Episode Details

Manchester United (MANU) Q4 FY2026 — Reference $20.51 is the September 22 close, before this print; post-print reaction unavailable. Champions League participation lifts Manchester United’s revenue outlook, but guided EBITDA is roughly flat. Player investment, higher net debt and stadium funding keep the shareholder cash question open. THE CALL: SELL (3/5, MODERATE) — base-case value ~$13.50 vs ~$20.51 today. KEY METRICS: - FY revenue £677.649M, up 1.67% - FY adjusted EBITDA £216.407M, up 18.37% - FY net loss £42.954M - FY27 revenue guide £740–760M; EBITDA £205–225M - Cash after all investing −£50.859M - Net debt £621.708M, up £70.839M - Base $13.50; bear $8; bull $22; weighted $13.55 - Accounts GBP; stock USD; GBPUSD 1.33709 as of Sep 22 What to watch: Positive cash after all investment, net debt below £600M and EBITDA at or above £225M; reconsider near $10.80 only with fundamentals intact. Full research packet: https://chargedalpha.com/research/manu-q4-fy2026 Also on YouTube: @ChargedAlpha DISCLAIMER: For informational and educational purposes only. Not financial advice. Do your own research before any investment decision.