Naked Wines (LON:WINE): cash on hand puts wine unit at about 2x EBITDA
Naked Wines plc opened the week with a simpler but less backed equity story. The online wine seller’s shares climbed on Friday even though its last regulatory filing was in mid-June and the London market was closed Sunday. The stock finished at 73p, up 3p, leaving the company at a £48.27 million market cap. The other thing is what the market pays for the actual business if you strip out cash. Naked showed £33.4 million of FY26 net cash at March 30, not counting leases. Take that out of Friday’s equity value and you get around £14.9 million for the core business before lease debt or any cash changes since March. That's about 2.0x the top of Naked’s FY26 adjusted