Despite a good overall performance in a challenging market leaving “full year profit expectations unchanged”, the stock has fallen a further 30% to a 1 year low de-rating 5.5 P/E points. This feels anomalous given the growth opportunity remains, and in light of the latest FX, employment, and wage inflation data, and expected thawing of views on real wages. We analyse the profit shift to Financial Services, balance sheet gearing, debtor securitisation prospects and IFRS-9 adoption in a year, and ....
15 Feb 2018
Valuation anomaly at 2008 levels (9x P/E, 7% yield)
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Valuation anomaly at 2008 levels (9x P/E, 7% yield)
N Brown Group plc (BWNG:LON) | 14.4 0 (-2.1%) | Mkt Cap: 66.5m
- Published:
15 Feb 2018 -
Author:
Matthew McEachran -
Pages:
3
Despite a good overall performance in a challenging market leaving “full year profit expectations unchanged”, the stock has fallen a further 30% to a 1 year low de-rating 5.5 P/E points. This feels anomalous given the growth opportunity remains, and in light of the latest FX, employment, and wage inflation data, and expected thawing of views on real wages. We analyse the profit shift to Financial Services, balance sheet gearing, debtor securitisation prospects and IFRS-9 adoption in a year, and ....