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NAHL Group (NAH) Fair Value & Analysis

Communication Services · GB · Market cap 16.7M GBX

NG NAHL Group NAH · LSE
Price£0.3470
Fair Value£1.03
Upside+196.5%
Quality73/100
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Weak Growth
Thin margins · 8.1% net margin
Low debt · generates free cash flow
Ranks above peers (10/13)
Wide moat 65/100
Evidence: High Range £0.7718 – £1.29 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated today

Fair value updated Aug 13, 2026, revised from £1.48 to £1.03 (−30.5%) since Jul 11, 2026. Share price −0.3% over the past month.

A solid business, screening 197% undervalued on our models.

What matters now

  • The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (£0.7718). The market is more pessimistic than our downside scenario.
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Price vs Fair Value (5 years)

£0.7900 £0.2820 Fair Value £1.03 Aug 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range £0.2820 – £0.7900 · fair‑value band £0.7718 – £1.29 · the £0.3470 price screens below the £1.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

NAHL Group (NAH) currently trades at £0.3470, while our model-based Fair Value estimate is £1.03, implying the stock looks roughly 196.5% undervalued today. The Quality Score stands at 73/100 (solid quality), in the Communication Services 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.

Trailing-twelve-month revenue stands at £22.7M. Revenue declined 1.0% year over year. Net debt stands at £4.4M. The stock trades on a trailing P/E of 5.0. Fundamentals as of Aug 13, 2026

Our scenario range runs from £0.7718 (bear case) to £1.29 (bull case); at £0.3470, the current price sits below 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 Communication Services peers we cover trades at -13% fair-value upside, at 197%, NAH 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 £0.8500 £1.08 £1.44 80
Residual Income £0.4200 £0.4700 £0.6700 76
Rev-Margin DCF £0.9700 £1.51 £2.17 74
All 24 models by family
DCF Models
FCF DCF £0.8200 £1.07 £1.48 38
Owner Earnings £0.4200 £0.5700 £0.8200 31
5Y Revenue Exit £0.9700 £1.48 £2.22 39
5Y EBITDA Exit £0.9800 £1.49 £2.17 41
5Y P/E Exit £0.8100 £1.20 £1.67 38
10Y Revenue Exit £0.8700 £1.20 £1.55 36
10Y EBITDA Exit £0.9000 £1.20 £1.52 37
10Y P/E Exit £0.8100 £1.05 £1.27 35
Earnings-Based
Graham-Dodd £0.4600 £0.5600 £0.6300 54
EPV £0.7500 £0.8600 £0.9500 59
Dividend Discount
Gordon GGM £0.5500 £0.5900 £0.6400 70
DDM Multi-Stage £0.5500 £0.6400 £0.7500 61
Multiples
P/E Multiple £1.11 £1.48 £1.85 63
P/S Multiple £0.8600 £1.14 £1.43 58
P/B Multiple £0.8600 £1.14 £1.43 55
EV/EBIT £1.65 £2.25 £2.86 53
EV/EBITDA £1.33 £1.82 £2.31 54
EV/Revenue £1.22 £1.80 £2.39 43
Asset-Based
NCAV (Graham) £0.2300 £0.3100 £0.4700 50
Growth DCF
Growth DCF £0.8500 £1.08 £1.44 80
Rev-Margin DCF £0.9700 £1.51 £2.17 74
Economic Profit
Residual Income £0.4200 £0.4700 £0.6700 76
ROIC Compounder £0.7500 £0.8900 £1.01 72
Growth Earnings
Growth-Adj P/E £0.7800 £1.12 £1.45 68

Widest divergence: Multiples (£1.48) versus Asset-Based (£0.3100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 22.7M GBX
Revenue growth (YoY) -1.0%
Net margin -168%
Return on equity -103%
Free cash flow 6.5M GBX FY2025
P/E ratio 5.0
More key figures
Operating margin 16.5%
EPS (TTM) £0.0700
EPS growth (YoY) +314%
Net debt 4.4M GBX FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 73/100

Of which business quality 70 · Market factors (momentum, volatility) 32

Profitability 58
Margins and returns on capital today
Quality Growth 76
Are margins and returns improving?
Cashflow 83
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 69
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

NAHL Group Plc operates in the consumer legal services and catastrophic injury markets in the United Kingdom. It operates through Consumer Legal Services and Critical Care segments.

Full company description

NAHL Group Plc operates in the consumer legal services and catastrophic injury markets in the United Kingdom. It operates through Consumer Legal Services and Critical Care segments. The Consumer Legal Services segment offers outsourced marketing services to law firms through the National Accident Helpline brand; claims processing to individuals through National Accident Law and its joint venture partnerships, Law Together and Your Law names; and property searches through Searches UK. Its Critical Care segment provides a range of specialist services, such as expert witness reports and case management support services to the catastrophic and serious injury market to both claimants and defendants through Bush & Co brand. The company also offers agency services for solicitors. NAHL Group Plc was founded in 1993 and is headquartered in Kettering, the United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

NAHL Group reported revenue of £40.0M in FY2025 versus £38.9M in FY2021, a compound +0.7%/yr. Reported net income was £3.3M in FY2025, compounding +113.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£40.0M
Latest YoY
+3.2%
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.
−1.1%
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.
−0.4%
Avg. growth/yr (14Y) 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.
−0.8%
Revenue +0.7%/yr
FY21 £38.9M
FY22 £41.4M
FY23 £42.2M
FY24 £38.8M
FY25 £40.0M
Net income +113.8%/yr
FY21 £156K
FY22 £385K
FY23 £384K
FY24 −£39.3M
FY25 £3.3M
Character of growth · EPS growth decomposed (2014-2025) −18.4 % p.a.
Revenue per share −2.6 pp

of which total revenue −1.7 pp · buybacks/dilution −0.9 pp

EBIT margin −8.1 pp
Tax rate −0.7 pp
Residual (interest, one-offs) −7.1 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). "NAHL Group Fair Value". https://www.fairvalue-calculator.com/stock/NAH

Peer Group

Advertising Agencies · 199 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 73 · Top 25%
Fair Value upside +200% · Top 25%
Return on equity (TTM) 25% · Top 25%
Return on assets 10% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth 7% · Above median
Debt / equity 0.40× · Higher than 75% of peers

Valuation Multiples vs Advertising Agencies median · lower = cheaper

P/E (TTM) 5.0× · Cheaper than 75% of peers
P/B 1.00× · Cheaper than median
P/S (TTM) 0.56× · Pricier than median
P/FCF 3.4× · Pricier than median
EV/EBITDA 4.1× · Cheaper than 75% of peers

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 100 · sector 24
FUTURE 37 · sector 6
PAST 100 · sector 5
HEALTH 80 · sector 98
DIVIDEND 0 · sector 67

Insider activity: 40/100

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 Advertising Agencies stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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The Trade Desk, Inc TTD $13.49 $29.07 +115%
JCDecaux SE DEC €24.00 €20.99 -13%
Easy Click Worldwide Network Technology Co 301171 ¥37.40 ¥5.62 -85%
Mobvista Inc 1860 HK$11.04 HK$6.43 -42%
Affle 3i Limited AFFLE ₹1,643 ₹611.48 -63%
Guangdong Advertising Group 002400 ¥7.33 ¥1.14 -84%

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Frequently asked questions

Is NAHL Group (NAH) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of £1.03 versus a price of £0.3470, about +197% (undervalued).
What is the fair value of NAH?
Our model-based fair value for NAHL Group is £1.03 (as of Aug 13, 2026), built from audited fundamentals. The current price is £0.3470.
What is the quality score of NAH?
NAHL Group has a Quality Score of 73/100. 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 NAHL Group (NAH)?
NAHL Group reported trailing-twelve-month revenue of about £22.7M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NAH?
The net profit margin of NAHL Group is about -168.0%, meaning it is currently running at a net loss. 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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