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.
|20Jan17 10:38||RNS||Holding(s) in Company|
|18Jan17 01:06||RNS||Holding(s) in Company|
|12Jan17 04:14||RNS||AGM Results|
|12Jan17 07:00||RNS||Christmas Trading Update|
|11Jan17 12:07||RNS||Holding(s) in Company|
|03Jan17 09:29||RNS||Total Voting Rights|
|29Dec16 03:17||RNS||Holding(s) in Company|
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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.
EBITDA break-even reached, positive outlook
18 Jan 17
7digital’s FY16 revenues increased 7% y-o-y and EBITDA profitability was reached, as targeted, in Q4. New contract wins in FY16 set the stage for a stronger top-line performance in FY17 and we consider management’s reiterated target of operating profitability in FY17 as realistic. For an operationally geared growth company in its first year of profitability, the FY17e EV/EBITDA of c 12x looks attractive.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.