Brighton Pier final results for FY19A came in line with our expectations. Revenues were £32.0m (est. £32.1m), Adjusted PBT was £3.2m (est. £3.2m), and Adj EPS was 7.2p (est 7.1p). We take this opportunity to push through slight model updates for FY20E (net impact; 2% increase to Adj EPS. of 9.2p) and release FY21E forecasts of £35.8m sales, £4.6m Adj PBT, and 10.2p Adj EPS. At 5.5x FY19E earnings, we believe the asset-backed shares remain materially underva
23 Sep 2019
FY19A results, release of FY21E forecasts
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FY19A results, release of FY21E forecasts
Brighton Pier Group Plc (PIER:LON) | 44.5 -0.2 (-1.1%) | Mkt Cap: 16.6m
- Published:
23 Sep 2019 -
Author:
James Bayliss -
Pages:
7
Brighton Pier final results for FY19A came in line with our expectations. Revenues were £32.0m (est. £32.1m), Adjusted PBT was £3.2m (est. £3.2m), and Adj EPS was 7.2p (est 7.1p). We take this opportunity to push through slight model updates for FY20E (net impact; 2% increase to Adj EPS. of 9.2p) and release FY21E forecasts of £35.8m sales, £4.6m Adj PBT, and 10.2p Adj EPS. At 5.5x FY19E earnings, we believe the asset-backed shares remain materially underva