# Me Group International (MEGP.LSE)

Canonical: https://gigainvestors.com/s/MEGP.LSE

Analysis as of: 2026-10-16T07:46:15.538Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: GBX 117.60 per share; close as of 2026-10-15.

Estimated value: low GBX 153.66 per share, central GBX 195.74 per share, high GBX 226.64 per share. Buy at or below the central value GBX 195.74 per share. Valuation as of 2026-10-16T07:46:15.538Z; scenarios are not confidence intervals.

Expected annual return: 15.1% at the stated quote. About 15.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.62×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.22×

- FY2018: 0.20×

- FY2019: 0.19×

- FY2020: -0.14×

- FY2021: 0.14×

- FY2022: 0.22×

- FY2023: 0.23×

- FY2024: 0.24×

- FY2025: 0.25×

### moat: pass

- ROIC, median of available years: 36.8%

- ROIC, second-lowest year: 23.8%

- Typical minus recent gross margin: -7.4 pp

- Typical gross margin (annual median): 28.2%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.3%

- ROIC including acquisitions, ten-year median: 24.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 57.8%

- FY2017: 43.0%

- FY2018: 35.2%

- FY2019: 29.0%

- FY2020: -23.6%

- FY2021: 23.8%

- FY2022: 42.4%

- FY2023: 42.7%

- FY2024: 38.5%

- FY2025: 29.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 190M

- Net income, five-year total: GBP 222M

- Return on incremental invested capital: 34.6%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 1.6 pp

- Working capital / revenue, final three-year average: 6.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.09×

- FY2022: 1.01×

- FY2023: 0.95×

- FY2024: 0.76×

- FY2025: 0.66×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 43.0% vs 38.5%

- Per-share earnings: 0.08 to 0.14 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: GBP 57M

- Cumulative retained earnings: GBP 81M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.0%

- Per-share value change: GBP 0.07

- Per-share value, starting three-year median: GBP 0.08

- Per-share value, ending three-year median: GBP 0.14

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 45M

- Cumulative net income, 10 years: GBP 332M

- ROIC, first three-year median: 43.0%

- ROIC, last three-year median: 38.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.08

- FY2017: GBP 0.09

- FY2018: GBP 0.11

- FY2019: GBP 0.08

- FY2020: GBP -0.07

- FY2021: GBP 0.06

- FY2022: GBP 0.10

- FY2023: GBP 0.13

- FY2024: GBP 0.14

- FY2025: GBP 0.15

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -10.2%

- Receivables to sales index (DSRI): 1.49×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.60×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.0%

- FY2017: -7.1%

- FY2018: -5.1%

- FY2019: -9.3%

- FY2020: -31.3%

- FY2021: -11.8%

- FY2022: -11.1%

- FY2023: -9.8%

- FY2024: -10.6%

- FY2025: -10.2%

## Holders

## Price story

Down 49% since Jun 2025 · sales +2.4%

Story as of 2026-10-16T10:00:13.552Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.9% a year for ten years

### Sales · FY2024–2025

sales +2.4%; source https://filings.xbrl.org/2138006YJ65EKBYYYX41/2025-10-31/ESEF/GB/0/2138006YJ65EKBYYYX41-2025-10-31/reports/2138006YJ65EKBYYYX41-2025-10-31-T01.xhtml; observed 2026-03-24.

- FY2016: GBP 184M 

- FY2017: GBP 215M 

- FY2018: GBP 230M 

- FY2019: GBP 228M 

- FY2020: GBP 186M 

- FY2021: GBP 214M 

- FY2022: GBP 260M 

- FY2023: GBP 298M 

- FY2024: GBP 308M 

- FY2025: GBP 315M 

### Gross margin · FY2025

gross margin 35.7%; source https://filings.xbrl.org/2138006YJ65EKBYYYX41/2025-10-31/ESEF/GB/0/2138006YJ65EKBYYYX41-2025-10-31/reports/2138006YJ65EKBYYYX41-2025-10-31-T01.xhtml; observed 2026-03-24.

- FY2016: 28.5% 

- FY2017: 27.1% 

- FY2018: 26.9% 

- FY2019: 27.8% 

- FY2020: 11.9% 

- FY2021: 16.7% 

- FY2022: 31.4% 

- FY2023: 34.5% 

- FY2024: 35.6% 

- FY2025: 35.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in business equipment & supplies; annual sales are GBP 315.4 million.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2025-10-31 (filed 2026-03-24); FY2025: revenue 315393000; grossProfit 112476000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MEGP.LSE: ME Group International plc provides automated instant-service equipment in the United Kingdom. It operates, sells, and services a range of instant service vending equipment for the consumer markets, such as WASH.ME, a laundry business; PHOTO.ME for instant photo ID, portraits, and photographs; PRINT.ME, a digital printing kiosk; Feed.ME vending equipment for food and fruit juice service market; Amuse.ME, a self-service traditional amusement and interactive children's rides; and Copy.ME photocopier, which enable consumers to reproduce physical documents. The company also designs tailor-made projects for third-party businesses. It operates in Australia, Austria, Belgium, China, Finland, France, Germany, Ireland, Japan, Luxembourg, the Netherlands, Portugal, Singapore, Spain, Switzerland, and the United Kingdom. The company was formerly known as Photo-Me International plc and changed its name to ME Group International plc in August 2022. ME Group International plc was incorporated in 1962 and is based in Epsom, the United Kingdom.

### Why customers stay

Margins ranged from 34.5% to 35.7% during 2023–25; it earns 36.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2023-10-31 (filed 2026-03-24); FY2023: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2024-10-31 (filed 2026-03-24); FY2024: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2025-10-31 (filed 2026-03-24); FY2025: grossProfit / revenue = 35.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); 10-year return on capital observations [[2016,0.5776279644377404],[2017,0.42978964225860417],[2018,0.35160042974232514],[2019,0.2897312385329678],[2020,-0.23586999653939325],[2021,0.2382048642762356],[2022,0.424115429656746],[2023,0.4266654027664985],[2024,0.38463986208094897],[2025,0.29859618184520714]]; median 0.36812014591163705. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 11.6% of cash earnings; earns 34.6% on new investment.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2016-04-30 (filed 2026-03-24); FY2016: growth capex 1739164.9554737136; upkeep 19536835.044526286; owner earnings 25475164.955473714. Growth capex / owner earnings = 0.06826903607939262.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2017-04-30 (filed 2026-03-24); FY2017: growth capex 8631826.814770382; upkeep 28020173.185229618; owner earnings 29393826.814770382. Growth capex / owner earnings = 0.2936612122390574.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2018-04-30 (filed 2026-03-24); FY2018: growth capex 4786865.364777707; upkeep 35591134.63522229; owner earnings 27771865.364777707. Growth capex / owner earnings = 0.17236384023554846.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2019-04-30 (filed 2026-03-24); FY2019: growth capex 0; upkeep 28169000; owner earnings 28098000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2021-10-31 (filed 2026-03-24); FY2021: growth capex 0; upkeep 26376000; owner earnings 23713400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2022-10-31 (filed 2026-03-24); FY2022: growth capex 0; upkeep 35156000; cash acquisitions 587000; owner earnings 39292600. Growth capex plus acquisitions / owner earnings = 0.014939199747535159.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2023-10-31 (filed 2026-03-24); FY2023: growth capex 11295000; upkeep 38345000; cash acquisitions 4581000; owner earnings 47998800. Growth capex plus acquisitions / owner earnings = 0.33075826895672394.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2024-10-31 (filed 2026-03-24); FY2024: growth capex 4380268.926638; upkeep 50233731.073362; cash acquisitions 0; owner earnings 41326668.926638. Growth capex plus acquisitions / owner earnings = 0.10599133780691922.

- Source: https://eodhd.com/api/fundamentals/MEGP.LSE.json#2025-10-31 (filed 2026-03-24); FY2025: growth capex 3295859.6017372087; upkeep 58785140.39826279; cash acquisitions 1064000; owner earnings 37485459.60173721. Growth capex plus acquisitions / owner earnings = 0.1163080204446835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Incremental return on capital 0.345680912817777, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Dividend observations: [[2016,18217000],[2017,32629000],[2018,26478000],[2019,31873000],[2020,21262677],[2021,0],[2022,35497000],[2023,23443000],[2024,27842000],[2025,29769000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 37.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MEGP.LSE SharesStats.PercentInsiders = 37.446 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.9% yearly over ten years; actual growth was 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-24); Ten-year compound average after fade. Initial solved rate -0.0530515700584811. Price 117.6; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.06172724885339049 → FY2025 0.09877565435067946. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 151.50 per share

- 2016-11: GBX 141.50 per share

- 2016-12: GBX 164.00 per share

- 2017-01: GBX 154.00 per share

- 2017-02: GBX 162.00 per share

- 2017-03: GBX 157.50 per share

- 2017-04: GBX 174.00 per share

- 2017-05: GBX 166.00 per share

- 2017-06: GBX 165.50 per share

- 2017-07: GBX 163.50 per share

- 2017-08: GBX 165.75 per share

- 2017-09: GBX 174.00 per share

- 2017-10: GBX 179.25 per share

- 2017-11: GBX 186.75 per share

- 2017-12: GBX 184.00 per share

- 2018-01: GBX 183.00 per share

- 2018-02: GBX 182.60 per share

- 2018-03: GBX 164.60 per share

- 2018-04: GBX 159.80 per share

- 2018-05: GBX 109.80 per share

- 2018-06: GBX 102.00 per share

- 2018-07: GBX 111.20 per share

- 2018-08: GBX 124.00 per share

- 2018-09: GBX 124.40 per share

- 2018-10: GBX 110.40 per share

- 2018-11: GBX 109.00 per share

- 2018-12: GBX 89.30 per share

- 2019-01: GBX 95.40 per share

- 2019-02: GBX 95.30 per share

- 2019-03: GBX 79.80 per share

- 2019-04: GBX 91.10 per share

- 2019-05: GBX 93.50 per share

- 2019-06: GBX 96.40 per share

- 2019-07: GBX 100.00 per share

- 2019-08: GBX 99.50 per share

- 2019-09: GBX 96.30 per share

- 2019-10: GBX 91.70 per share

- 2019-11: GBX 87.70 per share

- 2019-12: GBX 97.00 per share

- 2020-01: GBX 89.70 per share

- 2020-02: GBX 83.40 per share

- 2020-03: GBX 39.10 per share

- 2020-04: GBX 46.80 per share

- 2020-05: GBX 47.00 per share

- 2020-06: GBX 54.80 per share

- 2020-07: GBX 45.10 per share

- 2020-08: GBX 48.25 per share

- 2020-09: GBX 50.90 per share

- 2020-10: GBX 49.00 per share

- 2020-11: GBX 56.20 per share

- 2020-12: GBX 48.80 per share

- 2021-01: GBX 47.00 per share

- 2021-02: GBX 49.30 per share

- 2021-03: GBX 56.80 per share

- 2021-04: GBX 69.50 per share

- 2021-05: GBX 70.20 per share

- 2021-06: GBX 71.10 per share

- 2021-07: GBX 75.00 per share

- 2021-08: GBX 69.50 per share

- 2021-09: GBX 61.80 per share

- 2021-10: GBX 66.20 per share

- 2021-11: GBX 58.00 per share

- 2021-12: GBX 63.00 per share

- 2022-01: GBX 74.60 per share

- 2022-02: GBX 73.00 per share

- 2022-03: GBX 71.30 per share

- 2022-04: GBX 71.40 per share

- 2022-05: GBX 69.60 per share

- 2022-06: GBX 76.80 per share

- 2022-07: GBX 102.00 per share

- 2022-08: GBX 87.80 per share

- 2022-09: GBX 85.00 per share

- 2022-10: GBX 92.80 per share

- 2022-11: GBX 105.00 per share

- 2022-12: GBX 115.00 per share

- 2023-01: GBX 128.00 per share

- 2023-02: GBX 126.50 per share

- 2023-03: GBX 125.50 per share

- 2023-04: GBX 128.60 per share

- 2023-05: GBX 137.60 per share

- 2023-06: GBX 163.60 per share

- 2023-07: GBX 156.20 per share

- 2023-08: GBX 158.80 per share

- 2023-09: GBX 157.80 per share

- 2023-10: GBX 140.20 per share

- 2023-11: GBX 127.80 per share

- 2023-12: GBX 125.00 per share

- 2024-01: GBX 127.00 per share

- 2024-02: GBX 160.80 per share

- 2024-03: GBX 166.40 per share

- 2024-04: GBX 159.80 per share

- 2024-05: GBX 182.80 per share

- 2024-06: GBX 171.20 per share

- 2024-07: GBX 193.20 per share

- 2024-08: GBX 194.00 per share

- 2024-09: GBX 194.40 per share

- 2024-10: GBX 212.50 per share

- 2024-11: GBX 219.00 per share

- 2024-12: GBX 205.00 per share

- 2025-01: GBX 214.00 per share

- 2025-02: GBX 192.20 per share

- 2025-03: GBX 192.20 per share

- 2025-04: GBX 201.50 per share

- 2025-05: GBX 214.50 per share

- 2025-06: GBX 229.50 per share

- 2025-07: GBX 223.00 per share

- 2025-08: GBX 200.00 per share

- 2025-09: GBX 185.20 per share

- 2025-10: GBX 188.40 per share

- 2025-11: GBX 163.00 per share

- 2025-12: GBX 151.00 per share

- 2026-01: GBX 138.60 per share

- 2026-02: GBX 136.60 per share

- 2026-03: GBX 135.60 per share

- 2026-04: GBX 146.00 per share

- 2026-05: GBX 147.00 per share

- 2026-06: GBX 100.40 per share

- 2026-07: GBX 110.80 per share

- 2026-08: GBX 129.80 per share

- 2026-09: GBX 122.80 per share

- 2026-10: GBX 117.60 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 69.67 per share, central GBX 76.82 per share, high GBX 86.33 per share

- FY2017: low GBX 92.90 per share, central GBX 104.13 per share, high GBX 119.09 per share

- FY2018: low GBX 101.56 per share, central GBX 113.59 per share, high GBX 129.61 per share

- FY2019: low GBX 108.37 per share, central GBX 121.13 per share, high GBX 137.30 per share

- FY2020: low GBX 93.75 per share, central GBX 102.91 per share, high GBX 115.09 per share

- FY2021: low GBX 99.68 per share, central GBX 109.97 per share, high GBX 123.66 per share

- FY2022: low GBX 128.74 per share, central GBX 146.31 per share, high GBX 164.63 per share

- FY2023: low GBX 142.62 per share, central GBX 171.17 per share, high GBX 195.15 per share

- FY2024: low GBX 153.64 per share, central GBX 189.80 per share, high GBX 218.18 per share

- FY2025: low GBX 151.69 per share, central GBX 193.24 per share, high GBX 223.74 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:52:09.228Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138006YJ65EKBYYYX41/2025-10-31/ESEF/GB/0/2138006YJ65EKBYYYX41-2025-10-31/reports/2138006YJ65EKBYYYX41-2025-10-31-T01.xhtml); period 2025-10-31, filed 2026-03-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.