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Global Blue Group Holding (GB)
NYSE:GB
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Global Blue Group Holding
(NYSE:GB)
Rating:58Neutral
Price Target:
$7.50
▲(1.49%Upside)
Global Blue Group Holding (GB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.47B
Dividend YieldN/A
Average Volume (3M)50.55K
Price to Earnings (P/E)16.5
Beta (1Y)0.19
Revenue Growth19.11%
EPS Growth459.97%
CountryUS
Employees1,939
SectorTechnology
Sector Strength93
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.07
Shares Outstanding199,366,170
10 Day Avg. Volume40,293
30 Day Avg. Volume50,546
Financial Highlights & Ratios
PEG Ratio1.36
Price to Book (P/B)9.73
Price to Sales (P/S)0.00
P/FCF Ratio11.42
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$6.00Price Target Upside-18.81% Downside
Rating ConsensusHold
Number of Analyst Covering0
Global Blue Group Holding Business Overview & Revenue Model
Company DescriptionGlobal Blue Group Holding (GB) is a leading company in the tourism shopping tax refund sector, providing services that enhance the shopping experience for international travelers. The company operates in the travel and retail industries, offering a range of services including VAT/GST refund services, dynamic currency conversion, and marketing services that connect retailers with international shoppers. Global Blue's services are designed to optimize the shopping experience for tourists, while also increasing sales for retailers.
How the Company Makes MoneyGlobal Blue makes money primarily through its tax refund services, where it facilitates VAT/GST refunds for international travelers who shop abroad. The company charges a commission on the refund amount processed for travelers, which is a key revenue stream. Additionally, Global Blue generates revenue from its dynamic currency conversion services, where it earns a margin on currency exchange rates when international shoppers choose to pay in their home currency. The company also partners with retailers to provide marketing services that increase store footfall and sales, receiving fees for these services. Significant partnerships with retailers, airports, and financial institutions strengthen Global Blue's market position and contribute to its earnings.
Global Blue Group Holding Earnings Call Summary
Earnings Call Date:Jun 04, 2025
(Q3-2025)
| % Change Since: -0.81%|
Next Earnings Date:Aug 29, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue and EBITDA growth across all divisions, significant improvements in financial health indicators, and confidence in achieving the higher end of the annual financial guidance. However, these positives were somewhat offset by the loss of a significant client in Japan, increased finance costs, and lower contribution growth in the Payments segment.Q3-2025 Updates
Positive Updates
Acquisition by Shift4
Global Blue was acquired by Shift4 for $7.50 per common share, a 15% premium over the closing share price, valuing the company at an enterprise value of $2.5 billion.
Strong Revenue Growth
The Group delivered revenue of 131 million Euros in Q3, a 20% year-on-year increase, with significant progress across all divisions.
Impressive EBITDA Increase
Adjusted EBITDA increased by 31% year-on-year to 52 million Euros, resulting in an improvement in adjusted EBITDA margin of 3.4 points to 39.7%.
Tax Free Shopping Solutions Growth
Tax Free Shopping Solutions accounted for 74% of Group revenue, with a revenue growth of 22% to 98 million Euros and completed Sales-in-Stores growth of 21%.
Improvement in Net Income
Group adjusted net income increased by 58% to 14 million Euros compared to 9 million Euros last year.
Reduction in Net Leverage Ratio
Net leverage ratio improved to 2.6 times from 3.6 times last year, showing a significant improvement in financial health.
Negative Updates
Loss of Significant Client in Japan
FX Solutions lost a significant client in Japan earlier in the year, negatively impacting revenue growth comparison versus last year.
Increased Net Finance Costs
Net finance costs increased by 7 million Euros due to higher interest rates on senior debt.
Lower Contribution Growth in Payments
Despite revenue growth, contribution growth in the Payments segment was lower due to the mix effect, with acquiring business growing faster than FX Solutions but with lower margins.
Company Guidance
During the call, Global Blue provided guidance for the fiscal year 2024-2025, reiterating their expectation to achieve an adjusted EBITDA in the range of €185 million to €205 million. The company anticipates reaching the upper half of this range, based on the improvement observed in the last 12 months' adjusted EBITDA over the recent three quarters. Jacques Stern, CEO, emphasized the company's strong performance over the nine-month period, highlighting significant growth in revenue, EBITDA, margins, and drop-through rates. The guidance comes amid the recent announcement of Global Blue’s acquisition by Shift4, expected to close in Q3 2025, pending regulatory and shareholder approvals.Global Blue Group Holding Financial Statement Overview
Summary
Global Blue Group Holding exhibits strong financial recovery with notable revenue growth and profitability improvements. While cash flow remains robust, the high debt-to-equity ratio indicates significant leverage, requiring careful monitoring.Income Statement
Global Blue Group Holding has shown a strong recovery in recent years with a solid revenue growth rate of 20.28% year-over-year from 2024 to 2025. The gross profit margin stands at 74.98%, indicating efficient cost management. However, the net profit margin has improved to 16.60% in 2025 from a low base, reflecting better profitability but suggests room for further enhancement. The EBIT and EBITDA margins are healthy at 26.51% and 48.52%, respectively.67
Positive
Balance Sheet
The balance sheet reveals a high debt-to-equity ratio of 4.39, indicating significant leverage. However, the equity ratio has improved to 11.06% in 2025, suggesting a strengthening financial position. Return on equity (ROE) is robust at 65.17%, driven by recent profitability improvements. Despite these positives, the company's high leverage remains a risk.55
Neutral
Cash Flow
The cash flow statement shows a strong free cash flow growth rate of 36.47% year-over-year from 2024 to 2025. The operating cash flow to net income ratio is 1.91, indicating strong cash generation relative to profitability. The free cash flow to net income ratio of 1.30 further highlights the company's effective cash management.72
Positive
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 507.88M | 422.30M | 311.49M | 125.95M | 44.70M |
| Gross Profit | 380.88M | 310.51M | 219.04M | 90.02M | 30.13M |
| EBITDA | 246.40M | 145.16M | 60.06M | -16.60M | -55.77M |
| Net Income | 84.31M | 13.97M | -23.50M | -94.69M | -423.53M |
Balance Sheet | |||||
| Total Assets | 1.17B | 1.09B | 1.16B | 853.43M | 961.15M |
| Cash, Cash Equivalents and Short-Term Investments | 123.78M | 87.46M | 240.55M | 51.69M | 182.78M |
| Total Debt | 568.25M | 612.44M | 788.84M | 733.77M | 733.43M |
| Total Liabilities | 1.03B | 1.02B | 1.15B | 1.04B | 1.03B |
| Stockholders Equity | 129.38M | 61.92M | 373.00K | -191.53M | -76.39M |
Cash Flow | |||||
| Free Cash Flow | 110.02M | 80.64M | -34.96M | -108.10M | -124.37M |
| Operating Cash Flow | 160.91M | 120.07M | -1.08M | -87.00M | -103.15M |
| Investing Cash Flow | -45.61M | -39.63M | -70.65M | -31.04M | -72.60M |
| Financing Cash Flow | -81.88M | -233.80M | 258.19M | -14.37M | 134.11M |
Global Blue Group Holding Technical Analysis
Positive
7.39
Price Trends
7.42
Negative
7.40
Negative
6.83
Positive
Market Momentum
-0.02
Positive
47.73
Neutral
67.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB, the sentiment is Positive. The current price of 7.39 is below the 20-day moving average (MA) of 7.41, below the 50-day MA of 7.42, and above the 200-day MA of 6.83, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 47.73 is Neutral, neither overbought nor oversold. The STOCH value of 67.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB.
Global Blue Group Holding Risk Analysis
Global Blue Group Holding disclosed 5 risk factors in its most recent earnings report. Global Blue Group Holding reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Global Blue Group Holding Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $2.46B | 22.84 | 15.97% | ― | 14.86% | -0.94% | |
68 Neutral | $1.58B | 74.85 | 1.98% | 4.36% | 27.63% | ― | |
64 Neutral | $2.61B | 6.44 | 14.36% | 0.20% | 2.38% | 9.88% | |
61 Neutral | $2.03B | 1,187.95 | 0.27% | ― | 10.46% | ― | |
58 Neutral | $1.47B | 16.51 | 86.27% | ― | 19.11% | 459.97% | |
57 Neutral | HK$14.24B | 5.10 | -5.75% | 5.29% | 9.34% | -42.23% | |
56 Neutral | $3.71B | 8.73 | -8.85% | ― | -14.03% | -167.03% |
* Technology Sector Average
Performance Comparison
GB
Global Blue Group Holding
7.39
2.22
42.94%
PAGS
Pagseguro Digital
7.95
-5.19
-39.50%
STNE
Stoneco
14.02
0.44
3.24%
PAYO
Payoneer
6.84
1.28
23.02%
TUYA
Tuya
2.50
1.01
67.79%
AVDX
AvidXchange Holdings
9.85
-3.01
-23.41%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.