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Dunelm Group PLC (DNLM) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 1.7B GBX · ISIN GB00B1CKQ739

What is Dunelm Group PLC really worth?

DG Dunelm Group PLC DNLM · LSE
Price£8.83
Fair Value£15.58
Upside+76.5%
Quality71/100

A solid business, trading 43% below our fair value of £15.58.

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Strengths

Healthy Growth (revenue 5y +10.9 %/yr)
Moderate debt · generates free cash flow
Wide moat 69/100

Risks

!Thin margins · 8.3% net margin
!Mixed vs. peers (8/15)
!Weak on future: 18 out of 100

For context

·5.10% dividend yield
Evidence: High Range £9.97 – £20.96

Fair value as of: Aug 29, 2026

From 26 valuation models · updated 6 days ago

Share price −1.1% over the past month.

What runs behind every stock

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

What matters now

  • The rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (£9.97). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (£9.97 to £20.96) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

£11.56 £4.98 Fair Value £15.58 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range £4.98 – £11.56 · fair‑value band £9.97 – £20.96 · the £8.83 price screens below the £15.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Dunelm Group PLC (DNLM) currently trades at £8.83, while our model-based Fair Value estimate is £15.58, implying the stock looks roughly 43.4% undervalued today. The Quality Score stands at 71/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of £16.00 per share, and 19 of the 26 models we run sit above the £8.83 price. Bear case: the Economic Profit group reads lowest at £2.19, and 7 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Dunelm Group PLC generated revenue of £1.8B at a net margin of 8.3%. Revenue grew 3.6% year over year. It earns a return on equity of 86.1%. Net debt stands at £348M. Fundamentals as of Aug 29, 2026

Our scenario range runs from £9.97 (bear case) to £20.96 (bull case); at £8.83, 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 Cyclical peers we cover trades at −11% fair-value upside, at 77%, DNLM screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 12 months have passed since. In that time the company retained roughly £0.2900 per share, which is 1.9 % 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 best evidence £10.29 £16.00 £24.07 80
Growth DCF £10.26 £15.56 £22.70 78
Owner Earnings £9.47 £14.75 £22.20 76
All 26 models by family
DCF Models
FCF DCF best evidence £10.29 £16.00 £24.07 80
Owner Earnings £9.47 £14.75 £22.20 76
5Y Revenue Exit £8.02 £12.70 £18.69 72
5Y EBITDA Exit £11.14 £18.76 £27.87 74
5Y P/E Exit £10.69 £17.90 £25.68 70
10Y Revenue Exit £8.61 £12.96 £18.90 66
10Y EBITDA Exit £10.65 £16.88 £25.53 67
10Y P/E Exit £10.39 £16.32 £23.95 63
Earnings-Based
Graham-Dodd £5.27 £19.64 £26.54 64
Lynch FV £4.72 £6.75 £8.77 61
PEG = 1.0 £4.72 £6.75 £8.77 57
EPV £6.14 £7.05 £7.80 74
Dividend Discount
Gordon GGM £6.14 £11.07 £15.24 68
DDM Multi-Stage £6.14 £10.11 £11.83 67
Multiples
P/E Multiple £12.79 £17.06 £21.32 63
P/S Multiple £7.91 £10.54 £13.18 58
P/B Multiple £1.77 £2.36 £2.95 55
EV/EBIT £14.37 £19.33 £24.28 66
EV/EBITDA £13.11 £17.65 £22.18 67
EV/Revenue £6.88 £10.05 £13.21 53
Asset-Based
NCAV (Graham) £0.2900 £0.3900 £0.5900 53
Growth DCF
Growth DCF £10.26 £15.56 £22.70 78
Rev-Margin DCF £8.02 £12.75 £18.49 72
Economic Profit
Residual Income £1.81 £2.19 £9.61 64
ROIC Compounder £6.43 £7.71 £8.98 72
Growth Earnings
Growth-Adj P/E £9.01 £12.87 £16.73 67

Widest divergence: DCF Models (£16.00) versus Asset-Based (£0.3900). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 12.1
P/S ratio 1.07 P/E × margin
EPS (TTM) £0.7300 price ÷ EPS = P/E 12.1
Dividend yield 5.1% payout 61.6%
Net margin 8.8% FY2025
Return on equity 86.1% TTM
More key figures
Profitability
Return on assets (EBIT) 28.2% avg 5y
Operating margin 12.9% TTM
Growth
Revenue (TTM) £1.8B TTM
Revenue growth (YoY) +3.6% 3y avg +3.8%
EPS growth (YoY) −7.3%
Balance sheet & cash flow
Free cash flow 221M GBX FY2025
Net debt 348M GBX FY2025 · ≈ 1.6 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 68 · Market factors (momentum, volatility) 41

Profitability 88
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 45
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 83
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

Dunelm Group plc engages in the retail of homewares in the United Kingdom. The company offers furniture and beds products, which include bedroom, living room, dining room, and other furniture, as well as bed and mattresses, and sofas and armchairs; bedding products comprising bed linen, dorma, baby and kid's bedding, duvets, pillows, and protectors; …

Full company description

Dunelm Group plc engages in the retail of homewares in the United Kingdom. The company offers furniture and beds products, which include bedroom, living room, dining room, and other furniture, as well as bed and mattresses, and sofas and armchairs; bedding products comprising bed linen, dorma, baby and kid's bedding, duvets, pillows, and protectors; curtains; rugs; and venetian, roller, roman, vertical, and made to measure blinds. It also offers range of home decor products, such as wall art and décor, mirrors, clocks, ornaments, pictures and frames, candle and home fragrance, flower and plants, vases, decorative trays and bowls, kid's decor, coffee table books, plant pots, cushions, throws, draught excluders, fireplace extras, and bean bags, as well as housewarming, engagement, personalised, anniversary, wedding gifts, and gift cards; and lighting products, including ceiling lights, lamp shades, table lamps, floor lamps, wall lights, chandeliers, led lighting, bathroom lighting, outdoor lighting, kids lighting, string lights, lamp bases, picture lights, and cabinet lights, as well as light bulbs, light switches, pendant flex cables, electrical and wiring accessories. In addition, the company provides kitchen and utility products comprising cooking, dining, electrical, utility, and pet products; bathroom accessories; storage products, such as travel and luggage, home, clothes and shoe, storage furniture, and food storage; kids bedroom, furniture, nursery, and accessories products; and Christmas products, including trees, decoration, and gifts; and loungewear's, meal prepping's, and winter laundry products. Further, it offers wallpaper, paint, DIY and upcycling, and decorating tools and supplies. It operates through a network of stores, as well as sells its products through an online store. The company was founded in 1979 and is based in Syston, the United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Dunelm Group PLC reported revenue of £1.8B in FY2025 versus £1.3B in FY2021, a compound +7.3%/yr. Reported net income was £156M in FY2025, compounding +4.9%/yr from FY2021.

Growth Quality 88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
£1.8B
Latest YoY
+3.8%
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.
+3.8%
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.
+10.9%
Avg. revenue growth/yr (21Y) 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.
+10.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+14.1% (9.0 + 5.1)
Revenue +7.3%/yr
FY21 £1.3B
FY22 £1.6B
FY23 £1.6B
FY24 £1.7B
FY25 £1.8B
Net income +4.9%/yr
FY21 £129M
FY22 £171M
FY23 £152M
FY24 £151M
FY25 £156M
Character of growth · EPS growth decomposed (2014-2025) +5.4 % p.a.
Revenue per share +8.6 %

of which total revenue +8.5 % · buybacks/dilution +0.0 %

EBIT margin −2.1 %
Tax rate −0.4 %
Residual (interest, one-offs) −0.4 %

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). "Dunelm Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/DNLM

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

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 71 · Top 25%
Fair Value upside +77% · Top 25%
Return on equity (TTM) 86% · Top 25%
Return on assets 17% · Top 25%
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 13% · Top 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 1.10× · Higher than 75% of peers

Valuation Multiples vs Specialty Retail median · lower = cheaper

P/E (TTM) 12.1× · Cheaper than median
P/B 19.76× · Pricier than 75% of peers
P/S (TTM) 1.30× · Pricier than 75% of peers
P/FCF 10.6× · Pricier than 75% of peers
EV/EBITDA 10.1× · Pricier than median
PEG 1.95× · 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 30
FUTURE18 · sector 25
PAST100 · sector 27
HEALTH45 · sector 96
DIVIDEND100 · 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 29, 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 Dunelm Group PLC (DNLM) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of £15.58 versus a price of £8.83, about +77% upside (undervalued).
What is the fair value of DNLM?
Our model-based fair value for Dunelm Group PLC is £15.58 (as of Aug 29, 2026), built from audited fundamentals. The current price: £8.83.
What is the quality score of DNLM?
Dunelm Group PLC has a Quality Score of 71/100. 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 Dunelm Group PLC (DNLM)?
Dunelm Group PLC reported trailing-twelve-month revenue of about £1.8B (latest available figure, as of Aug 29, 2026).
What is the net profit margin of DNLM?
The net profit margin of Dunelm Group PLC is about 8.3%, meaning it keeps roughly 8.3% of revenue as net income. Based on the latest reported figures.
Does Dunelm Group PLC pay a dividend?
Dunelm Group PLC currently shows a dividend yield of about 5.10% relative to its recent price (as of Aug 29, 2026).
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