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We view XP Factory as a genuine growth stock. In this detailed note we show how it is capitalising on the secular themes driving the competitive socialising sector and generating superior site returns, organic growth and customer reviews. This is further enhanced by a strong set of interims, with an acceleration of LFL over the summer and no change to FY Dec’23 expectations. Prospects of a healthy future is backed by our base case 3-year EBITDA CAGR of 44% on steady state expansion, which rises
Companies: XP Factory PLC
Singer Capital Markets
ZOO today provides an update on H1 trading and as well, the full-year outlook the result being material changes to FY24 forecasts, while we withdraw FY25 estimates. The driving force behind these changes is a combination of factors; more cautionary customer spend (as SVOD platforms are placing greater emphasis on balancing growth and profit) while more recently, protracted industrial action has introduced yet further disruption. As such, H1 revenue is set to be materially down at c.$21m vs. $51m
Companies: ZOO Digital Group plc
Companies: SCE AVG PHC TAST DCTA FADL
Interims to June are very encouraging, with sales +12% organic (and +68% stated) to £18.1m - reflecting material market outperformance, as Zinc’s strategy and execution is clearly bearing fruit. Further, with The Edge now embedded (and performing well) the Group now also carries significant greater scale, sector and geographic diversification and better margins too (at 41% vs. 33% in 1H22). Together, these provide competitive advantages in our view. With FY23 revenue visibility now £35m (as well
Companies: Zinc Media Group plc
Companies: Cornerstone FS Plc
27th September 2023
Status of this Note and Disclaimer
This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob
Companies: PHC BIOM ZIN LBE MWE SFE SAE
CSFS reported its financial results for the period ended 30 June 2023 with revenue of £3.6m and Adj. EBITDA of £0.2m, and profit before tax of £0.023m, in line with the trading update provided in May 2023, but well ahead of what our full year forecasts would indicate.
Companies: TIDE GTC MEN IQG RBD PIER
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Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed.
Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co
Companies: OHG GCM EME ROCK SBTX EYE QTX B90
There were no surprises in terms of FY23 EBITDA and net cash, both pre-reported. Non-cash treatment after IFRS16 right-of-use asset impairments has led to a substantial PBT/EPS beat, though, much of which feeds into FY24/FY25 forecasts with 78%/33% upgrades. This disguises a drop in underlying DPS cover and, as part of a capital distribution policy update, the final is reduced to 1.6p. This may disappoint some but has nothing to do with confidence in future prospects, and current trading is posi
Companies: TheWorks.co.uk plc
Companies: Safestay Plc
Kingfisher’s H1 FY23/24 lfl sales was 40bp ahead of market expectations but the PBT was 5.4% weaker. Although UK&I sales remained in the black, the performances in France and Poland were the pain-points. The Q3 lfl performance (to date) of -2.4% yoy is also below market expectations. We expect the pressure on earnings to continue during H2. Management has lowered FY23/24 PBT guidance to £590m (vs £634m earlier). We will reduce the target price by 7-8% but maintain our positive recommendation.
Companies: Kingfisher Plc
Interims show DPP is in good shape and responding positively to the new CEO’s actions. Order count is up (despite a soft macro backdrop), LFLs are strong and the proportion of stores transitioning to profitability is materially higher vs 12m ago. Strong summer trading in Poland and an easing of cost pressures underpin our decision to make no forecast changes FY23 being an inflection point in terms of moving into positive EBITDA (pre-IFRS16 basis). Overall, these interims are positive and support
Companies: DP Poland PLC
Companies: Everyman Media Group PLC
Well-documented cost-of-living pressures continue to have a material impact on the casual dining sector, and Tasty is no exception. LFL sales rose +1.4% YoY in H1 to £21.7m, which was offset by material cost inflation (food, labour, utilities etc), leading to Adj EBITDA reducing to £1.1m (H1/22 £2.7m). Whilst trading conditions are likely to remain challenging in the near-term, we see grounds for optimism in FY24 – inflation is falling steadily and the Bank of England recently held interest rate
Companies: Tasty plc