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THG Plc (THGPF) fair value: what the stock is really worth

We calculate from audited financials what THG 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.

  1. Fair value above price? Yes
  2. Good quality? No
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Consumer Cyclical · US · ISIN GB00BMTV7393

TP THG Plc logo Thin data Sep 13, 2026

THG Plc

THGPF · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

Fair value $0.7800 · Strongly undervalued (+66%)
!Quality 47/100
!Weak Growth (revenue 5y +1.3 %/yr)
!Thin margins · 3.2% net margin (TTM)
!Moderate debt · negative free cash flow
!Narrow moat 21/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

$1.75 $0.0006 Fair Value $0.7800 Feb 2022 Sep 2026

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

55‑month range $0.0006 – $1.75 · fair‑value band $0.5900 – $0.9800 · the $0.4687 price screens below the $0.7800 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

THG Plc operates as an online retailer in the United Kingdom, the United States, Europe, and internationally. It operates through the THG Beauty and THG Nutrition segments. The THG Beauty segment manufactures and retails skincare, haircare, cosmetics, body care, and fragrance products; also operates spa and experience venues, as well as clothing lines.

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THG Plc operates as an online retailer in the United Kingdom, the United States, Europe, and internationally. It operates through the THG Beauty and THG Nutrition segments. The THG Beauty segment manufactures and retails skincare, haircare, cosmetics, body care, and fragrance products; also operates spa and experience venues, as well as clothing lines. This segment offers its products through websites such as Lookfantastic, Dermstore, and Cult Beauty. The THG Nutrition segment offers sports nutrition, protein powders, vegan, supplements, vitamins, drinks, ready-to-drink, and single-serve offerings, bars, snacks, and sportswear under the Myprotein, Myvegan, Myvitamins, MP Activewear, and MyPRO brands. The company was formerly known as THG Holdings plc and changed its name to THG Plc in January 2021. THG Plc was founded in 2004 and is headquartered in Altrincham, United Kingdom.

Stock analysis

THG Plc (THGPF) currently trades at $0.4687, while our model-based Fair Value estimate is $0.7800, implying the stock looks roughly 39.9% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $1.31 per share, and 6 of the 13 models we run sit above the $0.4687 price.

Bear case: the Asset-Based group reads lowest at $0.1800, and 7 of the 13 models stay below the price. Evidence for this calculation is low.

Scenario range: $0.5900 (bear) to $0.9800 (bull), the price of $0.4687 sits below 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 47/100 (below-average quality), in the Consumer Cyclical sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

THG Plc reported revenue of £1.7B in FY2025 versus £2.2B in FY2021, a compound −5.8%/yr. Reported net income was £54.1M in FY2025.

Key figures

Market cap $744M · P/S ratio 0.43 · EPS (TTM) $−0.1800 · Dividend yield 0.3% · Net margin 3.2% · Return on equity −17.4% · Return on assets (EBIT) −7.0% · Operating margin 0.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades near its 52-week high and 17% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 1% fair-value upside, at 66%, THGPF screens cheaper than that median.

Fair Value models

Bear $0.5900 Fair Value $0.7800 Bull $0.9800
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.
Highest evidence
Owner Earnings $0.7900 $1.31 $2.07 75
Residual Income $0.2400 $0.2700 $0.5300 72
Gordon GGM $0.0100 $0.0200 $0.0200 69
All 13 models by family
DCF Models
Owner Earnings $0.7900 $1.31 $2.07 75
Earnings-Based
Graham-Dodd $0.2300 $0.9400 $1.29 64
Lynch FV $0.2400 $0.3400 $0.4400 61
PEG = 1.0 $0.2400 $0.3400 $0.4400 57
Dividend Discount
Gordon GGM $0.0100 $0.0200 $0.0200 69
DDM Multi-Stage $0.0100 $0.0200 $0.0200 67
Multiples
P/E Multiple $0.5600 $0.7500 $0.9400 63
P/S Multiple $0.4300 $0.5800 $0.7200 58
P/B Multiple $0.4300 $0.5800 $0.7200 55
EV/EBITDA $0.2000 $0.3100 $0.4100 66
Asset-Based
NCAV (Graham) $0.1300 $0.1800 $0.2700 53
Economic Profit
Residual Income $0.2400 $0.2700 $0.5300 72
Growth Earnings
Growth-Adj P/E $0.4200 $0.6000 $0.7800 67

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Quality Score breakdown

Overall quality 47/100

Of which business quality 46 · Market factors (momentum, volatility) 50

Profitability 52
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 40
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 55
Share count: buybacks or dilution?

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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. 22/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−1.9%
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.
−8.5%
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.
+1.3%
Revenue growth 13 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.
+20.2%
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.
−29.9% (2020) → −2.1% (2025)

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Compare THG Plc with another stock

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Peer GroupHow 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.Internet Retail · 109 stocks

Beats the industry median on 3/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside +69% · Top 25%
Profitability
Return on assets −1% · Below median
Net margin (TTM) 3% · Above median
Operating margin (TTM) 0% · Below median
Growth and dividend
Revenue growth 3% · Below median
Dividend yield (TTM) 0.3% · Bottom 25%
Balance sheet
Debt / equity 0.85× · Highest 25%

Valuation Multiplesvs Internet Retail median · lower = cheaper

P/B 1.75× · Pricier than median
P/S (TTM) 0.43× · Cheaper than median
EV/EBITDA 19.8× · Pricier than median

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 Internet Retail stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Amazon.com, Inc AMZN $256.78 $127.67 −50%
Alibaba Group 89988 HK$92.00 HK$45.67 −50%
PDD Holdings PDD $77.81 $297.49 +282%
MercadoLibre, Inc MELI $1,897 $2,087 +10%
DoorDash, Inc DASH $201.95 $203.66 +1%
Sea Limited SE $106.24 $129.32 +22%
JD.com, Inc 89618 ¥90.85 ¥70.41 −22%
eBay Inc EBAY $107.75 $118.53 +10%
Coupang, Inc CPNG $15.12 $4.06 −73%
Delivery Hero SE DHER €36.84 €12.71 −65%

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Cite: Fair Value Calculator (2026). "THG Plc Fair Value". https://www.fairvalue-calculator.com/stock/THGPF

Frequently asked questions

Is THG Plc (THGPF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $0.7800 versus a price of $0.4687, about +66% upside (undervalued).
What is the fair value of THGPF?
Our model-based fair value for THG Plc is $0.7800 (as of Sep 13, 2026), built from audited fundamentals. The current price: $0.4687.
What is the quality score of THGPF?
THG Plc has a Quality Score of 47/100. 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 THG Plc (THGPF)?
Our model-based price target is the fair value of $0.7800 (as of Sep 13, 2026) from 13 valuation models. Cautious scenario $0.5900, optimistic scenario $0.9800. It is a calculation from audited fundamentals, not an analyst target.
What is the THG Plc stock forecast for 2026?
Our models put fair value at $0.7800, about +66% upside versus a price of $0.4687 (undervalued). Cautious scenario $0.5900, optimistic scenario $0.9800. The calculation is refreshed regularly with new filings.
What is the revenue of THG Plc (THGPF)?
THG Plc reported trailing-twelve-month revenue of about $1.7B (latest available figure, as of Sep 13, 2026).
Does THG Plc pay a dividend?
THG Plc currently shows a dividend yield of about 0.26% relative to its recent price (as of Sep 13, 2026).
What is the intrinsic value of THG Plc (THGPF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For THG Plc it is $0.7800 per share (as of Sep 13, 2026), against a price of $0.4687. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is THG Plc stock overvalued or undervalued in 2026?
As of Sep 13, 2026, THGPF trades below its calculated fair value: price $0.4687, fair value $0.7800, a gap of about +66% (undervalued). 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 THGPF?
No. The price is what the market pays today ($0.4687); the fair value is what the company's own numbers justify ($0.7800). For THG Plc the two are $0.3113 per share apart. That gap is exactly why we show both numbers side by side.
How much is THG Plc worth?
The market values THG Plc at about $744M (market capitalisation, as of Sep 13, 2026). Per share that is $0.4687; our models calculate a fair value of $0.7800 per share.
What do the bullish and bearish scenarios say about THGPF?
Our models span a range for THG Plc: cautious scenario $0.5900, base $0.7800, optimistic $0.9800 per share (as of Sep 13, 2026, price $0.4687). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of THG Plc (THGPF)?
Balance-sheet figures for THG Plc (as of Sep 13, 2026): return on equity −17.4%, debt of 0.85 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is THGPF from its 52-week high?
THG Plc trades at $0.4687, about 0% below its 52-week high of $0.4687 and 17% above the low of $0.4000 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $0.7800 is for.
Which stocks are comparable to THG Plc?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, MercadoLibre, Inc, 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 THG Plc stock attractive at the current price?
The data as of Sep 13, 2026: price $0.4687, calculated fair value $0.7800 (+66%), Quality Score 47/100, from 13 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 THGPF calculated?
We run THG Plc through 13 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 $0.7800, 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. THG Plc currently trades 66 % below its own fair value, and the market average says nothing about that. 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 THG Plc right now?
The price is below even our cautious bear case ($0.5900). The market is more pessimistic than our downside scenario. 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 quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of THG Plc

How large is the market capitalisation of THG Plc (THGPF)?
The market capitalisation of THG Plc is $744M. 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 THG Plc (THGPF)?
The price-to-sales ratio of THG Plc is 0.43 (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 THG Plc (THGPF)?
Earnings per share at THG Plc are $−0.1800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of THG Plc (THGPF)?
The dividend yield of THG Plc is 0.3%. 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 THG Plc (THGPF)?
The net margin of THG Plc is 3.2% (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 THG Plc (THGPF)?
The return on equity (ROE) of THG Plc is −17.4% (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 THG Plc (THGPF)?
On an EBIT basis the return on assets of THG Plc is −7.0% (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 THG Plc (THGPF)?
The operating margin of THG Plc is 0.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at THG Plc (THGPF)?
Revenue at THG Plc is growing +3.4% versus a year earlier (3y avg −8.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does THG Plc (THGPF) generate?
The free cash flow of THG Plc is −$14.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does THG Plc (THGPF) carry?
The net debt of THG Plc is $378M (fiscal year 2025). 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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