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Vertu has announced the acquisition of Helston, subject to completion, which we anticipate will enhance our FY24 and FY25 EPS forecasts by 18.7% and 24.7%, respectively. This transaction is debt-financed via securing new funding and extending long term facilities, with FY23 net debt to pro-forma adjusted EBITDA below 1.4x (incl. stocking loans). We expect net debt/EBITDA will revert back towards 1.0x by the end of FY25. Zeus forecasts and valuation estimates will be updated post-completion – we
Companies: Vertu Motors PLC
Companies: XP Factory PLC
Companies: Marks and Spencer Group plc
Companies: SSP Group Plc
Companies: ScS Group plc
The group’s FY22 results confirmed its preliminary communication and the latest bookings continue to support a promising outlook. Nevertheless, a potential large-scale strike in France during the important Christmas holidays is weighing on the share price performance. We expect a slight upgrade to our valuations.
Companies: easyJet plc
Kingfisher Q3 trading witnessed all banners performing ahead of market expectations. While lfls declined in the UK, the group’s lfl sales (+0.2% yoy) were led by the French and Polish businesses (+0.6% and +7.6%, respectively). Despite overall market share gains and a strong showing during the initial three weeks of Q4 (+2.8% yoy), investors disliked the hair cut in the FY22 PBT guidance (£730-760m vs £730-770m earlier). This is not a big issue in our view. We will upgrade our financial estimate
Companies: Kingfisher Plc
Bowen Fintech (BWN.L), a special purpose acquisition company to acquire technology companies in the financial services sector has joined the Standard Segment of the Main Market. £2m raised.
Leavers: Vertu Capital has left the Main Market following a RTO. Vox Valor Capital (VOX.L), formerly Vertu Capital, has joined the Standard Segment of the Main Market.
What’s cooking in the IPO kitchen?**
Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea,
Companies: CRPR AMS SYM VAST RENX LND SEMP SVML UFO
Carrefour has announced a promising strategic plan named ‘Carrefour 2026’. It entails measures like an increased focus on the discount format (cash & carry/hypermarkets), private labels and a switch towards a franchising model for stores. The targets of €4bn pf cost savings and net FCF of €1.7bn look achievable. While the CEO’s proven track-record is reassuring, the market was unimpressed. It may be that risk-averse investors are more concerned about the near-term performance (2023 sales, profi
Companies: Carrefour (CA:EPA)Carrefour SA (CA:PAR)
H1 results were well trailed at the pre-close update in August, when forecasts were reduced to reflect the impact of the heatwave and drought conditions. While sales returned to modest growth in Sept, trading has been extremely volatile and unpredictable, and the general market outlook has deteriorated further in recent weeks. Given the opportunity to take share in a weakening competitor landscape, ANG is actively continuing its strategic investment though. Taking these factors together, EBITDA
Companies: Angling Direct Plc
Singer Capital Markets
Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated webs
Companies: Halfords Group Plc
Third Quarter Key Observations
Escalating inflation continued to cut further into consumers' discretionary income, impacting demand across the consumer sector. The systemic rise in input costs significantly impacted companies' bottom lines, testing the resilience of even the strongest in the sector, as businesses balanced the long-term need to maintain relevance to their customer base (in terms of pricing & quality) whilst also seeking to navigate immediate economic challenges.
Companies: TAST OMIP TND JWNG BBSN PIER XLM ADF
Companies: City Pub Group PLC
Poor performance in France is not a surprise but the magnitude of the lfl slump surely is. Although management is planning to exit three countries to focus on core geographies (the UK and France), investors are unlikely to have faith in the stock unless a tangible solution for Castorama is visible on the ground. This poor show also casts clouds over the success of the ‘One Kingfisher’ plan, as aggressive price investments/ promotional needs in France might erode the margin improvement guided by
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
Companies: RCH VLX WIN MTW HSP ADT INHC GFRD YGEN MERC G4M ART