We feel that M&S is entering a period of forecast attrition as it tries to reposition against a background of continuing weak demand. This is likely to be exacerbated by execution issues in our view. We believe that these are resulting from Too Much Disruption and Not Enough Control. We have reduced our current year estimate below £500m and expect PBT to decline again in 2019/20. Indeed we believe that investors should be valuing M&S against a base profit towards the end of its
16 Nov 2018
Now For the Bad News
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Now For the Bad News
Marks and Spencer Group plc (MKS:LON) | 265 -2.1 (-0.3%) | Mkt Cap: 5,377m
- Published:
16 Nov 2018 -
Author:
Tony Shiret -
Pages:
13
We feel that M&S is entering a period of forecast attrition as it tries to reposition against a background of continuing weak demand. This is likely to be exacerbated by execution issues in our view. We believe that these are resulting from Too Much Disruption and Not Enough Control. We have reduced our current year estimate below £500m and expect PBT to decline again in 2019/20. Indeed we believe that investors should be valuing M&S against a base profit towards the end of its