A good set of interims disclose a near doubling of 1H17 adj. PBT to £0.9m, with results also ahead of upgraded expectations, following November’s interim trading update. Key metrics such as online sales growth, profit margin, and FCF all continued their upward trend and with 66% of unchanged FY17E PBT already delivered in H1, BOTB is well positioned to continue growing and meet our full-year numbers. We upgrade our target price to 338p, based on a target FCF yield of 4%.
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Interims ahead, well placed for the full-year
- Published:
18 Jan 2017 -
Author:
Cavendish Research -
Pages:
11
A good set of interims disclose a near doubling of 1H17 adj. PBT to £0.9m, with results also ahead of upgraded expectations, following November’s interim trading update. Key metrics such as online sales growth, profit margin, and FCF all continued their upward trend and with 66% of unchanged FY17E PBT already delivered in H1, BOTB is well positioned to continue growing and meet our full-year numbers. We upgrade our target price to 338p, based on a target FCF yield of 4%.