Household Goods & DIY

Household Goods & DIY equity research

Explore the most viewed and latest equity research and media content for companies within the Household Goods & DIY sector. Stocks in this sector include those who specialise in: decoration, furnishing, durable & non-durable home products, and DIY.

13 Jan 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from JET, PSN, SONG, HWDN, MSLH, PAGE, WMH, ASC, BGO, CUSN, CAY

Companies: Bango plc (BGO:LON)Persimmon Plc (PSN:LON)

11 Jan 21

Highly impressive H1 performance

Following forecast upgrades in December, Gleeson’s H1 update is again stronger than expected. Gleeson Homes will report volume growth of 17% in H1 to 951 completions. This represents 56% of our FY forecast. In a normal year, this probably would have prompted further forecast upgrades but we make no changes at this stage. This is a prudent position just one week into lockdown 3 but we note that (unlike in lockdown 1) building and sales can continue. The full year outturn is therefore likely to be at least in line with expectations. Gleeson Strategic Land, meanwhile, has completed its first transactions since the onset of the pandemic, which is an encouraging sign with medium and large housebuilders returning to the market. Next year’s 2,000 home target has been reiterated and we remain highly confident in growth prospects thereafter.

Companies: MJ Gleeson PLC

12 Jan 21

Cenkos: RA International Group Plc -- Termination of coverage

Cenkos Securities plc has terminated coverage of RA International Group Plc. Our previous recommendation (BUY) and forecasts can no longer be relied upon. Please contact Cenkos for further information.

Companies: RA International Group Plc

12 Jan 21

Accrol Group Holdings Plc (ACRL LN) - Firing on all cylinders

Accrol has delivered strong H1 results, with underlying EBITDA +69% YOY driven by stronger than expected gross margins as mix benefits continue to come through. We maintain earnings forecasts for now, albeit believe these to be well underpinned by margin improvements, synergies and growth. We believe Accrol is well positioned to emerge as a £35-40m EBITDA business over the medium term, in what we see as an exciting period for the Group.

Companies: Accrol Group Holdings plc

14 Jan 21

FY20 outcome ahead of expectations

A positive Y/E trading update from Portmeirion this morning with the full year outcome comfortably ahead of market expectations. There is a c7% revenue beat vs our forecast which flows through to us upgrading our FY20 PBT from £0.2m to £1.2m - a highly pleasing outcome in the context of our deep value/recovery/new management thesis. The outperformance was led by the UK/USA where trading proved robust in H2 despite lockdown due to strong online momentum. We keep our outer year profit forecasts unchanged at this stage given the CV19/macro backdrop, but understand current trading is positive with both factories open and the order-book healthy. Management is fully focused on executing the strategic growth plan outlined at the time of the June’20 fund raise and we expect a fuller update at the March finals. Overall, today’s update is a step in the right direction in building confidence in the growth / online plan and should be well received by investors

Companies: Portmeirion Group PLC

13 Jan 21

Record trading performance in Q3

Victoria has issued a trading update highlighting that the strong performance it announced in H1 has continued, with the Group achieving record revenue and operating profit for Q3 to end December. Group revenue was ahead by more than 10% in Q3, in part due the acquisition of the business and assets of Ascot in February 2020. We see the statement as reenforcing the positive messages made at the time of the interim results at the end of November that demonstrated the resilience of the Group. Performance is benefiting from strategic investment in logistics and service in 2019, operational efficiencies, consumers focusing on refurbishing their homes and maintained production and deliveries to satisfy demand. As in November, there will be a UK lockdown impact in Q4, albeit the Board believes Victoria is well placed to meet this headwind. We have no formal forecasts and will initiate In due course.

Companies: Victoria PLC

08 Jan 21

Capital Access' Hot Off The Wires - The Day Ahead

Today's news & views, plus announcements from Barratt Developments, Rentokil Initial, Marks & Spencer, Pets at Home, Marston's and Premier Miton Investors.

Companies: Barratt Developments PLC

28 Sep 20

New team lays out its stall for growth + value creation

Although CV19 rounded off a disappointing year, BAR was just profitable in FY20 and ended the period with £21m cash. After a challenging transition post the disposal of manufacturing, a new and experienced leadership team is now in place which has laid out clear future growth plans. Through a combination of organic growth, brand focus, productivity gains and selective acquisitions, BAR aims to grow sales to £50m over the medium term. The business model is inherently high margin and cash generative and, if these characteristics are borne out, future value could increase several fold compared to today’s £20m.

Companies: Brand Architekts Group plc

24 Sep 20

Compelling growth & value investment case

We initiate on Portmeirion and argue that it is in a better position than the current market valuation suggests. It has delivered a resilient first half and, following a strategy reset under the new CEO, it has much more enhanced capabilities with an improving model and profit outlook. Furthermore, Portmeirion is well funded with no balance sheet concerns. The shares trade on low spot multiples of 10x FY21 P/E with and 5x EV/EBITDA with a 9% FCF yield. A SOTP analysis based on peer/corporate deal metrics shows fair value towards 650p. Patient deep value investors should take a much closer look.

Companies: Portmeirion Group PLC

12 Jan 21

Strong business momentum across portfolio

Real progress towards significant value generation

Companies: Tern Plc

31 Jul 19

Cenkos: Building & Construction

Due to a change in Analyst role, Cenkos Securities plc has suspended coverage of the following stocks (see table 1). Our previous recommendation and forecasts can no longer be relied upon.

Companies: BDEV BWY BKG VTY COST CRST BBY FERG GLE KLR KIE MSLH MER MTO NXR PSN RDW RNWH SFR SHI MGNS TW/ CTO TEF TPK GFRD

21 Sep 20

Allenby Capital TMT Update - 21.09.20 - TERN.L, CNS.L, EYE.L

Tern plc* (TERN.L, 8.0p/£24.1m) | Corero Network Security (CNS.L, 8.25p/£40.8m) | Eagle Eye Solutions Group plc (EYE.L, 288p/£86.9m)

Companies: TERN CNS EYE

05 Oct 20

Allenby Capital TMT Update - 05.10.20 - MIRA.L, OSI.L, CNS.L, TERN.L

Mirada plc* (MIRA.L, 72.5p/£6.5m) | Osirium Technologies plc (OSI.L 19p/£3.7m) | Corero Network Security plc (CNS.L, 11.0p/£54.7m) | Tern plc* (TERN.L, 7.7p/£23.2m)

Companies: MIRA OSI CNS TERN

02 Nov 20

Walker Greenbank - Strategic progress in challenging markets

The impacts of COVID-19 on trading were visible in the H121 outturn but management actions resulted in an improved net cash position at the period end. Walker Greenbank will be renamed the Sanderson Design Group as part of a wider strategic improvement programme. Noting a solid start to H2 so far, management’s messaging is rightly still cautious about the market outlook but it is encouraging to see the combination of close operational control and strategic improvement are running in parallel.

Companies: Sanderson Design Group PLC

05 Nov 20

Walker Greenbank - Termination of coverage

Edison Investment Research is terminating coverage on De La Rue (DLAR) and Walker Greenbank (WGB). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.

Companies: Sanderson Design Group PLC