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Angling Direct PLC (ANG) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 35.8M GBX · ISIN GB00BF1XGQ00

What is Angling Direct PLC really worth?

AD Angling Direct PLC ANG · LSE
Price£0.5350
Fair Value£0.6300
Upside+17.8%
Quality66/100

A solid business, trading 15% below our fair value of £0.6300.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +9.0 %/yr)
!Thin margins · 2.0% net margin
!Mixed vs. peers (7/14)
!Narrow moat 29/100
!Evidence only low, so the estimate is less certain
!Weak on past: 21 out of 100
Evidence: Low Range £0.4700 – £0.7800

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Share price +13.8% over the past month.

What runs behind every stock

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

What matters now

  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

£0.7650 £0.2400 Fair Value £0.6300 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 £0.2400 – £0.7650 · fair‑value band £0.4700 – £0.7800 · the £0.5350 price screens below the £0.6300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Angling Direct PLC (ANG) currently trades at £0.5350, while our model-based Fair Value estimate is £0.6300, implying the stock looks roughly 15.1% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of £0.8200 per share, and 16 of the 24 models we run sit above the £0.5350 price. Bear case: the Economic Profit group reads lowest at £0.3700, and 8 of the 24 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Angling Direct PLC generated revenue of £99.1M at a net margin of 1.9%. Revenue grew 17.0% year over year. It earns a return on equity of 4.6%. Net debt stands at £1.8M. Fundamentals as of Aug 13, 2026

Our scenario range runs from £0.4700 (bear case) to £0.7800 (bull case); at £0.5350, 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 −11% fair-value upside, at 18%, ANG screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 7 months have passed since. In that time the company retained roughly £0.0178 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

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 £0.5200 £0.7700 £1.22 79
Growth DCF £0.5100 £0.7500 £1.06 78
Owner Earnings £0.4400 £0.6600 £0.9900 76
All 24 models by family
DCF Models
FCF DCF £0.5200 £0.7700 £1.22 79
Owner Earnings £0.4400 £0.6600 £0.9900 76
5Y Revenue Exit £0.5300 £0.8500 £1.29 72
5Y EBITDA Exit £0.8500 £1.52 £2.42 73
5Y P/E Exit £0.5600 £0.9000 £1.31 70
10Y Revenue Exit £0.5100 £0.7900 £1.23 66
10Y EBITDA Exit £0.7000 £1.22 £2.08 66
10Y P/E Exit £0.5400 £0.8200 £1.25 63
Earnings-Based
Graham-Dodd £0.1900 £1.08 £1.49 63
Lynch FV £0.3000 £0.4300 £0.5600 61
PEG = 1.0 £0.3000 £0.4300 £0.5600 57
EPV £0.3800 £0.4100 £0.4300 74
Multiples
P/E Multiple £0.4700 £0.6300 £0.7800 63
P/S Multiple £0.3600 £0.4900 £0.6100 58
P/B Multiple £0.3600 £0.4900 £0.6100 55
EV/EBIT £0.7400 £0.9400 £1.13 66
EV/EBITDA £1.13 £1.46 £1.78 67
EV/Revenue £0.5500 £0.7200 £0.8900 54
Asset-Based
NCAV (Graham) £0.2800 £0.3800 £0.5600 54
Growth DCF
Growth DCF £0.5100 £0.7500 £1.06 78
Rev-Margin DCF £0.5300 £0.8400 £1.25 72
Economic Profit
Residual Income £0.3800 £0.3700 £0.3000 76
ROIC Compounder £0.3800 £0.4100 £0.4300 72
Growth Earnings
Growth-Adj P/E £0.4600 £0.6600 £0.8600 67

Widest divergence: DCF Models (£0.8200) versus Economic Profit (£0.3700). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 17.8
P/S ratio 0.35 P/E × margin
EPS (TTM) £0.0300 price ÷ EPS = P/E 17.8
Dividend yield 0.0% payout 0.4%
Net margin 2.0% FY2026
Return on equity 4.6% TTM
More key figures
Profitability
Return on assets (EBIT) 3.5% avg 5y
Operating margin 5.6% TTM
Growth
Revenue (TTM) £99.1M TTM
Revenue growth (YoY) +17.0% 3y avg +11.9%
EPS growth (YoY) +25.4%
Balance sheet & cash flow
Free cash flow 2.7M GBX FY2026
Net debt 1.8M GBX FY2026 · ≈ 0.7 yrs of FCF

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

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 59

Profitability 55
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 41
Earnings quality: real cash, not paper profit
Fin. Strength 75
Balance sheet, leverage, solvency risk
Investment 81
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 52
Distance to the 52-week high (market factor)
Net Issuance 100
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

Angling Direct PLC, together with its subsidiaries, engages in the sale of fishing tackle products and equipment in the United Kingdom, Europe, and internationally. It operates in three segments: UK Stores, UK Online, and Europe.

Full company description

Angling Direct PLC, together with its subsidiaries, engages in the sale of fishing tackle products and equipment in the United Kingdom, Europe, and internationally. It operates in three segments: UK Stores, UK Online, and Europe. The company offers baits and additives, bait accessories, bait boats, bait boxes, bait making equipment, barrows and trolleys, bed chairs, bite alarms, bivvies and shelters, bivvy accessories, buckets and riddles, bundles and kits, carp essentials, catapults, clothing, and cooking equipment. It also provides fly fishing accessories, fish care, fly lines, gift cards, indicators, lighting, line, luggage, lures, pole support, poles and whips, poles accessories, miscellaneous, nets, new arrivals, reels, rigs, rod and reel combo, rod pods and support, scales, seat box accessories, seat boxes, sleeping bags and pillows, sunglasses, tackle boxes, tech, terminal tackle, tools, umbrellas, and waders and boots. The company sells its products through websites and stores. Angling Direct PLC was founded in 1986 and is headquartered in Norwich, the United Kingdom.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Angling Direct PLC reported revenue of £104M in FY2026 versus £72.5M in FY2022, a compound +9.4%/yr. Reported net income was £2.1M in FY2026, compounding −9.5%/yr from FY2022.

Growth Quality 73/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
£104M
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.
+11.9%
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.
+9.0%
Avg. revenue growth/yr (11Y) 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.
+22.5%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−5.1% (−5.1 + 0.0)
Revenue +9.4%/yr
FY22 £72.5M
FY23 £74.1M
FY24 £81.7M
FY25 £91.3M
FY26 £104M
Net income −9.5%/yr
FY22 £3.1M
FY23 £539K
FY24 £1.2M
FY25 £1.4M
FY26 £2.1M
Character of growth · EPS growth decomposed (2015-2026) +7.8 % p.a.
Revenue per share +13.9 %

of which total revenue +21.4 % · buybacks/dilution −6.2 %

EBIT margin −4.8 %
Tax rate −1.3 %
Residual (interest, one-offs) +0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Angling Direct PLC Fair Value". https://www.fairvalue-calculator.com/stock/ANG

Peer Group

Specialty Retail · 219 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 66 · Top 25%
Fair Value upside +18% · Above median
Return on equity (TTM) 5% · Below median
Return on assets 3% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 11% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 17.8× · Pricier than median
P/B 1.19× · Cheaper than median
P/S (TTM) 0.47× · Cheaper than median
P/FCF 17.9× · Pricier than 75% of peers
EV/EBITDA 7.5× · Pricier than median

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
VALUE57 · sector 30
FUTURE53 · sector 25
PAST21 · sector 27
HEALTH100 · sector 96
DIVIDEND0 · sector 56

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 Specialty Retail stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Alimentation Couche-Tard Inc ATD C$89.93 C$104.32 +16%
Casey's General Stores, Inc CASY $755.47 $398.90 −47%
Williams-Sonoma, Inc WSM $235.09 $162.63 −31%
Ulta Beauty, Inc ULTA $537.10 $475.40 −11%
DICK'S Sporting Goods, Inc DKS $202.66 $181.10 −11%
Best Buy Co BBY $82.44 $108.04 +31%
China Tourism Group 601888 ¥54.97 ¥40.40 −27%
Tractor Supply Company TSCO $34.72 $35.52 +2%
Five Below, Inc FIVE $259.41 $117.29 −55%
Murphy USA Inc MUSA $574.12 $423.35 −26%

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Frequently asked questions

Is Angling Direct PLC (ANG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of £0.6300 versus a price of £0.5350, about +18% upside (undervalued).
What is the fair value of ANG?
Our model-based fair value for Angling Direct PLC is £0.6300 (as of Aug 13, 2026), built from audited fundamentals. The current price: £0.5350.
What is the quality score of ANG?
Angling Direct PLC has a Quality Score of 66/100. 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 Angling Direct PLC (ANG)?
Angling Direct PLC reported trailing-twelve-month revenue of about £99.1M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of ANG?
The net profit margin of Angling Direct PLC is about 1.9%, meaning it keeps roughly 1.9% of revenue as net income. Based on the latest reported figures.
Does Angling Direct PLC pay a dividend?
Angling Direct PLC currently shows a dividend yield of about 0.02% relative to its recent price (as of Aug 13, 2026).
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