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JOHN MENZIES+ (MNZS, BUY at 315p) – Note Publication: Evolutionary trends…
MARKS & SPENCER+ (MKS, HOUSE STOCK at 253p) Q3 TS – FY22 guidance firmed up, c5% underlying upgrade
NORTHBRIDGE INDUSTRIAL SERVICES+ (NBI, House Stock at 174p) - Further progress in Tasman disposal
BUNZL^ (BNZL, BUY at 2723p) – Note published: Solid strategic outlook
TESCO^ (TSCO, BUY at 292p) Q3 & Christmas TS – a beat to expectations and so further FY22 upgrades (c5%)
HILTON FOOD G
Companies: IDEA BRK ASC PFG MAB HFG TSCO BNZL NBI MKS MNZS
Alongside its primary franchised dealerships businesses (Vertu Motors, Bristol Street Motors and Macklin Motors), Vertu operates a number of ancillary businesses. These include car parts and accessories, cosmetic repairs, van retail broking to commercial customers, online lease advertising, and taxi supply. We think there is a great deal of growth potential and hidden value in these businesses – in this note we provide an overview of each business, before discussing our refreshed valuation estim
Companies: Vertu Motors PLC
Since the pandemic struck the global economy in the first quarter of 2020, aviation has been one of the hardest hit sectors globally, with billions of dollars wiped from balance sheets and equity valuations. However, we have also surely placed a greater recognition on the value of and need to travel; cargo in particular has been at the forefront of these needs. The strategic importance of aviation to the global economy and national interests is clear to us. We believe that those who have survive
Companies: John Menzies plc
Marks & Spencer (“M&S”) has issued another strong trading update for its Q3 FY22, the thirteen weeks (“13W”) to 1 January 2022, with overall guidance firmed up from its H1 FY22 results. So, management is stating that: “as a result of the performance in the balance of period, we are now more confident of our ability to deliver the increased guidance we set, and now expect full year profit before tax and adjusting items of at least £500m”, this figure being unadjusted for business rate relief of £
Companies: Marks and Spencer Group plc
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Sumo Group has left AIM following a takeover.
What’s cooking in the IPO kitchen?
Unbound Group PLC, (currently called Electra Private Equity PLC) to join AIM. Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer communit
Companies: TENG PLUS EVG CHAR CCS BARK
M&S has delivered good Q3 21/22 sales, mainly driven by the strong Christmas trading performance. The Food business maintained solid momentum, and the C&H also experienced positive growth for the second consecutive quarter.
Despite the strong Christmas trading, the ongoing higher freight costs and inflationary environment has led the group to maintain its FY guidance for a pre-tax profit of £500m (vs. consensus of £516m).
BOTB’s H1 results were in line with expectations, but current trading has become tougher, with customer acquisition costs rising sharply in November and December. Early January is looking better, but the timespan is too short to call a recovery with any certainty. Consequently, we are cutting our EPS (Dil. Adj.) forecasts by 25% to 39.9p for FY22E, by 32% to 43.9p for FY23E and by 35% to 49.3p for FY24p as we conservatively assume little change to current trading. We are reducing our target pric
Companies: Best of the Best plc
While we were away
Mac Alpha Limited (MACA.L) joined the Main Market. (24/12/21)
Atome Energy PLC (ATOM.L) joined AIM. (30/12/21)
What’s cooking in the IPO kitchen?
Graft Polymer a business focused on the development of polymer modification and drug delivery systems is to join the Main Market (Standard). Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing products and processing methodologies by enhancing per
Companies: VLX VRCI LBE RENX SOM TAST DDDD CMH IQG SRC
The peak trading performance was slightly below our estimates. The weakness in the UK’s electrical business was the main culprit. However, we remain optimistic as Currys continued to gain market share. The reduction in the FY21/22 PBT outlook is also marginal, when compared with the top-line performance and the ongoing consumer demand uncertainty. We expect the subsequent financial years to generate more stable and higher free cash flows. We will trim the FY21/22 estimates but our positive view
Companies: Currys PLC
Escape Hunt (EH) to be renamed XP Factory (XP) has announced the proposed acquisition of Boom
Battle Bar (Boom) from MFT Capital, subject to shareholder approval at a general meeting to be held
on 22 November 2021 and will become a leading player in the UK’s fast-growing experiential leisure
market. It will combine a nascent competitive socialising bar concept, Boom (6 sites) with EH’s escape
rooms (15UK sites). Key attractions of the deal is the advanced pipeline of 21 new sites and using MF
Companies: XP Factory PLC
Graft Polymer (GPL.L) has joined the Main Market (Standard). Graft Polymer is a UK incorporated holding company with an innovative research and manufacturing facility, based in Slovenia. The core business of the Group comprises polymer modification and drug delivery systems developments. Established in 2017, the Group has already introduced more than 50 products to the market. Graft Polymer has developed a proprietary set of polymer modification technologies, which can improve existing
Companies: VRCI TEG ATYM KEFI PANR SDX SRT
Companies: Tortilla Mexican Grill Ltd.
Companies: Topps Tiles Plc
M&B’s Q1 trading performance was in line with our expectations. The group’s lfl sales were quite strong (led by the food segment) until the surge in COVID-19 infections in December 2021. Despite a weak show during the Christmas trading period, we reiterate that the publican is well placed to clock top-line growth as the pandemic subsides. Cost inflation is also a headwind but M&B is better positioned to bear the brunt due to its premium positioning. Positive recommendation is reconfirmed.
Companies: Mitchells & Butlers plc