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We have updated our numbers rather belatedly from the January trading update. We have reduced our FY18E PBT to be in line with guidance and consensus. We have reflected a more cautious stance in the outer years too. We have amended the dividend to be covered now by FCF meaning the group retains a strong cash balance. The volatility in Retail and Hire is unfortunate and while we view management in high regard, the lack of profit growth suggests a HOLD. We still recognise the 6% yield as attractive.
Moss Bros Group
Moss Bros offers an appealing combination of growth potential and defensiveness. As the latest update shows, its trading strategy is delivering solid gains. Meanwhile, it boasts a cash-rich balance sheet, attractive yield and low beta, all sources of comfort in choppy markets.
