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Companies: Frontier Developments Plc
Victoria has announced the accretive acquisition of the highly complementary rugs and UK carpets divisions of Balta Group NV for a cash consideration of approximately £117m. The acquisition is subject to the conclusion of the carve out of the divisions from Balta and is expected to complete in April 2022. The rugs business is a well-established operation and is the No.1 producer in Europe and the No.2 globally. The carpets activities increase the scale of Victoria’s UK carpet business and add no
Companies: Victoria PLC
IG Design Group’s interim results reflect a challenging trading period despite strong underlying demand. Group revenue rose by 11% year on year (yoy) but was below group expectations due to global supply chain disruptions. Compounded by strong cost headwinds and inflationary pressures, this has had an adverse impact on profitability, notwithstanding the group’s strong cost control and cash management. The group is actively mitigating these pressures in conjunction with its customers. Customer se
Companies: IG Design Group plc
Victoria has reported record first half results that capture the benefits of strong consumer demand, operational efficiencies and acquisitions that provide on-going opportunities for additional synergies. There is a compelling organic and inorganic investment case that supports our expectation of share price outperformance. We introduce a PT of 1325p.
Victoria has reported results to March 2020, including a positive update on trading for the first quarter. Whilst Q1 FY2021E revenues were 64% of the Group’s pre-COVID budget, there has been a strong recovery across the period from 35% in April to 102% in June. Like-for-like organic revenue growth for FY2020 was 0.4% despite significant COVID impacts from late-February and the gross margin improved to 36.4% (2019 35.6%). £385m net debt at 30 June (excluding IFRS16) also compares favourably to th
Victoria has proved to be highly resilient in a challenging first half with revenues of £305.5m (H1 FY2020A £312.3m). The Group has seen 9.2% like for like revenue growth since the AprilMay lockdown and with the added benefit of operational actions and synergies the underlying EBITDA margin for the June-September period was ahead 300 bps LFL at 20.1% (H1 overall 17.2%). Net debt at 3rd October reduced by £5m from the year end to £364.4m, excluding IFRS 16 lease liabilities of £78.5m, with improv
Ahead of next week’s results, we are publishing revised forecasts that capture the benefit of the recent acquisition of Cali Bamboo, a fast growing US distributor. With the benefit of Koch’s £75m preferred equity investment (‘PEI’), management has now invested over £160m in acquisitions in the current financial year to acquire c.£27m of EBITDA, whilst remaining in-line with its 3x senior debt/EBITDA policy. June’s trading update confirmed a robust organic growth outlook and management remains ke
Games Workshop’s (GAW’s) trading update indicates sales growth for Q122 (three months to 29 August 2021) is in line with management expectations. Management has highlighted pressure on freight costs and currency exchange rates given GAW’s high international exposure. The declared dividend of 25p per share brings the year-to-date total to 65p. Our forecasts for FY22 and FY23 are unchanged. Our DCF-based valuation remains £129 per share.
Companies: Games Workshop Group PLC
Excellent 1H21 results were flagged in the July update; double-digit revenue growth highlighting a rapid recovery from the COVID-blighted 2020 and demonstrating just how well Quixant has ridden the storm through both the Gaming Division and Densitron. The group’s efforts to maintain quality and support customers through last year is paying off in business retention and new prospects as its markets recover. That goodwill earned will also enable it to pass on price rises from the ongoing global co
Companies: Quixant Plc
Transense Technologies plc, the developer, manufacturer and licensor of sensor technology and equipment, has reported full-year results in line with our forecasts (upgraded in February 2021) with a positive EBITDA and profit after tax. Net cash was in line at c.£1m but did not include iTrack royalties for Q4 end July. We are optimistic that progress will continue in each of the Company’s three divisions and have upgraded revenue and gross profit expectations for 2022 and 2023. This additional in
Companies: Transense Technologies PLC
Petershill Partners (PHLL.L), has joined the Main Market (Premium), a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset Management (GSAM). The Partner-firms have US$187 bn of aggregated assets under management. The Offer would comprise (
Companies: ABDP EKF HMI JSE SML
Lululemon Athletica delivered a robust performance in the second quarter, with revenue growing over 60% compared to the previous year. It managed to deliver a positive growth in e-commerce, which is even more impressive given the strong performance one year ago. The management continues to deliver across all major categories and geographies. Lululemon saw the revenues increase 43% in their international markets and up 26% in North America, both on a two-year CAGR basis indicating a strong global
Companies: LULULEMON ATHLETICA (LULU:NYSE)Lululemon Athletica Inc (LULU:NAS)
Companies: Science In Sport Plc