In the recent 2 months the share price has bounced almost 100p (26%), racing through our previous 415p estimate of fair value. Although £ recovery has helped in that time (£/$ +4%, £/€ +2.5%) this adds back only c1.5% to PBT (COGS headwind reduced by c£3-4m), making today’s 4-month update more relevant than normal. Trading in the period is ahead 3.9%, or 2.4% on a LFL basis. With estimated inflation of c3-4%, this suggests LFL volumes marginally negative but not changed versus the previous perio ....
27 Apr 2017
N+1 Singer - Howden Joinery Group - Solid start to FY17 means on track to meet forecasts
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
N+1 Singer - Howden Joinery Group - Solid start to FY17 means on track to meet forecasts
Howden Joinery Group PLC (HWDN:LON) | 863 0 0.0% | Mkt Cap: 4,742m
- Published:
27 Apr 2017 -
Author:
Matthew McEachran -
Pages:
3
In the recent 2 months the share price has bounced almost 100p (26%), racing through our previous 415p estimate of fair value. Although £ recovery has helped in that time (£/$ +4%, £/€ +2.5%) this adds back only c1.5% to PBT (COGS headwind reduced by c£3-4m), making today’s 4-month update more relevant than normal. Trading in the period is ahead 3.9%, or 2.4% on a LFL basis. With estimated inflation of c3-4%, this suggests LFL volumes marginally negative but not changed versus the previous perio ....