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Angling Direct PLC (ANG) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 35.8M GBX

AD Angling Direct PLC ANG · LSE
Price£0.4950
Fair Value£0.6300
Upside+27.3%
Quality66/100
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Healthy Growth
Thin margins · 2.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (7/13)
Narrow moat 29/100
Evidence: High Range £0.4700 – £0.7800 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price −5.1% over the past month.

A solid business, screening 27% undervalued on our models.

What matters now

  • Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
  • Our model range runs from £0.4700 (bear) to £0.7800 (bull), base £0.6300. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 66/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

£0.8689 £0.2528 Fair Value £0.6300 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range £0.2528 – £0.8689 · fair‑value band £0.4700 – £0.7800 · the £0.4950 price screens below the £0.6300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Angling Direct PLC (ANG) currently trades at £0.4950, while our model-based Fair Value estimate is £0.6300, implying the stock looks roughly 27.3% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Angling Direct PLC generated revenue of £99.1M at a net margin of 1.9%. Revenue grew 17.0% year over year. It earns a return on equity of 4.6%. Net debt stands at £1.8M. Fundamentals as of Jul 19, 2026

Our scenario range runs from £0.4700 (bear case) to £0.7800 (bull case); at £0.4950, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at -24% fair-value upside, at 27%, ANG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £0.5100 £0.7500 £1.06 80
Residual Income £0.3800 £0.3700 £0.3000 76
Rev-Margin DCF £0.5300 £0.8400 £1.25 74
All 24 models by family
DCF Models
FCF DCF £0.5200 £0.7700 £1.22 38
Owner Earnings £0.4400 £0.6600 £0.9900 31
5Y Revenue Exit £0.5300 £0.8500 £1.29 39
5Y EBITDA Exit £0.8500 £1.52 £2.42 41
5Y P/E Exit £0.5600 £0.9000 £1.31 38
10Y Revenue Exit £0.5100 £0.7900 £1.23 36
10Y EBITDA Exit £0.7000 £1.22 £2.08 37
10Y P/E Exit £0.5400 £0.8200 £1.25 35
Earnings-Based
Graham-Dodd £0.1900 £1.08 £1.49 54
Lynch FV £0.3000 £0.4300 £0.5600 50
PEG = 1.0 £0.3000 £0.4300 £0.5600 46
EPV £0.3800 £0.4100 £0.4300 59
Multiples
P/E Multiple £0.4700 £0.6300 £0.7800 63
P/S Multiple £0.3600 £0.4900 £0.6100 58
P/B Multiple £0.3600 £0.4900 £0.6100 55
EV/EBIT £0.7400 £0.9400 £1.13 53
EV/EBITDA £1.13 £1.46 £1.78 54
EV/Revenue £0.5500 £0.7200 £0.8900 43
Asset-Based
NCAV (Graham) £0.2800 £0.3800 £0.5600 50
Growth DCF
Growth DCF £0.5100 £0.7500 £1.06 80
Rev-Margin DCF £0.5300 £0.8400 £1.25 74
Economic Profit
Residual Income £0.3800 £0.3700 £0.3000 76
ROIC Compounder £0.3800 £0.4100 £0.4300 72
Growth Earnings
Growth-Adj P/E £0.4600 £0.6600 £0.8600 68

Widest divergence: DCF Models (£0.8200) versus Economic Profit (£0.3700). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 99.1M GBX
Revenue growth (YoY) +17.0%
Net margin 1.9%
Return on equity 4.6%
Free cash flow 2.7M GBX FY2026
P/E ratio 16.7
More key figures
Operating margin 5.6%
EPS (TTM) £0.0300
EPS growth (YoY) +25.4%
Net debt 1.8M GBX FY2026

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 50

Profitability 55
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 29
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Angling Direct PLC, together with its subsidiaries, engages in the sale of fishing tackle products and equipment in the United Kingdom, Europe, and internationally. It operates in three segments: UK Stores, UK Online, and Europe.

Full company description

Angling Direct PLC, together with its subsidiaries, engages in the sale of fishing tackle products and equipment in the United Kingdom, Europe, and internationally. It operates in three segments: UK Stores, UK Online, and Europe. The company offers baits and additives, bait accessories, bait boats, bait boxes, bait making equipment, barrows and trolleys, bed chairs, bite alarms, bivvies and shelters, bivvy accessories, buckets and riddles, bundles and kits, carp essentials, catapults, clothing, and cooking equipment. It also provides fly fishing accessories, fish care, fly lines, gift cards, indicators, lighting, line, luggage, lures, pole support, poles and whips, poles accessories, miscellaneous, nets, new arrivals, reels, rigs, rod and reel combo, rod pods and support, scales, seat box accessories, seat boxes, sleeping bags and pillows, sunglasses, tackle boxes, tech, terminal tackle, tools, umbrellas, and waders and boots. The company sells its products through websites and stores. Angling Direct PLC was founded in 1986 and is headquartered in Norwich, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Angling Direct PLC reported revenue of £104M in FY2026 versus £72.5M in FY2022, a compound +9.4%/yr. Reported net income was £2.1M in FY2026, compounding −9.5%/yr from FY2022.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
£104M
Latest YoY
+13.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.0%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+22.5%
Revenue +9.4%/yr
FY22 £72.5M
FY23 £74.1M
FY24 £81.7M
FY25 £91.3M
FY26 £104M
Net income −9.5%/yr
FY22 £3.1M
FY23 £539K
FY24 £1.2M
FY25 £1.4M
FY26 £2.1M
Character of growth · EPS growth decomposed (2015-2026) +7.8 % p.a.
Revenue per share +13.9 pp

of which total revenue +21.4 pp · buybacks/dilution −7.5 pp

EBIT margin −4.8 pp
Tax rate −1.3 pp
Residual (interest, one-offs) +0.0 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Angling Direct PLC Fair Value". https://www.fairvalue-calculator.com/stock/ANG

Peer Group

Specialty Retail · 221 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside +27% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 3% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 0% · Below median
Revenue growth 11% · Above median

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 16.5× · Cheaper than median
P/B 1.18× · Cheaper than median
P/S (TTM) 0.47× · Cheaper than median
P/FCF 17.9× · Pricier than 75% of peers
EV/EBITDA 7.5× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 70 · sector 29
FUTURE 53 · sector 23
PAST 21 · sector 27
HEALTH 100 · sector 94
DIVIDEND 0 · sector 51

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Casey's General Stores, Inc CASY $827.04 $405.44 -51%
Williams-Sonoma, Inc WSM $222.84 $164.16 -26%
Ulta Beauty, Inc ULTA $479.57 $488.39 +2%
DICK'S Sporting Goods, Inc DKS $208.89 $181.10 -13%
Best Buy Co BBY $83.98 $109.12 +30%
China Tourism Group 601888 ¥52.90 ¥40.40 -24%
Tractor Supply Company TSCO $31.01 $35.52 +15%
Murphy USA Inc MUSA $618.57 $423.35 -32%
Five Below, Inc FIVE $197.71 $117.29 -41%
Taiwan Mobile Co 3045 110.50 TWD 80.98 TWD -27%

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Frequently asked questions

Is Angling Direct PLC (ANG) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of £0.6300 versus a price of £0.4950, about +27% (undervalued).
What is the fair value of ANG?
Our model-based fair value for Angling Direct PLC is £0.6300 (as of Jul 19, 2026), built from audited fundamentals. The current price is £0.4950.
What is the quality score of ANG?
Angling Direct PLC has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Angling Direct PLC (ANG)?
Angling Direct PLC reported trailing-twelve-month revenue of about £99.1M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of ANG?
The net profit margin of Angling Direct PLC is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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