Mulberry (MUL) AI Stock Analysis

• Market Cap: £70.16M
• Dividend Yield: N/A
• Average Volume (3M): 1.75K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.11
• Revenue Growth: -21.23%
• EPS Growth: 16.09%
• Country: UK
• Employees: 1,300
• Sector: Consumer Cyclical
• Sector Strength: 75
• Industry: Apparel - Footwear & Accessories
• EPS (TTM): -0.22
• Shares Outstanding: 70,577,194
• 10 Day Avg. Volume: 3,348
• 30 Day Avg. Volume: 1,754
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £93.00
• Price Target Upside: -7.00% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 2

• Rating: 50 Neutral
• Price Target: 100.00p ▲(0.00% Upside)

Mulberry's overall stock score reflects significant financial challenges and mixed technical signals. However, positive corporate events provide some optimism for future stability and growth. Strategic improvements in financial management and operational efficiency are crucial.

Mulberry Business Overview & Revenue Model

Company Description

Mulberry (MUL) is a British luxury fashion brand renowned for its high-quality leather goods, particularly handbags, accessories, and ready-to-wear clothing. Established in 1971, the company operates primarily in the luxury consumer goods sector, focusing on craftsmanship and sustainability. Mulberry's product offerings include a range of handbags, wallets, and other leather accessories that appeal to a discerning clientele seeking both style and durability.

How the Company Makes Money

Mulberry generates revenue through the sale of its luxury products, with key revenue streams coming from direct retail sales, wholesale partnerships, and e-commerce. The company's retail operations include flagship stores, concessions in high-end department stores, and a growing online presence, which allows for a broader reach to customers. Additionally, Mulberry collaborates with select retailers and luxury brands to expand its market presence and enhance brand visibility. The company also benefits from its strong brand heritage and loyal customer base, which contribute to repeat purchases and brand advocacy. Seasonal collections and limited-edition releases further drive sales by creating exclusivity and urgency among consumers.

Mulberry Financial Statement Overview

Summary

Mulberry's financial performance is concerning, with declining revenues, negative profitability margins, and a highly leveraged balance sheet. Despite some positive cash flow conversion, the overall financial health is weak, necessitating strategic improvements.

Income Statement

Mulberry's income statement reveals a challenging financial position with declining revenue and profitability. The company experienced a significant revenue decline of 13.54% in the latest period, following a slight decrease in the previous year. The gross profit margin remains relatively strong at 66.81%, but the net profit margin is negative at -25.23%, indicating operational inefficiencies and high costs. The EBIT and EBITDA margins are also negative, reflecting ongoing operational challenges.

Balance Sheet

The balance sheet shows a concerning financial structure with a negative stockholders' equity, resulting in a highly leveraged position. The debt-to-equity ratio is extremely high at -24.86, indicating significant financial risk. Despite this, the return on equity is positive at 11.67%, suggesting some ability to generate returns, albeit with high risk. The equity ratio is negative, highlighting the company's reliance on debt financing.

Cash Flow

Cash flow analysis indicates some positive aspects, with a free cash flow to net income ratio of 0.63, suggesting some ability to convert income into cash. However, the free cash flow growth rate is negative at -20.16%, reflecting a decline in cash generation. The operating cash flow to net income ratio is low at 0.14, indicating limited cash flow from operations relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	139.25M	120.39M	152.84M	159.13M	152.41M	114.95M
Gross Profit	81.49M	80.44M	107.14M	113.25M	109.31M	59.89M
EBITDA	-16.87M	-13.29M	-13.07M	30.93M	36.83M	21.97M
Net Income	-36.29M	-30.38M	-33.51M	13.24M	19.98M	4.77M
Balance Sheet
Total Assets	103.12M	86.69M	117.72M	159.25M	133.76M	119.88M
Cash, Cash Equivalents and Short-Term Investments	8.76M	8.20M	7.14M	6.87M	25.67M	11.82M
Total Debt	78.38M	64.71M	81.21M	84.16M	68.65M	78.55M
Total Liabilities	108.09M	97.47M	106.84M	112.48M	96.01M	101.18M
Stockholders Equity	2.38M	-2.60M	17.41M	53.21M	42.21M	22.27M
Cash Flow
Free Cash Flow	6.42M	5.13M	-9.65M	-10.21M	13.90M	12.45M
Operating Cash Flow	10.02M	8.10M	133.00K	834.00K	19.21M	16.57M
Investing Cash Flow	-5.66M	-2.86M	-10.02M	-14.17M	8.08M	-4.10M
Financing Cash Flow	-1.34M	-4.10M	10.35M	-5.70M	-13.43M	-8.32M

Mulberry Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 100.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:MUL, the sentiment is Positive. The current price of 100 is above the 20-day moving average (MA) of 93.38, above the 50-day MA of 98.00, and above the 200-day MA of 96.98, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 70.97 is Negative, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:MUL.

Mulberry Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JD	78 Outperform	£4.46B	9.27	18.22%	1.14%	8.69%	-9.09%
WOSG	67 Neutral	£747.63M	14.17	10.13%	―	7.39%	-8.74%
BRBY	65 Neutral	£3.97B	77.34	-7.28%	5.01%	-17.08%	-128.46%
Sector *	63 Neutral	£1.74B	10.54	4.37%	3.49%	0.66%	-39.52%
DOCS	56 Neutral	£728.24M	160.43	1.23%	2.44%	-10.20%	-93.32%
THG	55 Neutral	£489.56M	―	-27.20%	―	-14.37%	-28.78%
MUL	50 Neutral	£70.16M	―	-410.43%	―	-21.23%	16.09%

Mulberry Corporate Events

Mulberry Releases Annual Report and Announces AGM

Mulberry Group PLC has published its Annual Report and Accounts for the fiscal year ending 29 March 2025, which is now available on their website and has been distributed to shareholders. The report includes details about the upcoming annual general meeting scheduled for 10 September 2025 in London, inviting shareholders to attend and participate in person.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Group Concludes Retail Offer, Strengthening Financial Position

Mulberry Group plc announced the results of its Retail Offer, which closed on 18 July 2025. The offer involved issuing 107,720 new ordinary shares at £0.975 each, raising approximately £105,000 before expenses. This initiative is part of a broader strategy to raise capital, with the new shares expected to be admitted to trading on AIM on 31 July 2025. The move is anticipated to strengthen Mulberry’s financial position and enhance its market presence, providing shareholders with an opportunity to increase their stake in the company.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Group Announces Fundraising and Retail Offer

Mulberry Group plc has issued a Circular to its shareholders detailing a proposed Fundraising and Retail Offer, which includes Loan Notes. This initiative is part of the company’s strategic efforts to strengthen its financial position and support its growth objectives. The Circular also announces a General Meeting scheduled for 30 July 2025, where shareholders will discuss these proposals. The move is expected to have significant implications for Mulberry’s operations and market positioning, potentially enhancing its ability to compete in the sustainable luxury market.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Group Announces Conditional Retail Share Offer to Boost Growth

Mulberry Group plc has announced a conditional retail offer of up to 1,259,610 new ordinary shares via RetailBook at an issue price of £0.975 per share. This offer is part of a broader strategy to raise funds for targeted investments aimed at accelerating future growth and meeting medium-term financial goals. The retail offer is available exclusively to existing shareholders, excluding those involved in a recent £20 million fundraising through convertible loan notes. The offer is contingent upon shareholder approval and the admission of new shares to trading on AIM. The initiative underscores Mulberry’s commitment to involving its shareholder base in its growth journey, with the retail offer set to close on 18 July 2025.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Appoints James France as Non-Executive Director

Mulberry Group PLC has announced the appointment of James France as a non-executive director, effective from July 30, 2025. James France, who has been with Frasers Group PLC for eight years, will represent Frasers, a significant shareholder in Mulberry, on the board. His extensive experience in real estate and mergers and acquisitions is expected to bring valuable insights to Mulberry’s strategic direction.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Group PLC Reports Revenue Decline and Announces £20 Million Fundraising

Mulberry Group PLC announced its audited results for the 52-week period ending March 29, 2025, revealing a 21% decline in group revenue due to challenging macro-economic conditions. To support its growth strategy, the company is raising £20 million through convertible loan notes from major shareholders and an additional £1.2 million through a retail offer to minority shareholders. The funds will be used to accelerate growth and meet medium-term financial targets. Despite the revenue decline, Mulberry is focusing on strategic initiatives such as simplifying operations, realigning its brand, and enhancing customer connections. The company has also made significant cost savings and is optimistic about future growth, with plans to achieve annual revenue exceeding £200 million and an adjusted EBIT margin of 15%.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.

Mulberry Group Announces £20 Million Fundraising to Boost Growth Strategy

Mulberry Group plc has announced a proposed £20 million fundraising to support its growth strategy and meet medium-term financial targets. The company is undergoing a transformation plan to return to profitability, with initiatives including management changes, new wholesale agreements, international expansion, and cost reductions. Despite a challenging trading environment, the company aims to become cash flow positive by investing in core stock rebuilding, new revenue streams, and customer engagement tools. The fundraising is expected to be completed alongside the publication of the company’s FY25 report, and discussions are ongoing with major shareholders to finalize the structure.

The most recent analyst rating on (GB:MUL) stock is a Hold with a £0.94 price target. To see the full list of analyst forecasts on Mulberry stock, see the GB:MUL Stock Forecast page.