Management continues to execute a clear strategy to grow revenue to £1bn and produce attractive returns. Recent actions to transform the brand mix and increase profits are producing results, with EPS 13% ahead of forecast (+14% yoy). Freehold backing has increased to 78p/share and another new multi-brand site has been secured, which has the potential to attract incremental new brands. Our estimate of fair value increases 13% to 91p on this update (52% above the current price).
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Brand transformation and earnings upgrades
- Published:
09 May 2019 -
Author:
Matthew McEachran -
Pages:
3
Management continues to execute a clear strategy to grow revenue to £1bn and produce attractive returns. Recent actions to transform the brand mix and increase profits are producing results, with EPS 13% ahead of forecast (+14% yoy). Freehold backing has increased to 78p/share and another new multi-brand site has been secured, which has the potential to attract incremental new brands. Our estimate of fair value increases 13% to 91p on this update (52% above the current price).