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Macfarlane
(LSE:MACF)
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Rating:62Neutral
Price Target:
78.00 p
▲(16.42% Upside)
Action:Reiterated
Date:08/04/26
The score is held back primarily by weaker 2025 profitability and a notable step-up in leverage, despite resilient revenue and continued positive free cash flow. Technicals are supportive with the share price in an uptrend, while valuation is balanced—helped by a ~5% dividend yield but moderated by a mid-range P/E. Corporate actions (buybacks and pension de-risking) add a modest positive.
Positive Factors
Revenue resilience and positive FCF
A top-line rebound alongside positive free cash flow demonstrates durable demand for Macfarlane's packaging offerings and healthy cash conversion. Consistent FCF supports reinvestment, dividends, buybacks or debt paydown, improving long-term financial flexibility if sustained.
Negative Factors
Sharp profitability deterioration
A material drop in net income and compression to a ~2.1% net margin reflects margin pressure or rising operating costs. If durable, this weakens internal capital generation, reduces headroom for investment and dividend coverage, and raises execution risk on margin recovery plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue resilience and positive FCF
A top-line rebound alongside positive free cash flow demonstrates durable demand for Macfarlane's packaging offerings and healthy cash conversion. Consistent FCF supports reinvestment, dividends, buybacks or debt paydown, improving long-term financial flexibility if sustained.
Read all positive factors
Macfarlane (MACF) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£113.84M
Dividend Yield4.99%
Average Volume (3M)265.92K
Price to Earnings (P/E)18.4
Beta (1Y)0.58
Revenue Growth11.23%
EPS Growth-59.12%
CountryUK
Employees1,231
SectorConsumer Cyclical
Sector Strength84
IndustryPackaging & Containers
Share Statistics
EPS (TTM)0.04
Shares Outstanding155,590,790
10 Day Avg. Volume227,431
30 Day Avg. Volume265,920
Financial Highlights & Ratios
PEG Ratio-0.31
Price to Book (P/B)0.95
Price to Sales (P/S)0.38
P/FCF Ratio5.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.08
Revenue Forecast (FY)£308.33M
Macfarlane Business Overview & Revenue Model
Company Description
Established in 1899 and based in Glasgow, UK, Macfarlane Group PLC delivers comprehensive protective packaging solutions to businesses. The company's activities are organized into two primary divisions. Its Packaging Distribution segment handles t...
How the Company Makes Money
Macfarlane primarily makes money by selling packaging products and solutions to business customers, with revenue generated from the distribution of protective packaging materials (for example, paper- and plastic-based protective materials, corruga...
Macfarlane Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
44
Neutral
Cash Flow
60
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 300.81M | 270.44M | 280.71M | 290.43M | 264.46M |
| Gross Profit | 112.17M | 105.37M | 105.68M | 98.06M | 89.47M |
| EBITDA | 31.09M | 38.96M | 36.19M | 34.30M | 31.73M |
| Net Income | 6.32M | 15.53M | 14.97M | 15.64M | 12.60M |
Balance Sheet | |||||
| Total Assets | 277.79M | 246.93M | 221.23M | 216.16M | 216.17M |
| Cash, Cash Equivalents and Short-Term Investments | 14.38M | 12.93M | 7.69M | 5.71M | 12.31M |
| Total Debt | 89.36M | 57.72M | 43.34M | 43.71M | 44.78M |
| Total Liabilities | 157.23M | 123.66M | 106.65M | 110.14M | 121.27M |
| Stockholders Equity | 120.56M | 123.27M | 114.58M | 106.02M | 94.89M |
Cash Flow | |||||
| Free Cash Flow | 20.21M | 22.50M | 31.33M | 14.71M | 21.67M |
| Operating Cash Flow | 24.78M | 25.43M | 33.51M | 18.00M | 23.80M |
| Investing Cash Flow | -17.36M | -13.48M | -16.55M | -11.59M | -8.96M |
| Financing Cash Flow | -5.96M | -6.01M | -15.32M | -13.18M | -7.94M |
Macfarlane Technical Analysis
Positive
67.00
Price Trends
66.45
Positive
65.09
Positive
66.45
Positive
Market Momentum
1.74
Negative
61.44
Neutral
70.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MACF, the sentiment is Positive. The current price of 67 is below the 20-day moving average (MA) of 68.18, above the 50-day MA of 66.45, and above the 200-day MA of 66.45, indicating a bullish trend. The MACD of 1.74 indicates Negative momentum. The RSI at 61.44 is Neutral, neither overbought nor oversold. The STOCH value of 70.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MACF.
Macfarlane Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | £46.43M | 11.91 | 8.41% | 11.65% | -3.78% | -43.43% | |
62 Neutral | £113.84M | 18.37 | 5.20% | 5.46% | 11.23% | -59.12% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £97.88M | -47.80 | -2.17% | ― | -38.65% | -792.57% | |
54 Neutral | £27.24M | 10.11 | -29.78% | ― | -5.78% | 208.40% | |
41 Neutral | £25.47M | -1.11 | -12.61% | ― | -0.16% | -1912.80% | |
40 Underperform | £5.60M | -0.08 | -61.90% | ― | -15.92% | -227.33% |
* Consumer Cyclical Sector Average
GB:MACF
Macfarlane
74.50
-19.90
-21.08%
GB:CAR
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38.35
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GB:HEAD
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9.42
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-88.20%
GB:IGR
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61.29%
GB:PMP
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50.00
-81.50
-61.98%
GB:ULTP
Ultimate Products plc
54.80
1.22
2.29%
Macfarlane Corporate Events
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane reduces share capital as buyback programme continues
Positive
Aug 3, 2026
Macfarlane Group PLC has continued its share buyback programme, purchasing and cancelling a total of 60,000 ordinary shares between 28 and 31 July 2026 at prices ranging from 68.47p to 72.30p per share. Following these transactions, the company...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Capital Base With Further Share Buybacks
Positive
Jul 27, 2026
Macfarlane Group PLC has continued its share buyback programme, purchasing and cancelling a total of 59,920 ordinary shares over three trading days in July at prices between 68.10p and 70.70p per share. Following these transactions, the company...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Share Count With Further Buybacks
Positive
Jul 20, 2026
Macfarlane Group PLC has continued to execute its share buyback programme, purchasing and cancelling 70,000 ordinary shares over three trading days in mid-July at prices between 65.55 pence and 68.00 pence per share. The transactions, carried out ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Cancels 30,000 Shares as Buyback Trims Share Capital
Positive
Jul 13, 2026
Macfarlane Group PLC has continued its previously announced share buyback programme, repurchasing 30,000 ordinary shares at a price of 66.19 pence per share for cancellation. Following this transaction, the company’s issued share capital sta...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane trims share count with latest buyback, issued capital now 155.8m shares
Positive
Jul 6, 2026
Macfarlane Group PLC has continued to execute its share buyback programme, purchasing 34,000 ordinary shares for cancellation on 3 July 2026 at a price of 65.62 pence per share. The transaction was carried out through Shore Capital Stockbrokers an...
Business Operations and StrategyFinancial Disclosures
Macfarlane Group de‑risks pension scheme with £53m Royal London buy‑in
Positive
Jun 30, 2026
Protective packaging specialist Macfarlane Group PLC has de‑risked its legacy defined benefit pension and life assurance scheme via a £53 million bulk annuity buy‑in with Royal London. The transaction means the insurer will provid...
Stock BuybackRegulatory Filings and Compliance
Macfarlane Advances Buyback Programme and Updates Voting Rights
Positive
Jun 29, 2026
Macfarlane Group PLC has continued its ongoing share buyback programme, repurchasing 38,000 ordinary shares at a price of 66.02 pence each for cancellation, in line with earlier announcements. Following this transaction, the company’s issued...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Capital Base with Further Buybacks and Voting Rights Update
Positive
Jun 22, 2026
Macfarlane Group PLC has continued its share buyback programme, purchasing 30,000 ordinary shares on 19 June 2026 at a price of 66.17 pence per share for cancellation. The company also corrected a previous disclosure, confirming that 44,451 shares...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Tightens Share Count as Buyback Programme Progresses
Positive
Jun 15, 2026
Macfarlane Group PLC, a UK-listed specialist in protective packaging distribution and manufacturing, continues to expand its presence across the UK and Europe while serving a broad industrial and retail customer base. The company focuses on helpin...
Stock BuybackRegulatory Filings and Compliance
Macfarlane tightens equity base with latest share buyback
Positive
Jun 8, 2026
Macfarlane Group has continued its ongoing share buyback programme, purchasing and cancelling 44,151 ordinary shares at a price of 64.72 pence each on 5 June 2026 through Shore Capital Stockbrokers. Following this cancellation, the company’s...
Stock BuybackRegulatory Filings and Compliance
Macfarlane cancels further shares as buyback trims share capital
Positive
Jun 1, 2026
Macfarlane Group has confirmed further progress in its ongoing share buyback programme, purchasing 88,250 ordinary shares at a price of 65.8736 pence each on 29 May 2026 for cancellation. Following this latest transaction, the company’s issu...
Stock BuybackRegulatory Filings and Compliance
Macfarlane Cancels 75,000 Shares Under Ongoing Buyback Programme
Positive
May 26, 2026
Macfarlane Group PLC has repurchased and cancelled 75,000 ordinary shares at 64.73 pence each under its ongoing share buyback programme, executed through Shore Capital Stockbrokers. Following this transaction, the company’s issued share capi...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane buys back 75,000 shares, cutting share count to 156.1m
Positive
May 18, 2026
Macfarlane Group has continued its ongoing share buyback programme with the purchase and cancellation of 75,000 ordinary shares at a price of 65.644 pence each on 15 May 2026. Following this transaction, the company’s issued share capital st...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Macfarlane shareholders back all AGM resolutions, securing capital and governance flexibility
Positive
May 12, 2026
Macfarlane Group PLC, a Glasgow-based protective packaging specialist listed on the London Stock Exchange, operates leading distribution and manufacturing divisions serving more than 20,000 customers across the UK and Europe. The company focuses o...
Business Operations and StrategyStock Buyback
Macfarlane extends share buyback programme deadline to year-end 2026
Positive
May 12, 2026
Macfarlane Group PLC has extended the long stop expiry date of its existing £4 million share buyback programme, allowing it more time to deploy the remaining £1.2 million of authorised repurchases. The extension pushes the deadline to th...
Business Operations and StrategyStock BuybackFinancial Disclosures
Macfarlane Holds 2026 Guidance as Profit Recovery Plan Gathers Pace
Positive
May 12, 2026
Macfarlane Group said trading so far in 2026 is in line with market expectations, with first-quarter revenue slightly ahead of last year thanks to organic growth in both its Distribution and Manufacturing Operations. Profit for the quarter met int...
Stock BuybackRegulatory Filings and Compliance
Macfarlane trims share capital with latest buyback
Positive
May 11, 2026
Macfarlane Group PLC has continued its ongoing share buyback programme by purchasing and cancelling 15,000 ordinary shares on 8 May 2026 at a price of 68 pence per share. Following this latest transaction, the company’s issued share capital ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Macfarlane Advances Buyback, Updates Share Capital and Voting Rights
Positive
May 8, 2026
Macfarlane Group PLC has continued its previously announced share buyback programme with the repurchase and cancellation of 10,000 ordinary shares at 65.65 pence each on 7 May 2026. Following this transaction, the company’s issued share capi...
Stock BuybackRegulatory Filings and Compliance
Macfarlane trims share count with latest buyback tranche
Positive
May 5, 2026
Macfarlane Group PLC has executed a further tranche of its ongoing share buyback programme, repurchasing 60,000 ordinary shares at 63.60 pence each for cancellation. Following this transaction, the company’s issued share capital now stands a...
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.