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Manchester United plc
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$4.1B
Market Cap
124.2
P/E
36.60
PEG
-2.2%
ROCE
-19.5%
ROE
2.48
D/E
-2.8%
OPM
-1.3%
% from 52W High
73
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for MANU including FX impact
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📈 Price History
Ratio Health
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About

Manchester United plc, together with its subsidiaries, operates a professional sports team in the United Kingdom.

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📈 Growth Pattern
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3-Statement Financial Model
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📊 MIXED Manchester United full year revenue £583.2M, adjusted EBITDA £81.1M, record digital engagement.
Revenue & Profitability
Fiscal 2022 total revenues were £583.2 million, up £89.1 million year-on-year, driven by the return of fans. Adjusted EBITDA was £81.1 million, down £14 million due to increased player wages and normalized operational costs. Broadcasting revenues fell £39.9 million to £214.9 million. Matchday revenues increased £103.4 million to £110.5 million. Net finance costs were £62.2 million (non-cash FX impact). Net debt was £514.9 million. Fiscal 2023 guidance: revenues £580-600 million and adjusted EBITDA £100-110 million.
Outlook
Management sees strong tailwinds for global TV rights values for Premier League and UEFA competitions, as well as a competitive sponsorship market with many new market entrants. The FIFA World Cup in Qatar is expected to further fuel football's profile and popularity, with many first-team players likely to participate. On the cost side, inflationary pressures, particularly on utilities and other operating expenses, are impacting the club and the wider U.K. economy. Management believes new UEFA financial sustainability regulations will bring costs and revenues into healthier balance, supporting a sustainable future for football.
Growth Drivers
Key growth levers include digital engagement: record e-commerce revenues (nearly double prior year), 73% increase in website traffic, 8.5 billion video views, 2.8 billion digital interactions, and a 31% increase in daily active users on the app. Women's football is a significant growth area, with season ticket demand up 55% and record ticket sales. The summer tour generated record revenues, significantly higher than the 2019 tour. New and renewed partnerships (including TeamViewer, DXC, Tezos, Qualcomm, DHL, Marriott) and a strong sponsorship pipeline also drive growth. The club expects continued momentum in commercial operations despite global economic headwinds.
Balance Sheet & CapEx
Player CapEx expenditure was £85.1 million in fiscal 2022. Committed net player CapEx for fiscal 2023 currently stands at approximately £120 million. Depreciation and amortization for fiscal 2022 was £165.8 million, expected to rise to £180 million in fiscal 2023. Infrastructure investments include ongoing upgrades at Old Trafford and the Carrington Training Center, and a multi-year project to explore options for redeveloping the stadium and surrounding club-owned land. Capital plans will be disciplined and mindful of macroeconomic pressures and inflation.
Margins
Operating expenses, excluding depreciation, amortization, and exceptional items, increased by £103.1 million, driven by a 19.1% increase in wages and a £41.5 million increase in other operating expenses due to the return of fans and inflationary pressures. Adjusted EBITDA margin was approximately 13.9% in fiscal 2022 (£81.1m on £583.2m revenue). For fiscal 2023, management expects adjusted EBITDA of £100-110 million on revenue of £580-600 million, implying a margin of roughly 17-18%, helped by wage reductions from Champions League remuneration clauses and normalization of costs.
Key Risks
Risks flagged include on-pitch performance: finishing sixth in the Premier League fell short of expectations. Foreign exchange exposure on unhedged US dollar-denominated debt caused a non-cash charge of £62.2 million in net finance costs. Inflationary pressures on utilities and other costs are expected to be several million pounds above prior year. The FIFA World Cup in Qatar will cause some disruption to the usual fixture cadence. Management also noted the need to remain disciplined in capital plans due to macroeconomic pressures and the inflationary environment.
Generated by AI · Q4 2022 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (4 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (4)
Q4 2022 Q4 2022 2022-09-22
Q2 2022 Q2 2022 2022-03-01
Q4 2021 Q4 2021 2021-09-17
Q2 2021 Q2 2021 2021-03-04
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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