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Top-line slowed in Q3 In Q3 we saw UNIR reporting a sequential deceleration in top-line amid weak demand (market declined by 11% during Black Friday week). Sales dropped c8% organically (vs c6% in Q2) and we saw both retail and online channels down in 9M. Self-help supported c32% adj. EBIT growth in the quarter (ie 1.5% margin) with result helped by c100bps of gross margin expansion. FCF generation brough net cash (ex-IFRS 16) up QoQ EUR 100m in 9m also thanks to NWC seasonality. Guidance revi
Companies: Unieuro SpA
BNP Paribas Exane - Sponsored Research
Deteriorating consumer spending exerts short-term pressure... Inflation is affecting consumers, weighing especially on discretionary spending. Our proprietary index (80% correlation to UNIR LfL) shows that CE market is down ahead of the peak season. We now assume organic growth will remain negative in the remaining part of the year (i.e., MSD down vs flat guidance) so we position ourselves in line with cons. EBIT (recently revised down). ...while strategic MandA and self-help support margin reco
Declining results, bang in line with our estimates and management expectations The company''s results in Q1 2023/2024 (March-May) marked a decline YoY, substantially in line with our estimates: revenues -3.7% YoY; adj. EBITDA -34%; adj. EBIT was negative (i.e. EUR -9.4m), after breakeven in Q1 2022/2023; adj. pre-tax profit was EUR -11.9m vs EUR -3.5m in Q1 last year. EBITDA margin was down YoY mainly due to a less favourable mix in terms of both segments (brown down and mobile phone up) and cha
By leveraging its leadership role in the Italian consumer electronics market, we expect Unieuro to continue outgrowing its reference market. With sizeable firepower for MandA, Unieuro is in search of targets. An accelerated MandA strategy could reduce the risk of Unieuro becoming a target itself. Business plan to FY 2027/2028 - strategy confirmed but targets down Unieuro has unveiled its business plan to FY 2027/2028. While the strategy is consistent with the former business plan, the financial
Declining results, substantially in line with our estimates Unieuro posted a YoY decline in Q3 2022/2023 (September-November), largely in line with our estimates: revenues -8.6% YoY, adj. EBITDA -36.8%, adj. EBIT -73.5%, adj. pre-tax profit -77.1%. Net debt reached around EUR 319m as at the end of Q3 2022/2023, ca. EUR -133m excluding the IFRS 16 impact. It was EUR 402m as at the end of H1 2022/2023 (EUR -71m excluding lease liabilities). As regards revenues, in the grey category, the company be
Declining results but slightly better than expected The company posted declining results in Q2 2022/2023 (June-August) YoY, a touch better than our estimates: revenues -0.8% YoY, adj. EBITDA -11.1%, adj. EBIT -41.3%, adj. net profit -57.6%. Net debt reached ca. EUR 402m as at the end of Q2 2022/2023, ca. EUR -71m excluding the IFRS 16 impact. It was EUR 425m as at the end of Q1 2022/2023 (EUR -25m excluding lease liabilities). Conference call feedback: overall market estimates, energy costs, t
Declining results expected, but lower inventories should support cash flow The company is unveiling its Q2 2022/2023 (June-August) results on 10th November. We expect the company to post declining figures YoY: revenues -2.2% YoY, adj. EBITDA -24.0%, adj. EBIT -63.2%, adj. net profit -89.2%. This is mainly due to higher costs (i.e., energy, logistics, personnel). We forecast net debt around EUR 390m incl. lease liabilities as at the end of Q2 2022/2023 (or ca. EUR -60m if we exclude leases). It
Elections confirm polls, with the right-wing coalition winning a majority of seats The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
Mixed results, debt affected by temporary effects The company posted mixed results in Q1 2022/2023 (March-May) YoY, substantially in line with our estimates: revenues +5.2% YoY, adj. EBITDA -12.8%, adj. EBIT -100%, adj. pre-tax profit -205%. Net debt reached around EUR 425m as at the end of Q1 2022/2023, ca. EUR -25m if we exclude the IFRS 16 impact. It was EUR 315m as at the end of FY 2021/2022 (EUR -136m if we exclude lease liabilities). This is the result of the typical seasonal trends of the
Results bang in line with our estimates and guidance, positive news on the dividend side The company posted decreasing results in Q4 2021/2022 (December-February) YoY, as expected due to the extraordinarily high comparison base (Q4 2020/2021 results took advantage of lower costs as a consequence of the extraordinary measures related to COVID): revenues flat, adj. EBITDA -6.8%, adj. EBIT -33.1%, adj. pre-tax profit -38.2%. Net debt reached ca. EUR 315m, EUR -136m if we exclude the IFRS 16 impact
Mixed results in Q3 2021/2022, bang in line with our estimates The company posted mixed results in Q3 2021/2022 (September-November) YoY, as expected due to the extraordinarily high comparison base: revenues +9.3%, adj. EBITDA -16.8%, adj. EBIT -28.4%, adj. pre-tax profit -31.5%. Net debt reached EUR 272m, or EUR -170m if we exclude the IFRS 16 impact. It was EUR 347m as at the end of H1 (EUR -91m net of lease liabilities). It is worth noting that Q3 2020 results took advantage of lower costs d
Mixed results in Q2 2021/22, positive news on the buyback The company posted mixed results in Q2 2021/22 YoY as expected, due to the extraordinarily high comparison base: revenues +5.6%, adj. EBITDA -22.3%, adj. EBIT -38.7%, adj. net profit -31.4%. Net debt reached EUR 329m, or EUR -91m if we exclude the IFRS 16 impact. It was EUR 313m as at the end of Q1 (EUR -121m net of lease liabilities). It is worth noting that Q2 2020/21 results benefited from lower costs due to the measures related to CO
As the Italian leader in the consumer electronics market, Unieuro is well positioned to compete with pure online retailers and to gain market share at the expense of weaker players. With sizeable firepower for MandA, Unieuro can drive further consolidation in a fragmented market. A leading player outgrowing a stable market Its leadership in consumer electronics retailing (offline/online) has led Unieuro to outperform the market. With the underlying market growing low single-digit, we expect
Research Tree provides access to ongoing research coverage, media content and regulatory news on Unieuro SpA. We currently have 0 research reports from 2 professional analysts.
Vertu is the fourth largest automotive retailer in the UK, with 188 sales outlets and a track record of cross-cycle growth, principally through businesses it has acquired, funded by equity, debt and most importantly cash generation. Vertu operates across the entire vehicle lifecycle, including new and used vehicle sales, and vehicle servicing, repair and parts. Service and repair is a 40+% gross margin repeating business. With economic headwinds, the transition to electric vehicles, recent overs
Companies: Vertu Motors PLC
Progressive Equity Research
Today’s trading statement from ZOO highlights a ramp-up in demand following the end to the industry-wide strikes of last year. ZOO struck a note of caution in its January update regarding the timing of orders. However new productions are starting to translate into a healthy order pipeline, with a good recovery in revenue anticipated in H1 FY25. The update guides to revenue of at least $40m for the year to March 2024, ahead of our estimate at $36.8m. We have improved our adjusted EBITDA loss marg
Companies: ZOO Digital Group plc
Loungers is an award winning, uniquely positioned all day café-bar group that has grown revenues an impressive 22.5% CAGR FY16-FY23. Comprising of Lounges, Cosy Club and Brightside, the 257-site group still has huge scope to grow towards its conservative ambition of over 650 sites. Loungers is profitable with improving margins and we forecast will generate over £100m free cashflow (pre-expansion capex) FY24E-FY26E. This, we estimate, will fully fund c.100 new site openings over the next three y
Companies: Loungers Plc
Equity Development
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: Next plc (NXT:LON)Judges Scientific plc (JDG:LON)
Shore Capital
Companies: JDW MAB MARS WTB FSTA BOWL CPG SSPG LGRS SSTY OTB HSW TMO GYM MEX
Liberum
Pinewood’s transition to a pure-play automotive SaaS business is now largely complete. Today we introduce summary forecasts out to FY26 and reiterate the investment case. We see significant opportunity for Pinewood to grow its user base in the UK and internationally whilst generating high EBITDA margins and cash conversion. With a 24.5p special dividend embedded in the current price (payable Q1/Q2), the effective price today is 12.3p. Based on the Group’s FY27 target of £27m EBITDA, we estimate
Companies: Pinewood Technologies Group PLC
Zeus Capital
This morning’s trading statement from ZOO confirms that production companies are taking longer than expected to complete projects. This follows the resumption of new production after the industry-wide strikes ended in November 2023. The anticipated January ramp-up has yet to fully materialise, with entertainment projects expected to complete in January now moving into February and beyond. However, ZOO has been notified by its largest customer of a pipeline of orders that provides good visibility
Companies: UTL ASC DNLM BWNG MONY DFS BOO
The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported a slowdown/fall in subscriber growth. Having formerly been seduced by hectic subscriber growth rates, investors quickly refocused, this time on fundamental metrics such as revenue, margins, profits and cashflow. Since then, streamers have continued to take a steadily greater share of viewing while linear TV continues to decline. But growth in streaming subscribers in the US and UK is now a
Companies: AMZN DIS WBD NFLX NFLX ITV STVG PARA AMZN DIS
Flutter reported softer than expected Q3 23 trading numbers, as unfavourable sports results weighed on the cross-market performance. The firm lost share in the US even as competition intensified in a seasonally light sports quarter, sending the stock sharply lower. However, we expect a strong recovery in the US in Q4 even as Australia is now expected to remain a pain point into FY24. We will trim our estimates by low to mid-single digits to factor in the soft showing.
Companies: Flutter Entertainment Plc
AlphaValue
Companies: Rank Group Plc
Companies: CTG NXT JTC
During 2023, ME Group commenced the deployment of its next generation photobooths, which are integrated with the group’s newly developed proprietary software, gained market leadership in the Japanese photobooth market with an acquisition, continued to roll out laundry units with existing and new location partners, commenced a share buyback programme and gained entry into the FTSE 250. 2023 was a year of significant strategic and financial progress, with sales up 15%, EPS up 31% and net cash main
Companies: ME Group International plc
Cavendish
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