Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEBENHAMS PLC. We currently have 12 research reports from 2 professional analysts.
|30Nov16 10:06||RNS||Total Voting Rights|
|22Nov16 09:45||RNS||Holding(s) in Company|
|21Nov16 02:19||RNS||Annual Report and Associated Documents|
|15Nov16 09:06||RNS||Directorate Change|
|10Nov16 10:13||RNS||Director/PDMR Shareholding|
|07Nov16 04:34||RNS||Holding(s) in Company|
|31Oct16 09:57||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
28 Oct 16
"Yesterday's celebrations following the UK's better than expected GDP data release for the three months to September look to be short lived. This morning, release of the long-running barometer of consumer confidence from market researcher GfK, suggests sentiment has fallen back quite sharply during October, with Britons becoming increasing anxious over the economic outlook as the index slips back to levels last seen immediately prior to June's Referendum vote. This, following on from a relatively dull overnight performance from US equities, suggests London is set for a weak opening this morning with the FTSE-100 seen down some 10 points in early trade. US shares were knocked by a sell-off in Treasuries, which hurt yield-sensitive plays in the utility and real estate sectors, while technology stocks also continued to suffer from Apple's rather disappointing release earlier this week, leaving the NASDAQ the largest faller amongst the principal indices once again. Building expectations of a US rate hike before the year-end allowed the US$/JPY breach the important 105 level which, along with the more general boost being seen amongst global government bond yields, pushed up Japanese financials and resulted in the Nikkei claiming the best performance amid otherwise flat to negative Asian indices. The UK is not scheduled to make any significant economic releases this morning, but a slew of data from the EU, including the territory's Business Climate index, French GDP and CPI figures plus German CPI, are due to be followed this afternoon by the important US 3Q GDP numbers which are projected to rise by an annualised 2.5% according to the Wall Street Journal. UK Corporates due to report include IAG (IAG.L) and RBS (RBS.L), while majors reporting in the US include Chevron, Exxon Mobil and Goodyear. Investors will also be awaiting further news from General Electric, who told shareholders overnight that the Group was in talks with Baker Hughes regarding a partnership agreement or merger of their oil & gas operations, rather than the takeover that had been earlier rumoured by the media." - Barry Gibb, Research Analyst
N+1 Singer - Retail - Matthew - Brexit driven forecasts and valuation update
27 Jun 16
Prior to the EU vote, fears of Brexit undermined consumer confidence and spending patterns, and sterling weakened against the US$ and the €. Wider fears for employment, consumer spending and economic slow-down had hit Retail stocks significantly (-10% rel. YTD). Friday’s surprise Brexit vote has impacted Sterling again and will further knock confidence and spending too. The sector came under material further pressure as a result, falling 10% on the day vs the Allshare’s 3%. As noted on Friday, there are 4 stocks in our universe where forecasts are favourably exposed to FX upside risk (BCA, Boohoo, Swallowfield, Walker Greenbank), 5 stocks which we have downgraded (Debenhams, Findel, Halfords, N Brown, Howden Joinery) with the remainder left unchanged including Motor Retailers.
23 Jun 16
Referendum day, and the polls suggest it is too close to call. With an eye on Sterling hitting an overnight six-month high, equities in London are likely to take a 'punt' on Thursday's optimism being carried over into early morning trade, with the FTSE-100 seen rising almost 40 points on the opening. This could reverse rapidly, however, should the Brexit campaign be seen to gather confidence at polling stations as the day progresses. The outcome of today's binary vote will, as far as financial markets are concerned, remain of great significance and might be expected to result in violent swings either on the up or downside. Indeed, brokers are braced for unprecedented trading when the result become clear; pundits like George Soros, for example, have warned that a 'Leave' vote could hit Sterling by 15%, while a bevy of major investment banks predict a knee-jerk 15% blow to UK equities and perhaps 10% to European; safe havens, like the Japanese Yen, will likely be the beneficiaries. For investors, Brexit might come to be interpreted as the UK's biggest and immediate 'own goal' in more than a generation, although clearly it will be our children who will tell us whether or not history books make the same interpretation. Not surprisingly, the overnight and early morning international markets remained largely flat, trading without determined direction or high volume. The US markets gave back some of its gains of the past two days pressured by tech stocks, while the Nikkei remained the principal mover in Asia putting in just modest, largely currency-related, gains. Other than the Referendum, there are no UK macro events or significant releases due today, although this afternoon a speech by the Fed's Robert Kaplan might add interpretation to Janet Yellen's semiannual testimony that concluded yesterday. Amongst corporates, Tesco is due to release a trading update.
N+1 Singer - Debenhams - Tough conditions, but GP shortfall offset by tight management of costs
22 Jun 16
As highlighted by recent trading updates and anecdotes, conditions have been volatile since the end of H1. Clothing/ footwear markets have been especially weak due to unseasonal conditions. A Flat LFL is therefore relatively resilient, driven by growth in Non-Clothing areas (Health & Beauty, Home). However, the mix effect is negative and tactical promotional activity in H2 will be higher than planned so margin guidance is reduced. We estimate a c£10m profit shortfall at the GP level overall. However, lower volumes and tight control of expenses means this is largely offset by reduced cost guidance. DEBs therefore remains on track for FY PBT expectations. Strategic plans are on track too.
Good strategic progress, interims slightly better than expected
14 Apr 16
Most interim numbers will be slightly better than consensus, helped by lower interest (where guidance is upgraded). Reducing net debt/gearing is also accompanied by a 2.5% DPS increase. Key strategic actions are gaining traction and, although FX translation headwinds have hampered reported international profits, this could begin to reverse now. Key concerns are unseasonal spring conditions in the clothing/footwear sector (albeit DEB exposure <50%) and uncertainty over recent/planned management changes, albeit the CEO search process is at an advanced stage and high quality names have been linked with the role. Given a low valuation the shares can still advance though.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m