While risks around market conditions and competition remain, execution risk from the transformation is fading. Benefits from the far reaching changes are accumulating, with sales growth accelerating each quarter. Critically, performance has stabilised in its traditional brands (c20% of mix). Our analysis reveals potential sales, or margin, upside as FX mitigation is targeted without price unlike competitors. Double-running cost guidance is disappointing but gross F4F benefits are still expected ....
03 May 2017
N+1 Singer - N Brown Group - Re-rating due on improving newsflow & risk profile
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N+1 Singer - N Brown Group - Re-rating due on improving newsflow & risk profile
N Brown Group plc (BWNG:LON) | 14.4 -0.1 (-4.0%) | Mkt Cap: 66.7m
- Published:
03 May 2017 -
Author:
Matthew McEachran -
Pages:
12
While risks around market conditions and competition remain, execution risk from the transformation is fading. Benefits from the far reaching changes are accumulating, with sales growth accelerating each quarter. Critically, performance has stabilised in its traditional brands (c20% of mix). Our analysis reveals potential sales, or margin, upside as FX mitigation is targeted without price unlike competitors. Double-running cost guidance is disappointing but gross F4F benefits are still expected ....