Studio Retail Group (SRG) is a focused play on the growth of online value non-food retail. Management’s aspiration to accelerate medium-term revenue growth, to a CAGR of 10–15% over four to six years, is expected from gains in active credit customer numbers and spend per customer. SRG’s valuation is at a significant discount to its own historical multiples (despite an improved medium-term growth aspiration), its peers and our DCF-based valuation of c 420p per share if it can achieve its aspirati ....
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Studio Retail Group - Revenue aspiration with a wow factor
- Published:
20 Dec 2021 -
Author:
Russell Pointon -
Pages:
22
Studio Retail Group (SRG) is a focused play on the growth of online value non-food retail. Management’s aspiration to accelerate medium-term revenue growth, to a CAGR of 10–15% over four to six years, is expected from gains in active credit customer numbers and spend per customer. SRG’s valuation is at a significant discount to its own historical multiples (despite an improved medium-term growth aspiration), its peers and our DCF-based valuation of c 420p per share if it can achieve its aspirati ....