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We have dropped our coverage of FNM owing to internal reorganisation. Our rating, target price and estimates are therefore no longer valid.
Companies: FNM (FNM:BIT)FNM S.p.A. (FNM:MIL)
BNP Paribas Exane - Sponsored Research
On track with FY guidance In nine months FNM has shown nice progress, with LfL EBITDA growing by c.6% thanks to traffic returning to nearly pre-pandemic levels. We see FNM on to track to meet its FY guidance (in line with current consensus), pointing to low to mid-single digit EBITDA growth and a quicker-than-expected deleveraging this year. Stable regulation makes room for c.10% organic EBITDA growth by 2025e... With no major regulatory changes ahead, FNM looks well positioned to deliver on
A favourable business mix boosts margin FNM posted increasing results in Q2 2023 YoY, substantially in line with our estimates: revenues were up by nearly 0.3% YoY, adj. EBITDA +8.9% (margin at ca. 34% vs. 31% in Q2 2022), EBIT +19.7%, adj. net profit +25.2%. The profit of companies at equity was nearly EUR5.4m, +54.3% YoY. The adj. net financial position reached ca. EUR-762m slightly down vs. ca. EUR-751m as at the end of Q1 2023. The main drivers of the results were: higher traffic YoY (ca. +8
Supportive traffic trends drove Q1 results FNM posted improving results at the EBITDA and net income level in Q1 2023 YoY, in line with our estimates. Revenues were up by nearly 5% YoY, adj. EBITDA +5%, EBIT -9%, adj. net profit +3%. The profit of companies at equity was negative at nearly EUR 6m compared to a loss of ca. EUR 13m in Q1 2022. The adj. net financial position reached ca. EUR -751m slightly down vs. ca. EUR -767m as at the end of 2022. The main drivers of the results were: higher tr
Better than expected results. FNM posted a strong set of results in Q4 2022 YoY, ahead of our estimates: revenues were up by nearly 8% YoY, adj. EBITDA +27%, EBIT +19%, adj. net profit +228%. The profit of companies at equity was nearly EUR 22m, it was ca. EUR 19m in Q4 2021. The net debt reached ca. EUR 767m up vs. ca. EUR 739m as at the end of Q3 2022. The main drivers of this positive set of results were an increase in traffic YoY and higher tariffs. The company is proposing EUR 0.023 as a D
Results considerably up in Q3 2022, bang in line with our estimates FNM posted an improved set of results in Q3 2022 YoY, substantially in line with our estimates: revenues were up by nearly 9% YoY, adj. EBITDA +7%, EBIT +12%, adj. net profit +28%. The profit of companies consolidated using the equity method was negative by nearly EUR 12m, versus positive by ca. EUR 14m in Q3 2021, mainly due to COVID compensations. The net financial position reached ca. EUR 739m down vs. ca. EUR -757m as at the
Results strongly up in Q2 2022 on the back of higher volumes, tariffs and efficiencies FNM results saw an increase in Q2 2022 YoY, substantially in line with our estimates: revenues were up by nearly 13% YoY, adj. EBITDA +16%, EBIT +6%, adj. net profit +55%. The profit at equity was positive by nearly EUR3.5m, vs negative ca. EUR15m in Q2 2021. The net financial position reached ca. EUR -757m, down vs. ca. EUR800m as at the end of Q1 2022. The main drivers of this positive set of results were a
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on FNM. We currently have 8 research reports from 1 professional analysts.
Companies: SSP Group Plc
Shore Capital
The popularity of Brighton Pier Group’s (BPG’s) diversified low-ticket leisure offer underpins confidence in a significant bounce back from its FY23 ‘annus horribilis’ as well as in potential benefits from new initiatives, notably a £1 admission fee to the Palace Pier (annually over four million visitors as a free attraction) during key summer trading for non-residents of Brighton. The coincidence in FY23 of harsh weather, train strikes and protracted disruption from a fire near the company’s mo
Companies: Brighton Pier Group Plc
Edison
Topps Group has announced its interim results to March period end highlighting a good relative performance against a tough backdrop as sales fell 5.8% yoy to £122.8m versus c. 10-15% for the wider market, according to management. Adj. PBT of £3.1m is down 30% yoy and covers 40% of Zeus’s FY24 forecast, implying Topps will need to see some improvement in the operating environment to meet current estimates, which Zeus keep unchanged. The big news comes from the updated ‘Mission 365’ strategy, whic
Companies: Topps Tiles Plc
Zeus Capital
The results for the year ended 29 February released today show a robust performance across a difficult year, but they also provide good grounds for optimism. Revenue of £4,720m was a 17.6% advance on FY23, helped by the successful acquisition of Helston in FY23. Underlying operating profit of £59.3m was a 21.5% improvement on the £48.8m achieved in FY23. The net debt (pre-leases) result of £(54.0)m, vs our estimate £(62.0)m and FY23 £(75.3)m, is impressive. Encouragingly the recommended dividend
Companies: Vertu Motors PLC
Progressive Equity Research
DP Poland is a UK-quoted means to gain exposure to the roll-out potential of the world-leading Domino’s Pizza brand in relatively stable and growing economies. DP Poland is the master-franchisee for Domino’s Pizza in Poland and Croatia. Although DP Poland has built a pizza company, only since the August 2022 arrival of CEO Nils Gornall, with his many years of experience as a ‘Dominoid’, has it truly started building a Domino’s Pizza company. Results have improved significantly, and DP Poland is
Companies: DP Poland PLC
Topps Tiles’ (TPT’s) H124 results demonstrate the effects of the general market softness of spend on repairs, maintenance and improvement, as evidenced by other companies and external data. Of more importance is TPT’s updated strategy, which includes targeting new markets and further/better leverage of existing brands, and ‘medium-term’ financial goals, the most notable being an indicated more than quadrupling of adjusted PBT from our FY24 estimates. Management points to more encouraging forward
Market sentiment turned more cautious in the month of April, particularly regarding interest rates, with economic data producing mixed results. Despite housing transactions and net mortgage approvals continuing an upward trend, with the latter at an 18-month high and +20.1% YoY and +1.4% MoM to 61.3k (seasonally adjusted), Nationwide’s House Price Index dropped 0.4% MoM (seasonally adjusted) in April, below the +0.2% expected. This comes as mortgage lenders nudge rates up to factor in the potent
Companies: TPT EPWN VANL NXR LIKE
Photo-Me is something of a paradox – although it is a £600m market cap business, it still operates as if it were a nascent entrepreneurial business. It is risk averse and yet highly innovative. Its strength derives from the interaction between three core capabilities - building durable relationships with retail site owners, strong management of technology and product development, and delivery of operational logistics excellence. This note describes the Group’s positioning, and the core investmen
Companies: ME Group International plc
Companies: Marks and Spencer Group plc
H1 results show continued strong growth in Laundry and a faster than expected recovery in Japan but slower B2B and third party sales in the UK. These later two points are expected to improve in H2 and guidance for the full year is maintained but there is clearly some risk here. We retain our target price of 183p based on a 5% FY 2019E free cash flow yield.
Cavendish
ME Group has reported a strong financial performance in FY 2022 (to October) driven by a significant increase in demand for instant vending services in the Photobooth and Laundry businesses, primarily in Continental Europe and the UK & Republic of Ireland. Profitability benefited from the recovery in demand, restructuring to remove unprofitable machines and higher pricing. Sales were up +21%, EBITDA +30% and adj. PBT +76%. Net cash was £34m at October 2022. The Group plans to roll out 10k next g
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
As with many other companies in the leisure sector, 2023 was a challenging year for Brighton Pier Group (BPG), with cost-of-living pressures, train strikes and poor weather affecting footfall and revenue across much of the estate, whilst significant cost inflation further impacted margins. Nevertheless, all four divisions generated positive EBITDA, and at the group level, adj. EBITDA of £4.2m was in-line with our forecast. Trading this year has started slowly (revenue -5% YoY) as bad weather has
Excluding a £2m property disposal gain and £1m restructuring charge adjusted H1 PBT was £31.5m, bang in line with our forecasts (N+1E £31.5m), equating to growth of 2% but -2% YoY on a CER basis given the drags in the UK & Japan (as flagged), which we do not expect to recur helped by strategic, operational and regulatory factors. In Laundry, ARPU and supplier production capacity comfortably exceeds our growth scenario assumptions (see initiation for details). Combined, this underpins our view t
Singer Capital Markets
Ahead of its AGM, Photo-Me’s trading update confirms that performance is “consistent with expectations”. The announcement notes that the Group’s investments in integrated identification technologies and the laundry business have remained a key focus. Revenues have grown by 11.2% in the first five months of PhotoMe’s current financial year, aided by currency tailwinds. The Group has continued the rollout of its encrypted photo ID upload technology, while expansion of the owned and operated laundr
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