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.
|17Mar17 10:00||RNS||Holding(s) in Company|
|14Mar17 09:10||RNS||Holding(s) in Company|
|08Mar17 15:02||RNS||Holding(s) in Company|
|01Mar17 16:48||RNS||Holding(s) in Company|
|28Feb17 09:56||RNS||Total Voting Rights|
|28Feb17 09:54||RNS||Holding(s) in Company|
|27Feb17 11:25||RNS||Director/PDMR Shareholding|
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.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
N+1 Singer - ScS Group - Strong progress on key growth initiatives albeit comps now toughen
21 Mar 17
Whilst interim results are complicated by timing differences around order deliveries (flattery of c£1.9m) and rephasing of marketing (drag of c£1.9m), adjusted EBITDA improved by c£1.7m on an underlying basis – moving ScS into positive territory in its historically loss-making first half. Good progress was made on all 4 growth strategies and it maintained its 5-star score on Trustpilot. Whilst LFL order intake is down c5-6% in current trading, this reflects weak retail park footfall in Feb (not a conversion issue) and it has seen an improvement since the start of March. This means it is on track to meet FY expectations. Reassuring dynamics on margins & costs may add to investor relief, with the shares on <2x EV/EBITDA.
N+1 Singer - Goals Soccer Centres - Good momentum under new team. It’s now all about delivery
21 Mar 17
2016 finals have come in marginally below consensus PBT forecasts but this should not detract from positive operational and strategic momentum. There is still much work to do, but the tenor of the results is encouraging and management signals a good start to FY17. The main surprise is news of a third USA site opening. We tweak our FY17/18 PBT forecast up by 2% and stay at Buy on recovery grounds with a 140p 12m TP.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.