Oct 2026 · RU
- Ashley’s Frasers Boosts Position in UK Luxury Brand BurberryBloomberg Markets · 12 Oct 2026 · EN
- Hugo Boss Names Frasers’ Michael Murray as Supervisory Board ChairmanYahoo Finance — News · 16 Sept 2026 · EN
- Frasers Group signals plan to push Hugo Boss stake past 50%Yahoo Finance — News · 02 Sept 2026 · EN
- Frasers Group Buys Harvey Nichols Out of Insolvency, Beating NextBloomberg Markets · 13 Aug 2026 · EN
- Hugo Boss Board Rejects Frasers Bid as Not Reflecting PotentialBloomberg Markets · 09 Jul 2026 · EN
- Retailerul britanic Frasers Group preia operațiunile Hervis din România și UngariaEconomedia · 02 Jul 2026 · RO
- CMS advises Frasers Group on acquisition of Hervis’ sports retail operations in Romania and HungaryJuridice.ro · 02 Jul 2026 · RO
- CMS asistă Frasers Group în achiziția magazinelor de articole sportive ale Hervis din România și UngariaJuridice.ro · 02 Jul 2026 · RO
- Thai Billionaire’s Family Buys $800 Million Assets From FrasersBloomberg Markets · 25 Jun 2026 · EN
- Mike Ashley’s Frasers follows Hugo Boss bid with offer for Australia’s AccentThe Guardian World · 15 Jun 2026 · RO
- Acţiunile Hugo Boss au urcat joi cu aproape 8% după o ofertă de preluare de 2 miliarde de euro lansată de Frasers GroupMoney.ro · 12 Jun 2026 · RO
- Hugo Boss shares jump as it says it will ‘thoroughly examine’ Frasers offerThe Guardian World · 11 Jun 2026 · RO
- Hugo Boss pops 6% after top shareholder Frasers launches $2 billion takeover offerCNBC World · 11 Jun 2026 · EN
- Mike Ashley’s Frasers makes €1.98bn takeover offer for Hugo BossThe Guardian World · 10 Jun 2026 · RO
- Ashley’s Frasers Offers to Buy Hugo Boss in $3.1 Billion DealBloomberg Markets · 10 Jun 2026 · EN
- Frasers Weighs £500 Million Bid for Shopping Center, Sky ReportsBloomberg Markets · 06 Jun 2026 · EN
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202502 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2026-04-26 (ESEF) · SEC / Frasers Group plc · 26 Apr 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.