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After a stellar period of trading through the various stages of Covid 19 restrictions, and easings, ScS
has reported a step-back in trading momentum in recent weeks. We await to see if the slower
trading is temporary, reflective of a change in Christmas shopping patterns, or of a more permanent
basis. We leave forecasts unchanged, looking for CPTP of £13.7m and EPS of 26.5p (both IFRS 16
compliant), as such the stock trades on an undemanding EV/EBITDA multiple of 4x for FY22 and 3.4x
Companies: ScS Group plc
Marks & Spencer ("M&S") has developed a ‘building the brands’ component to its overall strategy to transform and so improve its Clothing & Home ("C&H") performance. To date the most notable development in this complementary work to its core brand improvement has been the acquisition of Jaeger, which is now going through the gears of positive change. Alongside wholesale and exclusive collaborations, M&S has now announced that it is acquiring a 25% stake in ‘Nobody's Child’, a fast-growing respons
Companies: Marks and Spencer Group plc
easyJet’s FY21 results correspond to the market’s anticipations as the preliminary figures were communicated previously. Despite the worsening COVID-19 situation in Europe, the group seems upbeat on its capacity forecast for the next FY. Too early to judge whether it is too optimistic as all depends upon the development of the new Omicron variant.
Companies: easyJet plc
STU’s integrated online retail/credit model performed well in H1, even with well-documented headwinds in late Q2. EBITDA margin in the traditionally quieter half was >14%. As outlined in the June CMD, Studio has a clear growth strategy capable of driving EPS to c100p in 3-5 years. However, new customer recruitment has softened short term. On top of cost headwinds, PBT guidance has reduced by c£6m and we have downgraded estimates across all years.
Companies: Studio Retail Group plc
Companies: Loungers Plc
Motorpoint’s interim results for the 6 months to 30th September are record breaking and reflect very well
on the Group’s ability to traverse what remain unusual and volatile market conditions. Whilst said
conditions have undoubtedly supported sales in the nearly new market, availability has been a challenge
which has brought to the fore Motorpoint’s flexible, agile and brand agnostic model, in our view. With H1
22 sales and margin strongly ahead, we are upgrading our FY22 CPTP forecast by c22
Companies: Motorpoint Group Plc
One Media iP (OMiP) has released a robust FY21E trading update, with Adj EBITDA of £1.65m; slightly below our forecast of £1.8m, owing to it taking a little longer to deploy cash raised on acquisitions of new royalty assets, and adverse foreign exchange movements. The company ended the period with £0.7m of net cash (vs our forecast of £0.3m of net debt), leaving further financial resources available for acquisitions heading into FY22E. Applying a conservative 8x Net Publisher Share (NPS) multipl
Companies: One Media iP Group PLC
Compass reported in line FY21 results and a weaker-than-consensus FY22 margin guidance due to short-term headwinds. The expected alleviation of these negatives in H2 22 and the cost reduction programmes should support a nearly-full recovery of margin in FY23. As a result, the FY22 consensus should come in lower but the FY23 consensus should be more optimistic.
Companies: Compass Group PLC
M&B’s has announced a strong closure to FY20/21. The adjusted EPS came in much ahead of both our and market consensus. The publican has also made a good start to FY21/22, with 2.7% lfl growth (vs same period in FY19). In the coming few quarters, we expect M&B to perform ahead of close competitors, in turn gaining market share. Positive stock recommendation is maintained on the UK-based publican.
Companies: Mitchells & Butlers plc
Pendragon has released a trading update today increasing its guidance for FY21 underlying PBT from £70m to approximately £80m. The Group attributes this lower than expected shortfall in the supply of new vehicles in the first two months of Q4 2021. Performance has also been supported by a strong GPPU because of a higher mix of premium vehicles sold. We have increased our FY21 forecasts of underlying PBT by 14.1% to £80.2m. We leave our FY22 and FY23 forecasts unchanged at this stage. Whilst we t
Companies: Pendragon PLC
Companies: Topps Tiles Plc
During the challenges of Covid, N Brown has taken the opportunity to accelerate its transformation programme. Strategic change was augmented by the FY2021 £100m equity raise, which alongside strong underlying cash generation sees the Group with a now comfortable balance sheet, with £80.8m of core net cash and all debt securitised against customer receivables. Management has again reiterated medium term targets for 7% annual Product sales growth and a 14% Group EBITDA margin, from which we take c
Companies: N Brown Group plc
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Companies: Air Partner plc
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