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Companies: ScS Group plc
Companies: XP Factory PLC
Companies: Topps Tiles Plc
Companies: Marks and Spencer Group plc
Companies: SSP Group Plc
Companies: Loungers Plc
Kingfisher Q3 trading witnessed all banners performing ahead of market expectations. While lfls declined in the UK, the group’s lfl sales (+0.2% yoy) were led by the French and Polish businesses (+0.6% and +7.6%, respectively). Despite overall market share gains and a strong showing during the initial three weeks of Q4 (+2.8% yoy), investors disliked the hair cut in the FY22 PBT guidance (£730-760m vs £730-770m earlier). This is not a big issue in our view. We will upgrade our financial estimate
Companies: Kingfisher Plc
The group’s FY22 results confirmed its preliminary communication and the latest bookings continue to support a promising outlook. Nevertheless, a potential large-scale strike in France during the important Christmas holidays is weighing on the share price performance. We expect a slight upgrade to our valuations.
Companies: easyJet plc
We are initiating coverage on Cornerstone FS plc (CSFS LN), a UK based fintech provider of international payments and currency management solutions for small and medium sized businesses.
Companies: Cornerstone FS Plc
Bowen Fintech (BWN.L), a special purpose acquisition company to acquire technology companies in the financial services sector has joined the Standard Segment of the Main Market. £2m raised.
Leavers: Vertu Capital has left the Main Market following a RTO. Vox Valor Capital (VOX.L), formerly Vertu Capital, has joined the Standard Segment of the Main Market.
What’s cooking in the IPO kitchen?**
Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea,
Companies: CRPR AMS SYM VAST RENX LND SEMP SVML UFO
There were no major surprises in Kingfisher’s H1 FY22/23 performance. The group’s lfl sales came in at -4.1% yoy (vs consensus of -4.2%). Almost all banners performed in line with expectations. A good start to Q3 also bodes well for Kingfisher to achieve FY22/23 consensus. However, we expect the overall business performance (home improvement demand) to come under pressure during the forecast years as rising inflation and a fragile economic outlook dents consumer sentiment. We maintain a positive
Carrefour has announced a promising strategic plan named ‘Carrefour 2026’. It entails measures like an increased focus on the discount format (cash & carry/hypermarkets), private labels and a switch towards a franchising model for stores. The targets of €4bn pf cost savings and net FCF of €1.7bn look achievable. While the CEO’s proven track-record is reassuring, the market was unimpressed. It may be that risk-averse investors are more concerned about the near-term performance (2023 sales, profi
Companies: Carrefour (CA:EPA)Carrefour SA (CA:PAR)
H1 results were well trailed at the pre-close update in August, when forecasts were reduced to reflect the impact of the heatwave and drought conditions. While sales returned to modest growth in Sept, trading has been extremely volatile and unpredictable, and the general market outlook has deteriorated further in recent weeks. Given the opportunity to take share in a weakening competitor landscape, ANG is actively continuing its strategic investment though. Taking these factors together, EBITDA
Companies: Angling Direct Plc
Singer Capital Markets
Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated webs
Companies: Halfords Group Plc