Shoe Zone has confirmed a fifth consecutive earnings upgrade, with FY22E adj. PBT to be at least £11.0m, 4.5% ahead of Zeus estimate. FY22 net cash of £24.4m is +£9.8m YOY, after £10.3m outflow on capex, debt repayment and dividends paid in the year, reflecting the incredibly cash generative nature of SHOE’s model. Our FY22E dividend increases 18.2% to 8.0p equating to a yield of 4.4%. We upgrade FY23E Adj. PBT +20% to £8.5m, building on FY22E positive performance with further shareholder distri ....
25 Oct 2022
Shoe Zone plc (SHOE LN) - Stepping up
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Shoe Zone plc (SHOE LN) - Stepping up
Shoe Zone PLC (SHOE:LON) | 225 0 0.0% | Mkt Cap: 104.0m
- Published:
25 Oct 2022 -
Author:
Rachel Birkett, CFA -
Pages:
10
Shoe Zone has confirmed a fifth consecutive earnings upgrade, with FY22E adj. PBT to be at least £11.0m, 4.5% ahead of Zeus estimate. FY22 net cash of £24.4m is +£9.8m YOY, after £10.3m outflow on capex, debt repayment and dividends paid in the year, reflecting the incredibly cash generative nature of SHOE’s model. Our FY22E dividend increases 18.2% to 8.0p equating to a yield of 4.4%. We upgrade FY23E Adj. PBT +20% to £8.5m, building on FY22E positive performance with further shareholder distri ....