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We are reiterating our Buy rating, raising our pice target to $25 (from $14), and upping our projections for a.k.a. Brands after the company registered better-than-expected revenue and Adjusted EBITDA for 1Q24 and raised 2024 guidance, driven by strong domestic results, as all the company's concepts continue to gain market share in the United States via new stores, expanding digital marketplace relationships and the "test and repeat" method driving newness and fashion excitement. Further, we bel
Companies: GPS URBN ITX ANF AEO AEO GES GES ITX GPS ANF URBN
Small Cap Consumer Research LLC
We are reiterating our Buy rating, projections and price target for a.k.a. Brands with the company announcing 1Q24 (March) results after the close on Wednesday. We believe 1Q will be another period of rebuilding momentum and credibility, with the cleanup continuing at Culture Kings, Princess Polly adding new retail stores to the mix and rolling out new categories to become even more of a lifestyle brand and Petal & Pup leveraging new digital marketplace relationships and continued dress-driven e
We are initiating coverage of a.k.a. Brands Holding Corp. ("a.k.a. Brands" or the "company"), a leading owner of primarily online apparel-based brands focused on Generation Z and Millennial consumers, with a Buy rating and $14.00 price target, or 10.9X our 2025 EBITDA projection of $20.2 million. The company's brands include: 1) Princess Polly, focusing on 15 to 25 year-old women; 2) Petal & Pup, which offers feminine styles for 25 to 34 year-old women; 3) Culture Kings, a street wear destinatio
Companies: GPS URBN ITX AEO AEO GES GES ITX GPS ANF 0R32 URBN
We are reiterating our Buy rating, $14 price target and projections after reviewing the company's early summer catalogs for April 2023 and 2024. We remain impressed by the shifts in the catalogs, from a deeper focus on features and story telling, impressive gains in swimwear and related accessories, expansion of categories such as outerwear, totes and lifestyle apparel, shifts in footwear that we believe will presage the relaunch of the category as a licensed item and overall similar pricing. We
Companies: PVH JILL GPS LE LEVI OXM GES JILL OXM GES LE LEVI GPS PVH
We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns. Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding. Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong ver
Companies: PVH LULU GPS URBN GIII ROST AEO TPR AEO GIII TJX GES EXPR ROST EXPRQ TPR LULU GES GPS TJX PVH URBN
We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th. We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register s
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season. The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on t
We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection. Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions,
Companies: PVH JILL GPS LEVI GES JILL LSS OXM GES LE LEVI GPS PVH
We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and Connecticut. While we believe the Holiday offerings, especially on the women's side, were solid in terms of looks and versatility, and the company was not overly focused on the tough outerwear market, Express management made a decision to materially clear out the stores back rooms, which has resulted in material markdowns and inventory on the store floo
We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year. With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. We believe Express has continued to aggressively reduce inventory levels and potential product overhang into 2024, as the company takes advantage of a strong women's offering, reduced dependence on heavy seasonal items (i.e. outerwear), new categories (loungewear), improved accessories offerings, and strong value and versatility, all of which have somewhat offset what
We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q. Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24). That said, we c
We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday. With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management. We believe the company will continue with the ongoing program of cost savings (up to $80 million in FY23, $120 million in FY24 and $200 million
Gap delivered a strong set of results in the quarter surpassing Wall Street expectations in terms of revenues as well as earnings. The company has taken steps to maximize profitability and cash flow while rebalancing and lowering inventory to drive short-term and long-term improvements across its entire business. It observed continuous category strength in dresses, sweaters, slacks, and woven tops, with active underperforming in all areas as customers continue to move away from the cozier, at-ho
Companies: Gap (GPS:NYSE)Gap, Inc. (GPS:NYS)
Baptista Research
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gap, Inc.. We currently have 0 research reports from 3 professional analysts.
Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is re
Companies: Surface Transforms PLC
Hardman & Co
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: CSFS MBT PPS MIRI
Allenby Capital
Companies: 88E MTC TIA DEC ULTP
Cavendish
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for
Companies: IP BILN SAR GATC ASTO PHE SHOE CCS IP CUSN
Hybridan
Ceres Power Holdings’ innovative technology uses electrolysis to produce green hydrogen and solid oxide fuel cells to generate power. In a year where it moved to the Main Market of the London Stock Exchange, it recorded revenue growth of 13% and gross margin expansion to 61% (the highest in the sector, according to management), but is yet to record an operating profit (FY23 operating loss of £59.4m versus £54.0m in FY22). Ceres continued its strategy to drive innovation and technology across sol
Companies: Ceres Power Holdings plc
Edison
13th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Shanta Gold (SHG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t
Companies: MDZ CREO JADE KIST
We have completed another periodic refresh of our value screen, first established in our inaugural quant/screening note of 26 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics (based on 2016 consensus P/E and latest price to tangible book ratio) from our universe, and we have chosen 10 stocks to focus on. Since inception last year the screen has outperformed the main small-cap and micro-cap indices (by about 8pp and 3pp respectively) and has p
Companies: BILN BOOT CGS LVD GOAL VTU CARR
Singer Capital Markets
Character Group traded satisfactorily in the first half, even though pressure on consumer expenditure continued to create challenging trading conditions. The Group was able to deliver a robust performance while enjoying a solid balance sheet and strong cash generation. Given the encouraging first half performance and the Group’s continued resilience, the Board expects that adjusted PBT will exceed market expectations. Consequently, we have increased our PBT forecast by 10% and continue to view t
Companies: Character Group plc
This morning's announcement from SPSY highlights the company's innovative technology in the interest of “meet[ing] clients' needs”. A global first from SPSY, today's news heralds the first polymer banknote substrate which will be certified as sourced and manufactured through an accredited circular supply chain, commencing with Toray Plastics America, SPSY's partner. This new development follows on from SPSY's invention of the Fusion substrate, a transformative technology which we expect to mak
Companies: Spectra Systems Corporation
WHIreland
Companies: ITV RR/ KWS JD/ SENX
Shore Capital
Companies: UTL ASC DNLM BWNG MONY DFS BOO
Backblaze has reported Q1 results at the top end of the guidance range with revenue of $30.0m versus a guidance range of $29.6-30.0m, and adjusted EBITDA margin of 6.4% versus a guidance range of 4-6%. The company has maintained its guidance for FY24, with revenue guidance $126-128m and EBITDA margin of 8-10%. The company ended Q1 with cash and liquid assets of $32.8m and reiterated its expectation to have at least $20m at the end of FY24. We are maintaining our financial forecasts for FY24E and
Companies: Backblaze, Inc. Class A
Revolution Beauty Group’s (REVB’s) capital markets day (CMD) provided an opportunity for the new management team to present its refocused strategy: to become a top five global beauty brand by 2030. Management aims to drive product innovation at affordable prices, tailored to the demands of its target Generation Z consumer. REVB will continue to develop its online and offline routes to market with new and existing direct-to-consumer (D2C) and business-to-business (B2B) partners, using data to gro
Companies: Revolution Beauty Group plc
LVMH published mixed results for H1 23. The stronger-than-expected recovery of Chinese demand for leather goods have offset the decline in the cognac business mainly in the US. However, the normalised promotional actions for Cognac in the US and higher A&P spending for the leather goods business have weighed on profitability during the first half. Although the weakening consumer environment in the US is likely to continue, LVMH confirms that the margins for FY23 will be at least the same as i
Companies: LVMH Moet Hennessy Louis Vuitton (MC:EPA)LVMH Moet Hennessy Louis Vuitton SE (MC:PAR)
AlphaValue
CAP-XX reported 59% year-on-year growth in product sales for the six months ended 31 December 2023 and an orderbook that is up 33% year-on-year, which we believe demonstrates a turnaround for the company. Looking ahead, the second half of FY24 should include both the benefits from the new management’s new sales and distribution strategy, and an increase in production from the commissioning of the DMH product manufacturing line. However, we have taken a conservative view on the benefit of this, w
Companies: CAP-XX Limited
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