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SSP Group (SSPG) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 1.4B GBX

SG SSP Group SSPG · LSE
Price£1.85
Fair Value£3.93
Upside+112.2%
Quality45/100
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Mixed Growth
Loss-making · -0.8% net margin
High debt · generates free cash flow
2.34% dividend yield
Mixed vs. peers (6/14)
Narrow moat 31/100
Evidence: Medium Range £2.35 – £5.51 Share as image

Fair value as of: Jul 19, 2026

From 16 valuation models · updated 21 days ago

Fair value updated Jul 19, 2026, revised from £3.90 to £3.93 (+0.8%) since Jun 25, 2026. Share price +11.1% over the past month.

Below-average quality, screening 112% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£2.35). The market is more pessimistic than our downside scenario.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (£2.35 to £5.51) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

£2.64 £1.13 Fair Value £3.93 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 £1.13 – £2.64 · fair‑value band £2.35 – £5.51 · the £1.85 price screens below the £3.93 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

SSP Group (SSPG) currently trades at £1.85, while our model-based Fair Value estimate is £3.93, implying the stock looks roughly 112.2% undervalued today. The Quality Score stands at 45/100 (below-average 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: medium), always confirm before acting.

Over the trailing twelve months, SSP Group generated revenue of £3.7B at a net margin of -0.8%. Revenue grew 6.2% year over year. It earns a return on equity of 4.4%. Net debt stands at £1.8B. Fundamentals as of Jul 19, 2026

Our scenario range runs from £2.35 (bear case) to £5.51 (bull case); at £1.85, 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 Consumer Cyclical peers we cover trades at -47% fair-value upside, at 112%, SSPG 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 BearBaseBull Evidence
Highest evidence
Growth DCF £6.04 £9.96 £15.58 80
Rev-Margin DCF £3.86 £6.40 £9.68 74
ROIC Compounder £2.15 £2.78 £3.48 72
All 16 models by family
DCF Models
FCF DCF £6.14 £10.60 £17.41 38
Owner Earnings £1.05 £2.13 £3.80 31
5Y Revenue Exit £3.86 £6.39 £9.67 39
5Y EBITDA Exit £6.53 £11.87 £18.52 41
10Y Revenue Exit £4.57 £7.13 £10.80 36
10Y EBITDA Exit £6.28 £10.80 £17.55 37
Earnings-Based
EPV £1.93 £2.27 £2.56 59
Dividend Discount
Gordon GGM £0.3000 £0.5400 £0.7500 70
DDM Multi-Stage £0.3000 £0.5000 £0.5800 61
Multiples
EV/EBIT £4.14 £5.72 £7.29 53
EV/EBITDA £7.49 £10.18 £12.87 54
EV/Revenue £2.59 £3.96 £5.33 43
Asset-Based
NCAV (Graham) £0.0500 £0.0700 £0.1100 50
Growth DCF
Growth DCF £6.04 £9.96 £15.58 80
Rev-Margin DCF £3.86 £6.40 £9.68 74
Economic Profit
ROIC Compounder £2.15 £2.78 £3.48 72

Widest divergence: DCF Models (£7.13) versus Asset-Based (£0.0700). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.7B GBX
Revenue growth (YoY) +6.2%
Net margin -0.8%
Return on equity 4.4%
Free cash flow 487M GBX FY2025
Operating margin 4.1%
More key figures
EPS (TTM) £-0.0400
Dividend yield 2.7%
EPS growth (YoY) +106%
Net debt 1.8B GBX FY2025

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

Quality Score breakdown

Overall quality 45/100

Of which business quality 45 · Market factors (momentum, volatility) 70

Profitability 31
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 11
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 62
Calm price path (market factor)
Momentum 68
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 83
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

SSP Group plc operates food and beverage outlets in North America, Europe, the United Kingdom, Ireland, the Asia Pacific, Eastern Europe, the Middle East, and internationally.

Full company description

SSP Group plc operates food and beverage outlets in North America, Europe, the United Kingdom, Ireland, the Asia Pacific, Eastern Europe, the Middle East, and internationally. The company engages in designing, creating, and operating restaurants, bars, cafés, lounges, and convenience retail outlets at airports, railway stations, motorway service areas, hospitals, and shopping centers. It also operates sandwich shops and bakeries. The company was founded in 1961 and is headquartered in London, the United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

SSP Group reported revenue of £3.6B in FY2025 versus £834M in FY2021, a compound +44.5%/yr. Reported net income was −£74.4M in FY2025.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£3.6B
Latest YoY
+6.0%
Avg. growth/yr (3Y)
+18.5%
Avg. growth/yr (5Y)
+20.5%
Avg. growth/yr (14Y)
+5.5%
Revenue +44.5%/yr
FY21 £834M
FY22 £2.2B
FY23 £3.0B
FY24 £3.4B
FY25 £3.6B
Net income
FY21 −£357M
FY22 −£10.2M
FY23 £8.1M
FY24 £27.4M
FY25 −£74.4M

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Cite: Fair Value Calculator (2026). "SSP Group Fair Value". https://www.fairvalue-calculator.com/stock/SSPG

Peer Group

Restaurants · 226 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 45 · Below median
Fair Value upside +112% · Top 25%
Return on equity (TTM) 4% · Above median
Return on assets 5% · Above median
Net margin (TTM) -1% · Below median
Operating margin (TTM) 4% · Below median
Revenue growth 6% · Above median
Dividend yield (TTM) 2.3% · Below median
Debt / equity 9.72× · Higher than 75% of peers

Valuation Multiples vs Restaurants median · lower = cheaper

P/B 23.25× · Pricier than 75% of peers
P/S (TTM) 0.51× · Cheaper than median
P/FCF 3.9× · Pricier than median
EV/EBITDA 5.7× · Cheaper than median
PEG 2.37× · Pricier 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 28
FUTURE 31 · sector 21
PAST 18 · sector 17
HEALTH 0 · sector 97
DIVIDEND 47 · sector 58

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 Restaurants stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCDS C$24.01 C$10.84 -55%
Starbucks Corporation SBUX $105.49 $35.83 -66%
Chipotle Mexican Grill, Inc CMG $34.63 $18.43 -47%
Yum! Brands, Inc YUM $163.54 $59.66 -64%
Restaurant Brands International Inc QSR C$104.19 C$36.37 -65%
Darden Restaurants, Inc DRI $195.74 $173.68 -11%
Yum China Holdings YUMC $43.90 $55.10 +26%
Texas Roadhouse, Inc TXRH $197.03 $104.89 -47%
Dutch Bros Inc BROS $68.36 $12.80 -81%
Domino's Pizza, Inc DPZ $322.18 $231.96 -28%

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Frequently asked questions

Is SSP Group (SSPG) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of £3.93 versus a price of £1.85, about +112% (undervalued).
What is the fair value of SSPG?
Our model-based fair value for SSP Group is £3.93 (as of Jul 19, 2026), built from audited fundamentals. The current price is £1.85.
What is the quality score of SSPG?
SSP Group has a Quality Score of 45/100. 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 SSP Group (SSPG)?
SSP Group reported trailing-twelve-month revenue of about £3.7B (latest available figure, as of Jul 19, 2026).
What is the net profit margin of SSPG?
The net profit margin of SSP Group is about -0.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does SSP Group pay a dividend?
SSP Group currently shows a dividend yield of about 2.66% relative to its recent price (as of Jul 19, 2026).

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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