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Naked Wines plc (WINE) Fair Value & Analysis

Consumer Defensive · GB · Market cap 48.8M GBX · ISIN GB00B021F836

What is Naked Wines plc really worth?

NW Naked Wines plc WINE · LSE
Price£0.6640
Fair Value£3.34
Upside+403.0%
Quality64/100

A solid business, trading 80% below our fair value of £3.34.

As of Aug 13, 2026, the fair value of Naked Wines plc is £3.34 per share against a price of £0.6640, so the fair value sits 403% above the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +4.3 %/yr)
!Loss-making · -0.7% net margin
!Mixed vs. peers (7/13)
!Narrow moat 19/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range £2.56 – £4.37

Fair value as of: Aug 13, 2026

From 9 valuation models · updated 23 days ago

Fair value updated Aug 13, 2026, revised from £3.51 to £3.34 (−4.8%) since Jul 17, 2026. Share price −9.0% over the past month.

What runs behind every stock

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

What matters now

  • The price is below even our cautious bear case (£2.56). 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 (64/100) at a price below fair value, the discount is the argument here, not the business quality.

Price vs Fair Value (5 years)

£8.79 £0.2850 Fair Value £3.34 Jun 2021 Sep 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 £0.2850 – £8.79 · fair‑value band £2.56 – £4.37 · the £0.6640 price screens below the £3.34 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

Naked Wines plc (WINE) currently trades at £0.6640, while our model-based Fair Value estimate is £3.34, implying the stock looks roughly 80.1% undervalued today. The Quality Score stands at 64/100 (solid quality), in the Consumer Defensive sector. Bull case: the Multiples group reads highest at a median of £3.61 per share, and 7 of the 9 models we run sit above the £0.6640 price. Bear case: the Dividend Discount group reads lowest at £0.5400, and 2 of the 9 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Naked Wines plc generated revenue of £227M at a net margin of −0.7%. Revenue declined 20.3% year over year. It earns a return on equity of −2.3%. The balance sheet holds a net cash position of £23.6M. Fundamentals as of Aug 13, 2026

Our scenario range runs from £2.56 (bear case) to £4.37 (bull case); at £0.6640, 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 Defensive peers we cover trades at −4% fair-value upside, at 403%, WINE screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence £2.35 £2.91 £3.56 82
Growth DCF £2.37 £2.88 £3.44 80
5Y Revenue Exit £2.44 £3.38 £4.52 73
All 9 models by family
DCF Models
FCF DCF best evidence £2.35 £2.91 £3.56 82
5Y Revenue Exit £2.44 £3.38 £4.52 73
10Y Revenue Exit £2.33 £3.08 £3.98 68
Dividend Discount
Gordon GGM £0.4000 £0.5800 £0.7400 69
DDM Multi-Stage £0.4000 £0.5400 £0.6600 67
Multiples
EV/Revenue £2.66 £3.61 £4.55 54
Asset-Based
NCAV (Graham) £0.5400 £0.7200 £1.08 54
Growth DCF
Growth DCF £2.37 £2.88 £3.44 80
Rev-Margin DCF £2.44 £3.41 £4.44 73

Widest divergence: Multiples (£3.61) versus Dividend Discount (£0.5400). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/S ratio 0.21 TTM
EPS (TTM) £−0.0200
Dividend yield 7.6%
Net margin −2.0% FY2025
Return on equity −2.3% TTM
Return on assets (EBIT) −3.6% avg 5y
More key figures
Profitability
Operating margin −2.7% TTM
Growth
Revenue (TTM) £227M TTM
Revenue growth (YoY) −20.3% 3y avg −10.6%
Balance sheet & cash flow
Free cash flow 16.0M GBX FY2025
Net cash 23.6M GBX FY2025

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

Quality Score breakdown

Overall quality 64/100

Of which business quality 65 · Market factors (momentum, volatility) 27

Profitability 33
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 74
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 39
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 84
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Naked Wines plc, together with its subsidiaries, engages in the direct-to-consumer retailing of wines in Australia, the United Kingdom, and the United States. It also operates as an online wine retailer. The company was formerly known as Majestic Wine plc and changed its name to Naked Wines plc in August 2019.

Full company description

Naked Wines plc, together with its subsidiaries, engages in the direct-to-consumer retailing of wines in Australia, the United Kingdom, and the United States. It also operates as an online wine retailer. The company was formerly known as Majestic Wine plc and changed its name to Naked Wines plc in August 2019. Naked Wines plc was founded in 1980 and is headquartered in Norwich, the United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Naked Wines plc reported revenue of £250M in FY2025 versus £340M in FY2021, a compound −7.4%/yr. Reported net income was −£4.9M in FY2025.

Growth Quality 33/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£250M
Latest YoY
−13.8%
Avg. revenue 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.
−10.6%
Avg. revenue 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.
+4.3%
Avg. revenue growth/yr (31Y) 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.
+7.1%
EBIT 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.
−2.4% (2020) → −1.3% (2025)
Value creation/yr 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
Revenue −7.4%/yr
FY21 £340M
FY22 £350M
FY23 £354M
FY24 £290M
FY25 £250M
Net income
FY21 −£10.0M
FY22 £2.4M
FY23 −£17.4M
FY24 −£20.8M
FY25 −£4.9M

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Cite: Fair Value Calculator (2026). "Naked Wines plc Fair Value". https://www.fairvalue-calculator.com/stock/WINE.LSE

Peer Group

Beverages - Wineries & Distilleries · 93 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 +200% · Top 25%
Return on assets 0% · Below median
Net margin (TTM) −1% · Bottom 25%
Operating margin (TTM) −3% · Bottom 25%
Revenue growth −20% · Bottom 25%
Dividend yield (TTM) 7.6% · Top 25%

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/B 0.92× · Cheaper than median
P/S (TTM) 0.29× · Cheaper than 75% of peers
P/FCF 4.1× · Cheaper than median
EV/EBITDA 26.4× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 16
FUTURE0 · sector 0
PAST0 · sector 19
HEALTH100 · sector 95
DIVIDEND100 · sector 60

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,303 ¥1,238 −5%
Diageo plc DEO $92.99 $73.29 −21%
Wuliangye Yibin Co 000858 ¥71.89 ¥48.44 −33%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥116.39 ¥185.80 +60%
Pernod Ricard SA RI €63.20 €76.13 +20%
Luzhou Laojiao Co 000568 ¥84.50 ¥149.17 +77%
Brown-Forman Corporation BFA $28.72 $27.69 −4%
United Spirits Limited UNITDSPR ₹1,528 ₹285.39 −81%
Thai Beverage Public Company Y92 0.4650 SGD 0.7000 SGD +51%
Jiangsu Yanghe Distillery Co 002304 ¥39.59 ¥27.82 −30%

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Frequently asked questions

Is Naked Wines plc (WINE) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of £3.34 versus a price of £0.6640, about +403% upside (undervalued).
What is the fair value of WINE?
Our model-based fair value for Naked Wines plc is £3.34 (as of Aug 13, 2026), built from audited fundamentals. The current price: £0.6640.
What is the quality score of WINE?
Naked Wines 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 price target for Naked Wines plc (WINE)?
Our model-based price target is the fair value of £3.34 (as of Aug 13, 2026) from 9 valuation models. Cautious scenario £2.56, optimistic scenario £4.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Naked Wines plc stock forecast for 2026?
Our models put fair value at £3.34, about +403% upside versus a price of £0.6640 (undervalued). Cautious scenario £2.56, optimistic scenario £4.37. The calculation is refreshed regularly with new filings.
What is the revenue of Naked Wines plc (WINE)?
Naked Wines plc reported trailing-twelve-month revenue of about £227M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of WINE?
The net profit margin of Naked Wines plc is about −0.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Naked Wines plc pay a dividend?
Naked Wines plc currently shows a dividend yield of about 7.64% relative to its recent price (as of Aug 13, 2026).
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