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Target saw an improvement in its overall market share across all five of its main merchandising categories and surpassed Wall Street expectations in terms of revenues. However, inflation continued to play spoilsport for the retail industry and Target was no exception to this as it missed out on earnings expectations. With the growth in the low double digits, Food & Beverage led the way in the quarter, demonstrating broad strength across numerous subcategories. High single-digit growth was seen i
Companies: Target Corporation
Target delivered a mixed result to start the new fiscal year with revenues outperforming Wall Street expectations but earnings ending up being significantly below par. Inflation has played spoilsport and unusually high costs hampered the company’s growth, resulting in profitability well below what the management expected and where it expects to operate in the future. They also saw a much higher rate of increase in transportation costs than expected and a more dramatic shift in their sales mix th
Target Corporation delivered a strong 2021 and the full-year comparable sales of the company were up a solud 12.7%. The company has performed well over the past couple of years, meeting the fast-growing consumer demand from the Covid-19 pandemic. Its digital strategy has also materialized well and around 19% of Target’s total sales are from digital avenues. The management was able to pass on the impact of the inflation and mitigate supply chain issues and its earnings per share grew by a stagger
Target Corporation has grown well over the past couple of years, meeting the explosive consumer demand that materialized during the pandemic. Its digital strategy has also materialized well and around 19% of Target’s total sales are from digital avenues. It delivered a strong 2021 and the full-year comparable sales of the company were up a remarkable 12.7%. The management was able to pass on the impact of the inflation and mitigate supply chain issues and its earnings per share grew by a stagger
Target Corporation's third-quarter results are consistent with what its team has been delivering for years. The management continues to demonstrate the extraordinary level of engagement that the company is experiencing from its guests, both with its brand and team. In Q3, their comparable sales increased 12.7%, following a nearly 21% increase the previous year which is truly phenomenal. The company’s recent results reflect a level of guest engagement far beyond what many would have predicted a f
Target Corporation experienced a strong second-quarter performance, and went past the target price from our last report as a result of its highly resilient operations, and a passionate, top-notch team. Their second-quarter total sales have increased by over $6.6 billion or 36% over the last two years and the company also witnessed an 8% margin expansion at the bottom-line level. The company’s strong performance was largely driven by excellent comparable digital sales, which grew by 10% in the se
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Leavers: Brewin Dolphin Holdings has left the Main Market.
Caretech Holdings has left AIM.
What’s cooking in the IPO kitchen?**
Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming company. Raising between £5-10m.
Companies: ZIN SKL EMAN RBD BGO BOO BOD
Companies: ScS Group plc
Hostmore delivered a marginally better than expected H1, but it’s not been a great start to H2 and the cold reality is that the consumer environment has worsened, putting pressure on revenue, with cost inflation – especially energy – also rippling through the P&L. Sensibly, Hostmore is slowing its opening programme to protect cash; it’s highly cash generative with plenty of financial headroom, and this should put it in a good position to exploit market opportunities when the time is right. We ar
Companies: Hostmore PLC
Companies: Tortilla Mexican Grill Ltd.
Companies: NTQ MORE POLB BILN
In the September edition of Zeus’ Video Games quarterly report, we review sector M&A activity in 2022 alongside our regular valuation and performance analysis.
Total 2022 YTD deal volume across the US and Europe (186) is at elevated levels, already second only to 2021. The total number of video games deals rebounded significantly to 81 in Q3 from 28 in Q2, according to our transaction screening. US average deal value reached a record high of £209.5m (joint with that achieved in 2020) on a re
Companies: DEVO GILD TBLD
Brighton Pier Group (BPG) performed strongly during the 12 months to June 2022, which resulted in the company beating forecasts that had already been twice upgraded (FY22E Adj EBITDA of £6.5m originally forecast vs £10.8m ultimately achieved). All divisions performed well, with trading boosted by pent-up consumer demand and government support packages. The outlook appears more muted, however, driven by elevated inflation and the widely documented ‘cost-of-living crisis'; consequently, we lower o
Companies: Brighton Pier Group Plc
Companies: XP Factory PLC
Companies: City Pub Group PLC
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What’s cooking in the IPO kitchen?**
Streaks Gaming plc, a UK-based provider of conversational gaming products intends to join the Standard Segment of the Main Market this autumn. The flotation is expected to value Streaks at approximately £10.2m (pre-money) and will make it the first LSE-listed "pure-play" conversational gaming co
Companies: MEX RBBS BBSN JADE LTG PCIP
Guild has signed its largest sponsorship agreement to date with Sky UK Ltd (Sky). The three-year global sponsorship is one of the largest ever esports sponsorships signed in Europe and is Sky’s first agreement with an esports organisation. We estimate the new contract could drive Guild into cash profitability before payments to Footwork Productions. In addition, the sponsorship’s high profile may accelerate the signing of other deals in Guild’s growing pipeline. Sky follows other premium brands
Companies: Guild Esports PLC
Pendragon’s interim results show underlying PBT of £33.5m (H1 2021: £35.1m), in line with the numbers flagged in a trading update on 20 July. This is a strong performance given the removal of £8.3m of government support and £7.0m of incremental marketing spend to grow the used car proposition. FY22 trading is expected to be in line with Management’s expectations, despite macro uncertainty and supply shortages, so Zeus headline forecasts are unchanged. We remain comfortable with our 38.6p per sha
Companies: Pendragon PLC
easyJet’s Q3 trading update should be defined as mixed as we see severe negative impacts from the airport chaos, but the encouraging traffic figures, good hedging and further improved liquidity and net debt positions are worth noting. We might downgrade further our estimates to a small extent for the current FY and a further cut for the next FY is not impossible as Heathrow warns of a potential passenger cap for summer 2023.
Companies: easyJet plc
The warmer weather and return to social events has boosted the demand for summer clothing. Next has slightly raised its FY22 guidance for both top-line growth and profitability on the back of better-than-expected full-prices sales in Q2 22.
The group still expects an inflation impact on consumer spending to worsen in the second half.
Companies: Next plc