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Mulberry Group PLC (MUL) fair value: what the stock is really worth

As of Oct 28, 2026: fair value (intrinsic value) of Mulberry Group PLC stock £0.56, price £2.27, upside -75.3%, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value 30%+ above price?No
  2. Quality 50+?No
  3. In an uptrend?Yes
  4. Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with one Yes, for free

Consumer Cyclical GB · ISIN GB0006094303

MG Mulberry Group PLC logo Thin data Oct 28, 2026

Mulberry Group PLC

MUL · LSE

Weakest SetupStrongly overvalued and low quality.

Our calculation puts a fair price 75% below what the stock costs today.

Negative equity (buybacks among others)
Fair value £0.5610 · Strongly overvalued (−75.3%)
Quality 37/100
Weak Growth (revenue 5y +1.8 %/yr in GBP)
Loss-making · -6.7% net margin (TTM)
Negative free cash flow
Trails peers (1/7)
Narrow moat 13/100 · thin data
Thin data
⚠ Dilution⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£3.99 £0.8000 Fair Value £0.5610 Apr 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.

How to read this chart

60‑month range £0.8000 – £3.99 · fair‑value band £0.3740 – £0.7650 · the £2.27 price screens above the £0.5610 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Oct 28, 2026.

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Company profile

Mulberry Group plc, together with its subsidiaries, designs and manufactures fashion accessories and clothing in the United Kingdom, North America, Asia Pacific, and internationally.

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The company offers briefcases, messenger bags, icons, and backpacks; wallets, and purses and pouches; sunglasses, scarves, gloves and hats, belts, cufflinks, keyrings, and shoes; jewelry, organisers, leather care, and care products; gifts; and luggage, holdalls, bag, and other travel accessories for men and women, as well as ready-to-wear and eyewear products.

It sells its products through its retail shops, concessions, and wholesale distribution channels under the Mulberry brand, as well as sells its products online. Mulberry Group plc was founded in 1971 and is based in Bath, the United Kingdom. Mulberry Group plc is a subsidiary of Challice Limited.

Stock analysis

Mulberry Group PLC (MUL) currently trades at £2.27, while our model-based Fair Value estimate is £0.5610, 75.3% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 81/100, which puts the data coverage at low.

Scenario range: £0.3740 (bear) to £0.7650 (bull), the price of £2.27 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 37/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Mulberry Group PLC reported revenue of £125M in FY2026 versus £152M in FY2022, a compound −4.7%/yr. Reported net income was −£8.4M in FY2026.

Key figures

Market cap £160M Micro · P/S ratio 1.27 · EPS (TTM) £−0.1300 · Net margin −6.7% · Return on equity −63,139% · Return on assets (EBIT) −6.0% · Operating margin −0.9% · Revenue (TTM) £125M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 13 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 152% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 39% fair-value upside, at −75%, MUL screens richer than that median.

Fair Value models

Bear £0.3740 Fair Value £0.5610 Bull £0.7650
Price £2.27 · Upside -75.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Owner Earnings £0.4400 £0.6600 £0.9000 77
EV/EBITDA £0.6600 £1.16 £1.66 65
All 2 models by family
DCF Models
Owner Earnings £0.4400 £0.6600 £0.9000 77
Multiples
EV/EBITDA £0.6600 £1.16 £1.66 65

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 37/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 66
Are margins and returns getting better?
Cashflow 8
Do the profits arrive as real cash?
Financial strength 19
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 71
How calm the share price moves, does not count
Momentum 100
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 85
Distance to the 52-week high, does not count
New shares 11
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 15/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−7.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+1.8%
Start year 2021 (pandemic). Over 10 years: −2.1% a year
Revenue growth 32 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
4.7% (2021) → −2.1% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

MUL screens overvalued: fair value 75% below the price. Compare with NIKE, Inc →

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Peer Groupⓘ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.Footwear & Accessories · 93 stocks

Beats the industry median on 1/7 measures
Overall it trails its industry peers.
Valuation
Quality Score 37 · Bottom 25%
Fair Value upside −75.3% · Bottom 25%
Profitability
Return on equity (12 months) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −10.2% · Bottom 25%
Net margin (12 months) −6.7% · Bottom 25%
Operating margin (12 months) −0.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 11.3% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Footwear & Accessories median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months) 1.28× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 44
FUTURE (revenue growth)57 · sector 13
PAST (return on equity)0 · sector 22
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 63

VALUE 0: the price sits above our fair-value range.

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Context: sector, industry, market

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

Similar stocks

10 more Footwear & Accessories stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zhejiang China Commodities City Group 600415 ¥11.33 ¥28.33 +150% vs MUL
Deckers Outdoor Corporation DECK $80.37 $176.31 +119% vs MUL
Crocs, Inc CROX $119.23 $178.57 +50% vs MUL
Birkenstock Holding BIRK $32.61 $48.64 +49% vs MUL
Huali Industrial Group 300979 ¥36.31 ¥50.61 +39% vs MUL
NIKE, Inc NKE $37.91 $34.42 −9% vs MUL
On Holding ONON $32.17 $26.75 −17% vs MUL
adidas AG ADS €157.45 €121.46 −23% vs MUL
Steven Madden, Ltd SHOO $42.76 $12.34 −71% vs MUL
PUMA SE PUM €25.47 €5.52 −78% vs MUL

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Mulberry Group PLC · Fair Value
£0.5610 −75%Fair Value
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Cite: Fair Value Calculator (2026). "Mulberry Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/MUL

Frequently asked questions

Is Mulberry Group PLC (MUL) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of £0.5610 versus a price of £2.27, about −75% upside (overvalued).
What is the fair value of MUL?
Our model-based fair value for Mulberry Group PLC is £0.5610 (as of Oct 28, 2026), built from audited fundamentals. The current price: £2.27.
What is the quality score of MUL?
Mulberry Group PLC has a Quality Score of 37/100. 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 price target for Mulberry Group PLC (MUL)?
Our model-based price target is the fair value of £0.5610 (as of Oct 28, 2026) from 2 valuation models. Cautious scenario £0.3740, optimistic scenario £0.7650. It is a calculation from audited fundamentals, not an analyst target.
What is the Mulberry Group PLC stock forecast for 2026?
Our models put fair value at £0.5610, about −75% upside versus a price of £2.27 (overvalued). Cautious scenario £0.3740, optimistic scenario £0.7650. The calculation is refreshed regularly with new filings.
What is the revenue of Mulberry Group PLC (MUL)?
Mulberry Group PLC reported trailing-twelve-month revenue of about £125M (latest available figure, as of Oct 28, 2026).
What is the intrinsic value of Mulberry Group PLC (MUL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mulberry Group PLC it is £0.5610 per share (as of Oct 28, 2026), against a price of £2.27. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Mulberry Group PLC stock overvalued or undervalued in 2026?
As of Oct 28, 2026, MUL trades above its calculated fair value: price £2.27, fair value £0.5610, a gap of about −75% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MUL?
No. The price is what the market pays today (£2.27); the fair value is what the company's own numbers justify (£0.5610). For Mulberry Group PLC the two are £1.71 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mulberry Group PLC worth?
The market values Mulberry Group PLC at about £160M (market capitalisation, as of Oct 28, 2026). Per share that is £2.27; our models calculate a fair value of £0.5610 per share.
What do the bullish and bearish scenarios say about MUL?
Our models span a range for Mulberry Group PLC: cautious scenario £0.3740, base £0.5610, optimistic £0.7650 per share (as of Oct 28, 2026, price £2.27). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Mulberry Group PLC (MUL)?
Balance-sheet figures for Mulberry Group PLC (as of Oct 28, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is MUL from its 52-week high?
Mulberry Group PLC trades at £2.27, about 20% below its 52-week high of £2.85 and 152% above the low of £0.9000 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of £0.5610 is for.
Which stocks are comparable to Mulberry Group PLC?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, On Holding, Deckers Outdoor Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mulberry Group PLC stock attractive at the current price?
The data as of Oct 28, 2026: price £2.27, calculated fair value £0.5610 (−75%), Quality Score 37/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MUL calculated?
We run Mulberry Group PLC through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.5610, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Mulberry Group PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mulberry Group PLC (MUL)?
The closing price on Oct 28, 2026 was £2.27. Our model-based fair value is £0.5610, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mulberry Group PLC right now?
The price sits above even our optimistic bull case (£0.7650). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (£0.3740 to £0.7650) leaves room in how you read the outcome.

Key figures of Mulberry Group PLC

How large is the market capitalisation of Mulberry Group PLC (MUL)?
The market capitalisation of Mulberry Group PLC is £160M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Mulberry Group PLC (MUL)?
The price-to-sales ratio of Mulberry Group PLC is 1.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Mulberry Group PLC (MUL)?
Earnings per share at Mulberry Group PLC are £−0.1300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Mulberry Group PLC (MUL)?
The net margin of Mulberry Group PLC is −6.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mulberry Group PLC (MUL)?
The return on equity (ROE) of Mulberry Group PLC is −63,139% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mulberry Group PLC (MUL)?
On an EBIT basis the return on assets of Mulberry Group PLC is −6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mulberry Group PLC (MUL)?
The operating margin of Mulberry Group PLC is −0.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mulberry Group PLC (MUL)?
Revenue at Mulberry Group PLC is growing +11.3% versus a year earlier (3y avg −7.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mulberry Group PLC (MUL)?
Earnings per share at Mulberry Group PLC are growing +28.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Mulberry Group PLC (MUL) generate?
The free cash flow of Mulberry Group PLC is −£1.4M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Mulberry Group PLC (MUL) carry?
The net debt of Mulberry Group PLC is £59.2M (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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