A year ago the market was deeply concerned Cycling had gone ex growth. This is evidently not the case. The market’s concern has since moved on to its inability to offset FX headwinds. Despite managing in 09/10, and management’s growing confidence in doing so this time, consensus assumes only a fraction is mitigated, reflected in a -4% 3 year EPS CAGR. We assume +4% on less bearish assumptions and see scope for the 15% gap by FY19 to progressively close up. Alongside scope for £50m+ p.a. capital ....
20 Jan 2017
N+1 Singer - Halfords Group - Positive lead indicators + FX mitigation progress
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N+1 Singer - Halfords Group - Positive lead indicators + FX mitigation progress
Halfords Group Plc (HFD:LON) | 161 0 0.0% | Mkt Cap: 351.8m
- Published:
20 Jan 2017 -
Author:
Matthew McEachran -
Pages:
4
A year ago the market was deeply concerned Cycling had gone ex growth. This is evidently not the case. The market’s concern has since moved on to its inability to offset FX headwinds. Despite managing in 09/10, and management’s growing confidence in doing so this time, consensus assumes only a fraction is mitigated, reflected in a -4% 3 year EPS CAGR. We assume +4% on less bearish assumptions and see scope for the 15% gap by FY19 to progressively close up. Alongside scope for £50m+ p.a. capital ....