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Companies: ScS Group plc
Companies: XP Factory PLC
Companies: Topps Tiles Plc
Companies: Marks and Spencer Group plc
Companies: Loungers Plc
The group’s FY22 results confirmed its preliminary communication and the latest bookings continue to support a promising outlook. Nevertheless, a potential large-scale strike in France during the important Christmas holidays is weighing on the share price performance. We expect a slight upgrade to our valuations.
Companies: easyJet plc
Companies: SSP Group Plc
We are initiating coverage on Cornerstone FS plc (CSFS LN), a UK based fintech provider of international payments and currency management solutions for small and medium sized businesses.
Companies: Cornerstone FS Plc
Kingfisher Q3 trading witnessed all banners performing ahead of market expectations. While lfls declined in the UK, the group’s lfl sales (+0.2% yoy) were led by the French and Polish businesses (+0.6% and +7.6%, respectively). Despite overall market share gains and a strong showing during the initial three weeks of Q4 (+2.8% yoy), investors disliked the hair cut in the FY22 PBT guidance (£730-760m vs £730-770m earlier). This is not a big issue in our view. We will upgrade our financial estimate
Companies: Kingfisher Plc
There were no major surprises in Kingfisher’s H1 FY22/23 performance. The group’s lfl sales came in at -4.1% yoy (vs consensus of -4.2%). Almost all banners performed in line with expectations. A good start to Q3 also bodes well for Kingfisher to achieve FY22/23 consensus. However, we expect the overall business performance (home improvement demand) to come under pressure during the forecast years as rising inflation and a fragile economic outlook dents consumer sentiment. We maintain a positive
Halfords 3Q IMS is in our view positive with PBT forecasts for FY 2020 held at £50-55m and good LFL in Retail cycles +5.9% and Autocentres +4.6% where most of new management development work has been focused. Retail Motoring products LFL -2.7% continues to show impacts of discretionary spend softness in our view. Management retains its caution about near term demand prospects overall and its development programme in Autocentres and key aspects of the business overall (notably new integrated webs
Companies: Halfords Group Plc
18 July 2022
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 objective
Companies: TSTL NTBR AEG BARK KP2 SKIN GWMO MEX
Both the FY22 figures and FY23 guidance were positioned above the market’s expectations, bolstering hopes of a full recovery in underlying profit. We expect an increase in the consensus and our estimates. More visibility on the group’s strategic roadmap should be provided at the forthcoming CMD on 2 November.
Companies: Sodexo (SW:EPA)Sodexo SA (SW:PAR)
The Big Book 2022 includes our highest conviction Best Ideas for 2022. In 2021 our Best ideas outperformed by 24%, extending our track record (>10% outperformance on average over the past decade). We have again divided our coverage into six distinct themes to create our Matrix. We have added two new categories this year: ESG and Pricing Power, both of which will be fundamental investment themes for 2022. We look forward to discussing our ideas with you.
Companies: RCH VLX WIN MTW HSP ADT INHC GFRD YGEN MERC G4M ART
Singer Capital Markets