Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on JD SPORTS FASHION PLC. We currently have 21 research reports from 4 professional analysts.
|15Dec16 07:00||RNS||Response to Media Reports|
|28Nov16 07:00||RNS||Acquisition of Go Outdoors Topco Limited|
|24Nov16 03:15||RNS||Result of General Meeting|
|01Nov16 12:00||RNS||Proposed Share Sub-division|
|17Oct16 09:15||RNS||Holding(s) in Company|
|13Sep16 07:00||RNS||Half-year Report|
|15Aug16 09:20||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
JD SPORTS FASHION PLC
JD SPORTS FASHION PLC
16 Jan 17
Seemingly never tiring of controversy while building a cabinet that appears keen to air its obvious divisions, Trump threw another googly over the weekend. With some concern that he is 'making it up as he goes along', in an interview with The Sunday Times newspaper, the President-elect suggested he will ensure the US offers the UK a wide-reaching trade deal that 'We're going to work very hard to get it done quickly and properly.' Having stated his view that 'Brexit is going to end up being a great thing' while predicting other countries will also leave the bloc, he noted such a bi-lateral deal would be 'Good for both sides' advising that he planned to meet with Theresa May soon after he gets to the White House. Back on Planet Earth, of course, things are never that simple; such negotiations usually take diplomats between 4 and 8 years to negotiated the fine detail and, in any case, the UK government remains bound by EU law that precludes such independent negotiation until withdrawal is formalised in, perhaps, 24 to 36 months from now. Given also the fact that the US accounts for less than 15% of total UK trade, compared with the EU which makes up roughly half of its international business, the proposal provides limited comfort at a time when the Chancellor, Philip Hammond, is being forced to recognise that the UK could change its economic model if it is not granted access. The net result of his German press interview was to again raise the spectre of a 'Hard Brexit', which saw Sterling knocked again during Asian trading. This news nevertheless is seen pushing London equities ahead this morning, with the internationally-biased FTSE100 expected to open up 10 or so points in early trading, despite the fact that the overnight markets mostly ended mixed to lower. The Dow Jones and S&P500 closed fractionally either side of unchanged, leaving only the NASDAQ to put in a creditable gain. Asia responded to Trump's continuing rhetoric, with the Nikkei suffering from gains in the Yen while Chinese traders, listening to Trump's latest rant regarding the potential imposition of a 35% border tax on BMW motor cars, remained nervous ahead of Friday's inauguration, leaving only the commodity-heavy ASX to bask in the glow of a strong US$. European trading will be relatively light today, given that the US markets will be closed for Martin Luther King Day, but investors will nevertheless look to the release of the IMF World Economic Outlook report for insights, while the Governor of the Bank of England, Mark Carney, is also due to speak at the LSE on policy issues. UK corporates due to release earnings or trading updates include Ashmore (ASHM.L), Ibstock (IBST.L) and WANDisco (WAND.L).
9th consecutive consensus beat over past 18 months duly delivered
12 Jan 17
Post today’s exceptionally strong Xmas trading update, JD’s management is now guiding that FY17 PBT will be up to 15% ahead of the current £200m consensus estimate. We believe that forecast risk remains firmly on the upside for the foreseeable future as we see no signs of a slowdown (viz. the outlook statement), albeit we remain very alert to the risks of such a scenario. JD is moving from a successful UK retailer to a credible international growth story which has positive implications for sentiment, forecasts and valuation. We use this note to update our stale forecasts to reflect the combined effects of the last three sizeable positive profit surprises (July, Sept, today). Our new TP is 420p.
14 Sep 16
"Bumpier seas are being anticipated for international equity markets between now and the year end. Two months of absolute calm, with daily moves of less than 1%, looks likely to be replaced by a period of increased volatility as doubts begin to rise over the sustainability of the highly accommodative policies of both the ECB and BoJ, together with increasing concerns regarding a lack of policy consensus within the FOMC. The net result of which will likely be a reduction in portfolio leverage by asset risk management committees, resulting a larger market swings while adjustments are made. Today, the President of the European Commission, Claude Juncker, will deliver his annual State of the European Union address which could shed some light on likely policy and vision, particularly in the light of Brexit, along with the proposed Italian Referendum, imminent elections in Spain and the US followed next year by Germany and France. While loud calls for a further rate cut are not expected, focus will move rapidly onto Japan, whose two-day central bank policy meeting starting on 20th September will also review the unfavourable effects of negative interest rates. With Fed Funds indicating just a 15% chance of a rate cut taking place this month, US equities were sold off again overnight amid polls showing rising support for Republican presidential contender, Donald Trump. Asian equities largely followed this lead, with the Shanghai Composite the main casualty despite its economic planning committee approving almost RMB200bn in investment projects as Beijing seeks to spur growth through domestic investment. The UK is due to release unemployment figures this morning, while Eurozone Industrial Output data is also expected. No major UK corporates are due to provide earning figures this morning, although smaller companies like Alliance Pharma (APH.L), Chariot Oil & Gas (CHAR.L), Dunelm (DNLM.L), Galliford Try (GFRD.L), Modern Water (MWG.L), Rockhopper Exploration (RKH.L) and Wilmington (WIL.L) are anticipated. Markets will also remain sensitive to further news reports from Iran, regarding its threat to shoot down US surveillance planes flying over its territory and the restarting of exports by the Libyan State Oil Company following recapture of its domestic terminals. The FTSE-100 is seen rising some 20 points in early morning trade. " - Barry Gibb, Research Analyst
6th consecutive consensus beat in one year duly delivered.
14 Apr 16
JD’s FY16 PBT of £157m (vs our forecast £156m) has duly beat consensus estimates by 4% as we flagged in our April 12th note, highlighting that forecast risk remains firmly on the upside for the foreseeable future as we see no signs of a slowdown (viz. the outlook statement), albeit we remain very alert to the risks of such a scenario. Multiple FY16 positives to highlight which underpin further progression in FY17; (1) The continued eye-watering LFL sales growth which has driven multiple material upgrades to forecasts throughout 2015 and 2016; (2) The strong cashflow generation and gross margin evolution; (3) The pronounced strength in branded athletic footwear over the past 2-3 years has unequivocally spilled over into clothing, notably in H2FY16 and remains very healthy so far in FY17; (4) continued progression/strength in online; and (5) European growth which could provide the next significant leg of the overall growth story, underpinning a continuation of JD’s impressively strong financial track record over the past 10 years under the current management team. We reiterate BUY.
Panmure Morning Note 12-04-2016
12 Apr 16
JD reports FY16 results on Thursday April 14th. We expect JD to deliver a sixth consecutive outperformance of consensus expectations over the past year alone. We upgrade our FY16, FY17 and FY18 PBT estimates (partly catching up with history of two “positive profits surprise” trading updates in quick succession), putting us 5% and 9% ahead of consensus for FY17 and FY18. Forecast risk remains firmly on the upside in our view, driven by a combination of (1) JD’s unique positioning in a robust retail sub-sector enjoying strong pricing power (ASPs +5%) and (2) the benefits of numerous JD sales productivity and operating efficiency initiatives which are now manifesting themselves after several years of investment in UK stores (design, visual merchandising and instore digital technology), European store rollout, brand supplier relationship, multi-channel, and infrastructure. Our Target Price rises to 1325p from 1055p.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.