Mortgage Advice Bureau (Holdings)

MAB1.L

Financial - Mortgages · Financial Services

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

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Winston Score History

The full picture

Mortgage Advice Bureau (MAB) is a UK-based mortgage broker that helps everyday people find and apply for home loans. It does not lend money itself — instead, it connects borrowers with lenders like banks and building societies, searching across hundreds of mortgage products to find a suitable deal. MAB is one of the largest mortgage broker networks in the United Kingdom.

MAB makes money by earning fees and commissions when a mortgage is successfully arranged, paid by either the lender or the customer. It operates through a large network of self-employed advisers across the UK, giving it scale without carrying the cost of a traditional branch network. The business is closely tied to the health of the UK housing market, so rising interest rates or a slowdown in home purchases can quickly reduce the number of mortgages being arranged — which is the main risk the company faces going forward.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+19.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-33.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

33.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£32M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Mortgage Advice Bureau (Holdings) is a rare growth stock that's already generating positive cash flow while growing at 19%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.2%

Thin — 24.2% gross margin

Profit after running costs

Operating Margin

8.1%

Modest — 8.1% operating margin

Return on the money invested

ROCE

28.5%

Exceptional — 28.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+19.3%

Fast-growing sales (+19.3% YoY)

Profit growth

EPS YoY

-5.3%

Earnings shrinking (-5.3% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

225%

Turns 225% of profit into real cash

Spare cash per sale

FCF Margin

10.3%

Modest free cash flow (10.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

21.60x

Comfortably covers interest (21.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.4x

no trend

Fair value — P/E 19.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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