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Global Fashion Group
(XETRA:GFG)
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Rating:56Neutral
Price Target:
€0.54
▲(16.52% Upside)
Action:Reiterated
Date:10/16/26
The score is driven primarily by improving financial trajectory (narrowing losses, sharply reduced debt, and positive TTM operating/free cash flow), partially offset by persistent multi-year revenue contraction and still-negative operating profitability. Technicals add a modest positive tilt with price above key moving averages, while valuation is constrained by negative earnings and no dividend support. The latest earnings call reinforces operational progress and improved EBITDA outlook, but also underscores ongoing top-line and regional demand risks.
Positive Factors
Lower Leverage
The sharp reduction in debt makes GFG’s capital structure more manageable and reduces financial risk. Lower leverage should ease refinancing pressure, preserve flexibility for operating investment, and improve resilience if demand remains uneven across its emerging-market regions.
Negative Factors
Persistent Revenue Contraction
Multi-year revenue contraction remains the clearest structural weakness, limiting operating leverage and making a durable return to profitability harder. The lowered NMV outlook also suggests that efficiency gains are currently being pursued against a shrinking or stagnant demand base.
Read all positive and negative factors
Positive Factors
Negative Factors
Lower Leverage
The sharp reduction in debt makes GFG’s capital structure more manageable and reduces financial risk. Lower leverage should ease refinancing pressure, preserve flexibility for operating investment, and improve resilience if demand remains uneven across its emerging-market regions.
Read all positive factors
Global Fashion Group (GFG) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€113.77M
Dividend YieldN/A
Average Volume (3M)117.61K
Price to Earnings (P/E)―
Beta (1Y)-0.17
Revenue Growth-5.24%
EPS Growth67.43%
CountryDE
Employees3,084
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Retail
Share Statistics
EPS (TTM)-0.11
Shares Outstanding228,642,910
10 Day Avg. Volume141,031
30 Day Avg. Volume117,607
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.39
Price to Sales (P/S)0.09
P/FCF Ratio-9.46
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)-0.15
Revenue Forecast (FY)€691.57M
Global Fashion Group Business Overview & Revenue Model
Company Description
Global Fashion Group S.A. (GFG) operates a collection of online retail platforms specializing in fashion and lifestyle merchandise. These digital marketplaces serve customers across Latin America, the Commonwealth of Independent States (CIS), Sout...
How the Company Makes Money
GFG primarily makes money by selling fashion and lifestyle products through its e-commerce platforms. Its revenue model is typically a mix of: (1) Direct/1P retail sales, where GFG buys inventory (or sources products) and sells items to consumers ...
Global Fashion Group Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
Balanced but constructive. The company demonstrated meaningful operational and financial progress — delivering the first profitable H1 within its current footprint, sizable YoY improvements in adjusted EBITDA and normalized free cash flow, strong unit‑economics gains, fulfillment and AI efficiency wins, and a solid cash position. However, top‑line headwinds persist (notably an 11% NMV decline in SEA, active customer contraction of 5.5%, and revenue declines in LatAm), management lowered the NMV outlook and cash flow remains negative on an LTM basis. Overall the call conveys that management is focused on profitable, cash‑disciplined recovery with clear operational momentum, while important regional growth and market‑share challenges remain to be addressed.Positive Updates
First Profitable H1 with Current Footprint
Delivered first positive adjusted EBITDA for H1 within current footprint (adjusted EBITDA improved by €9m year‑on‑year to +€1m for H1; LTM to June adjusted EBITDA improved by €23m YoY).
Negative Updates
Top‑Line Pressure and NMV Declines
Group NMV declined 1.7% in H1 (Q2 constant currency decline of 0.6%); guidance for full‑year NMV set to a negative 4% to 0% YoY constant currency range; reported FY NMV range €1.05bn–€1.09bn.
Read all updates
Q2-2026 Updates
Positive
Negative
First Profitable H1 with Current Footprint
Delivered first positive adjusted EBITDA for H1 within current footprint (adjusted EBITDA improved by €9m year‑on‑year to +€1m for H1; LTM to June adjusted EBITDA improved by €23m YoY).
Read all positive updates
Company Guidance
Management narrowed full‑year 2026 guidance to constant‑currency NMV down 4% to 0% and raised the bottom end of adjusted EBITDA to EUR 18–25m (a year‑on‑year improvement of EUR 9–16m); on a reported basis using 30 June FX this equates to NMV of ~EUR 1.05–1.09bn. They reaffirmed unchanged expectations for leases, working capital and CapEx (about EUR 30m aggregate), expect a small working‑capital inflow of ~EUR 3m this year, and noted that roughly EUR 30m of adjusted EBITDA is needed to cover capex/leases (with a further run‑rate ~EUR 10m for interest/tax) to reach cash break‑even. The revision reflects H1 trends (Q2 NMV −0.6% cc, H1 NMV −1.7% cc, H1 revenue −3.5% cc), H1 adjusted EBITDA of +EUR 1m (EUR 9m y/y improvement; +2.8pp margin), LTM adjusted EBITDA improvement of EUR 23m and LTM normalized free cash flow improvement of EUR 28m to −EUR 19m.Global Fashion Group Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 677.80M | 679.80M | 743.50M | 838.00M | 1.07B | 1.04B |
| Gross Profit | 315.20M | 315.50M | 333.80M | 352.90M | 452.70M | 448.30M |
| EBITDA | 11.80M | 1.50M | -18.60M | -86.20M | -68.20M | -38.00M |
| Net Income | -25.90M | -60.30M | -82.50M | -178.40M | -196.30M | -124.80M |
Balance Sheet | ||||||
| Total Assets | 458.10M | 530.30M | 637.50M | 862.00M | 1.17B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 98.40M | 176.50M | 210.60M | 387.00M | 550.00M | 634.50M |
| Total Debt | 59.50M | 95.90M | 103.00M | 239.40M | 343.00M | 497.20M |
| Total Liabilities | 325.70M | 374.70M | 426.30M | 566.30M | 695.10M | 971.40M |
| Stockholders Equity | 132.40M | 156.50M | 213.70M | 272.30M | 475.50M | 569.70M |
Cash Flow | ||||||
| Free Cash Flow | 15.20M | -6.50M | -44.60M | -76.40M | 25.00M | -107.80M |
| Operating Cash Flow | 16.60M | 7.50M | -15.00M | -47.50M | 92.60M | -51.20M |
| Investing Cash Flow | -9.30M | -9.80M | 130.10M | 48.90M | -38.00M | -293.10M |
| Financing Cash Flow | -51.20M | -29.80M | -130.60M | -99.50M | -121.90M | 370.10M |
Global Fashion Group Technical Analysis
Positive
0.46
Price Trends
0.45
Positive
0.45
Positive
0.43
Positive
Market Momentum
0.01
Negative
62.09
Neutral
74.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:GFG, the sentiment is Positive. The current price of 0.46 is above the 20-day moving average (MA) of 0.45, above the 50-day MA of 0.45, and above the 200-day MA of 0.43, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 62.09 is Neutral, neither overbought nor oversold. The STOCH value of 74.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:GFG.
Global Fashion Group Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €249.37M | 10.40 | 29.50% | ― | 8.79% | 438.95% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | €113.77M | -4.24 | -17.93% | ― | -5.24% | 67.43% | |
52 Neutral | €89.66M | 49.75 | 1.47% | ― | 26.48% | ― | |
44 Neutral | €3.60B | -8.47 | -23.66% | 2.49% | -20.70% | -366.24% | |
41 Neutral | €36.59M | -1.20 | -68.17% | ― | -12.21% | 62.09% |
* Consumer Cyclical Sector Average
DE:GFG
Global Fashion Group
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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.