RE: Citywire24 Sep 2025 10:31
Investment bank, Panmure Liberum, reiterated its Buy rating on GBG’s stock following this morning’s update.
It said its share price has been suffering from forced sales by AIM IHT funds, adding: “We think that the shares are interesting for three reasons – 1 GBG is addressing weakness in US Identity, moving to platform based selling (Go) and should deliver a modest acceleration in organic growth from 2H – 2 selling by IHT funds is transitory and should be done by end October, with index buying to come thereafter, and – 3 CY26E valuation of 2x EV/sales and 8x EV/EBITA is an all-time low, for a business with a 24% operating margin and potential to grow mid-single. “There is also the possibility of a bid, although we have been saying that for some time.
“We believe that these positives outweigh the competitive risks and re-iterate our Buy rating.”