Mulberry Group PLC (MUL) fair value: what the stock is really worth
We calculate from audited financials what Mulberry Group PLC is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.
How to read this chart
60‑month range £0.8000 – £3.99 · fair‑value band £0.6000 – £0.9500 · the £2.80 price screens above the £0.7700 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. Dashed = 300-day average. As of Sep 13, 2026.
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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Mulberry Group plc, together with its subsidiaries, designs and manufactures fashion accessories and clothing in the United Kingdom, North America, Asia Pacific, and internationally. 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 £2.80, while our model-based Fair Value estimate is £0.7700, implying the stock looks roughly 263.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of £0.9600 per share, and 0 of the 8 models we run sit above the £2.80 price.
Bear case: the Dividend Discount group reads lowest at £0.0800, and 8 of the 8 models stay below the price. Evidence for this calculation is low.
Scenario range: £0.6000 (bear) to £0.9500 (bull), the price of £2.80 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 46/100 (below-average quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Mulberry Group PLC reported revenue of £120M in FY2025 versus £115M in FY2021, a compound +1.2%/yr. Reported net income was −£30.4M in FY2025.
Key figures
Market cap 167M GBX · P/S ratio 0.83 · EPS (TTM) £−0.3300 · Dividend yield 0.7% · Net margin −25.2% · Return on equity −63,139% · Return on assets (EBIT) −4.4% · Operating margin −10.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
For context, the median of 10 Consumer Cyclical peers we cover trades at 44% fair-value upside, at −73%, MUL screens richer than that median.
Fair Value models
Bear £0.6000Fair Value £0.7700Bull £0.9500
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
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.18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−21.2%
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.
−4.2%
Revenue growth 31 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%
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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.
−28.8% (2020) → −22.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+26.6%
Yearly growth needed for the next five years to justify today's price.
Price, fair value, quality and upside side by side.
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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 · 91 stocks
Beats the industry median on 0/8 measures
Overall it trails its industry peers.
Valuation
Quality Score46 · Below median
Profitability
Return on assets−13% · Bottom 25%
Net margin (TTM)−19% · Bottom 25%
Operating margin (TTM)−10% · Bottom 25%
Growth and dividend
Revenue growth−4% · Below median
Dividend yield (TTM)0.7% · Bottom 25%
Valuation Multiplesvs Footwear & Accessories median · lower = cheaper
P/S (TTM)1.12× · Pricier than median
P/FCF25.9× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 38
FUTURE (revenue growth)0· sector 0
PAST (return on equity)0· sector 23
HEALTH (low debt)100· sector 97
DIVIDEND (yield)14· sector 46
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.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 13, 2026, our model estimates a fair value of £0.7700 versus a price of £2.80, about −73% upside (overvalued).
What is the fair value of MUL?
Our model-based fair value for Mulberry Group PLC is £0.7700 (as of Sep 13, 2026), built from audited fundamentals. The current price: £2.80.
What is the quality score of MUL?
Mulberry Group PLC has a Quality Score of 46/100. 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 £0.7700 (as of Sep 13, 2026) from 8 valuation models. Cautious scenario £0.6000, optimistic scenario £0.9500. 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 £0.7700, about −73% upside versus a price of £2.80 (overvalued). Cautious scenario £0.6000, optimistic scenario £0.9500. 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 £118M (latest available figure, as of Sep 13, 2026).
Does Mulberry Group PLC pay a dividend?
Mulberry Group PLC currently shows a dividend yield of about 0.69% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Mulberry Group PLC (MUL)?
For today's price to be fair in a discounted-cash-flow model, Mulberry Group PLC would have to grow free cash flow by +26.6 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.2 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of MUL use?
Our models discount Mulberry Group PLC at 12.0 %: a base by market capitalisation (micro), damped by beta 0.61, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mulberry Group PLC that is +26.6 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Mulberry Group PLC (MUL) delivered so far?
Over the past 5 years revenue at Mulberry Group PLC grew -4.2 % a year. The price currently implies +26.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mulberry Group PLC (MUL) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Mulberry Group PLC (+26.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mulberry Group PLC (MUL)?
The free-cash-flow yield on the price is 3.07 %: that much free cash flow Mulberry Group PLC produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 £0.7700 per share (as of Sep 13, 2026), against a price of £2.80. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Mulberry Group PLC stock overvalued or undervalued in 2026?
As of Sep 13, 2026, MUL trades above its calculated fair value: price £2.80, fair value £0.7700, a gap of about −73% (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 (£2.80); the fair value is what the company's own numbers justify (£0.7700). For Mulberry Group PLC the two are £2.03 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 167M GBX (market capitalisation, as of Sep 13, 2026). Per share that is £2.80; our models calculate a fair value of £0.7700 per share.
What do the bullish and bearish scenarios say about MUL?
Our models span a range for Mulberry Group PLC: cautious scenario £0.6000, base £0.7700, optimistic £0.9500 per share (as of Sep 13, 2026, price £2.80). The range comes from different growth and margin assumptions, not from analyst opinions.
Which stocks are comparable to Mulberry Group PLC?
From the same area (Consumer Cyclical) we also value NIKE, Inc, adidas AG, Deckers Outdoor Corporation, On Holding, 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 Sep 13, 2026: price £2.80, calculated fair value £0.7700 (−73%), Quality Score 46/100, from 8 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 8 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 £0.7700, 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 15.8 % 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 should I pay attention to with Mulberry Group PLC right now?
The price sits above even our optimistic bull case (£0.9500). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder.
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 167M GBX. 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 0.83 (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 £−0.3300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mulberry Group PLC (MUL)?
The dividend yield of Mulberry Group PLC is 0.7%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mulberry Group PLC (MUL)?
The net margin of Mulberry Group PLC is −25.2% (fiscal year 2025). 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 −4.4% (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 −10.2% (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 −3.9% 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 net debt does Mulberry Group PLC (MUL) carry?
The net debt of Mulberry Group PLC is 56.5M GBX (fiscal year 2025, ≈ 11.0 yrs of FCF). 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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