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Focusrite plc (TUNE) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 134M GBX

FP Focusrite plc TUNE · LSE
Price£2.35
Fair Value£2.01
Upside-14.5%
Quality64/100
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Healthy Growth
Loss-making · -0.9% net margin
Low debt · generates free cash flow
2.57% dividend yield
Mixed vs. peers (7/14)
Narrow moat 34/100
Evidence: High Range £1.51 – £2.51 Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from £2.03 to £2.01 (−1.0%) since Jun 24, 2026. Share price +6.5% over the past month.

A solid business, but screening 14% overvalued on our models.

What matters now

  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
  • Our model range runs from £1.51 (bear) to £2.51 (bull), base £2.01. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 64/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

£15.80 £1.21 Fair Value £2.01 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range £1.21 – £15.80 · fair‑value band £1.51 – £2.51 · the £2.35 price screens above the £2.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Focusrite plc (TUNE) currently trades at £2.35, while our model-based Fair Value estimate is £2.01, implying the stock looks roughly 14.5% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Focusrite plc generated revenue of £169M at a net margin of 3.2%. Revenue grew 7.8% year over year. It earns a return on equity of 4.6%. Net debt stands at £10.8M. Fundamentals as of Jul 14, 2026

Our scenario range runs from £1.51 (bear case) to £2.51 (bull case); at £2.35, the current price sits within 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 2% fair-value upside, at -14%, TUNE screens richer 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 £2.87 £4.33 £6.23 80
Residual Income £1.38 £1.36 £1.14 76
Rev-Margin DCF £1.92 £3.02 £4.39 74
All 26 models by family
DCF Models
FCF DCF £2.91 £4.57 £6.86 38
Owner Earnings £2.56 £4.04 £6.08 31
5Y Revenue Exit £1.92 £2.99 £4.35 39
5Y EBITDA Exit £3.04 £5.22 £7.88 41
5Y P/E Exit £1.85 £2.84 £3.91 38
10Y Revenue Exit £2.26 £3.31 £4.73 36
10Y EBITDA Exit £2.93 £4.68 £7.18 37
10Y P/E Exit £2.26 £3.22 £4.43 35
Earnings-Based
Graham-Dodd £0.6200 £2.59 £3.53 54
Lynch FV £0.6600 £0.9400 £1.22 50
PEG = 1.0 £0.6600 £0.9400 £1.22 46
EPV £0.7800 £0.9100 £1.01 59
Dividend Discount
Gordon GGM £0.4600 £0.7700 £1.00 70
DDM Multi-Stage £0.4600 £0.7300 £0.8300 61
Multiples
P/E Multiple £1.51 £2.01 £2.51 63
P/S Multiple £1.16 £1.55 £1.94 58
P/B Multiple £1.16 £1.55 £1.94 55
EV/EBIT £2.02 £2.78 £3.54 53
EV/EBITDA £3.52 £4.78 £6.04 54
EV/Revenue £1.28 £1.94 £2.60 43
Asset-Based
NCAV (Graham) £1.00 £1.34 £2.01 50
Growth DCF
Growth DCF £2.87 £4.33 £6.23 80
Rev-Margin DCF £1.92 £3.02 £4.39 74
Economic Profit
Residual Income £1.38 £1.36 £1.14 76
ROIC Compounder £0.7800 £0.9100 £1.01 72
Growth Earnings
Growth-Adj P/E £1.15 £1.64 £2.14 68

Widest divergence: DCF Models (£3.31) versus Dividend Discount (£0.7300). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 164M GBX
Revenue growth (YoY) +7.8%
Net margin -0.9%
Return on equity 4.6%
Free cash flow 20.7M GBX FY2025
P/E ratio 25.3
More key figures
Operating margin 7.8%
EPS (TTM) £0.0900
Dividend yield 2.6%
EPS growth (YoY) +2,447%
Net debt 10.8M GBX FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 65 · Market factors (momentum, volatility) 63

Profitability 42
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 35
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 75
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

Focusrite plc engages in the development, manufacturing, and marketing of professional audio and electronic music products in North America, Europe, the Middle East, Africa, and internationally. It operates through Focusrite, Novation, ADAM Audio, Martin Audio, Sequential, and Sonnox segments.

Full company description

Focusrite plc engages in the development, manufacturing, and marketing of professional audio and electronic music products in North America, Europe, the Middle East, Africa, and internationally. It operates through Focusrite, Novation, ADAM Audio, Martin Audio, Sequential, and Sonnox segments. The company offers audio interfaces, synthesizers, audio software, keyboard and pad controllers, grooveboxes, and monitor speakers under the Focusrite, Focusrite Pro, Novation, Ampify, ADAM Audio, Sequential, Oberheim, and Sonnox brands. It provides point source speakers, constant curvature arrays, line arrays, digital signal processors, amplifiers, immersive audio processors, and stage rigging control under the Martin Audio, Optimal Audio, Linea Research, TiMax, and OutBoard brands. In addition, the company is involved in provision of marketing and operational services; other engineering activities; wholesale of other machinery and equipment, and electronic and telecommunications equipment and parts; facilities support activities; business and software development; and leasing of intellectual property and similar products. It sells its products through distributors and resellers as well as directly to end users through its brands e-commerce sites. Focusrite plc was founded in 1985 and is based in High Wycombe, the United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Focusrite plc reported revenue of £169M in FY2025 versus £174M in FY2021, a compound −0.7%/yr. Reported net income was £5.4M in FY2025, compounding −34.0%/yr from FY2021.

Growth Quality 70/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£169M
Latest YoY
+6.6%
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.
−2.8%
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.
+5.4%
Avg. growth/yr (13Y) 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.
+15.7%
Revenue −0.7%/yr
FY21 £174M
FY22 £184M
FY23 £178M
FY24 £159M
FY25 £169M
Net income −34.0%/yr
FY21 £28.3M
FY22 £24.8M
FY23 £17.8M
FY24 £2.6M
FY25 £5.4M
Character of growth · EPS growth decomposed (2014-2025) +4.7 % p.a.
Revenue per share +14.8 pp

of which total revenue +15.0 pp · buybacks/dilution −0.2 pp

EBIT margin −5.7 pp
Tax rate −0.8 pp
Residual (interest, one-offs) −3.7 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).

TUNE screens 14% overvalued. Compare with ANTA Sports Products Limited →

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Cite: Fair Value Calculator (2026). "Focusrite plc Fair Value". https://www.fairvalue-calculator.com/stock/TUNE

Peer Group

Leisure · 191 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 64 · Top 25%
Fair Value upside −15% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 3% · Above median
Net margin (TTM) -1% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth 8% · Above median
Dividend yield (TTM) 2.6% · Below median
Debt / equity 0.29× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/E (TTM) 25.3× · Pricier than median
P/B 1.53× · Cheaper than median
P/S (TTM) 1.10× · Cheaper than median
P/FCF 8.7× · Pricier than median
EV/EBITDA 12.8× · Pricier than median

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 14 · sector 14
FUTURE 39 · sector 18
PAST 18 · sector 19
HEALTH 85 · sector 94
DIVIDEND 51 · sector 52

Insider activity: 45/100

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 Leisure stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

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Benefit Systems S.A BFT 5,255 PLN 3,714 PLN -29%
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Frequently asked questions

Is Focusrite plc (TUNE) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of £2.01 versus a price of £2.35, about −14% (overvalued).
What is the fair value of TUNE?
Our model-based fair value for Focusrite plc is £2.01 (as of Jul 14, 2026), built from audited fundamentals. The current price is £2.35.
What is the quality score of TUNE?
Focusrite plc has a Quality Score of 64/100. 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 Focusrite plc (TUNE)?
Focusrite plc reported trailing-twelve-month revenue of about £169M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of TUNE?
The net profit margin of Focusrite plc is about 3.2%, meaning it keeps roughly 3.2% of revenue as net income. Based on the latest reported figures.
Does Focusrite plc pay a dividend?
Focusrite plc currently shows a dividend yield of about 2.13% relative to its recent price (as of Jul 14, 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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