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.

28 Jul 20

A strong FY20 despite Covid-19…. ……and increasingly optimistic on the future

IG Design Group has delivered another year of strong revenue growth (+10%), together with the transformational acquisition of the US company CSS. Adjusted profit before tax and diluted EPS were slightly down year-onyear but would have been ahead and in line with market expectations, adding back the adverse impact of Covid-19. A final dividend of 5.75p sees the full year figure up 3%. While the group has made a commendably strong start against its Covid-19 adjusted forecasts, the full year outturn for FY21E (and our view of a bounce back in FY22E) will nonetheless be adversely impacted by the ongoing changes brought about by Covid-19.

Companies: IG Design Group Plc

29 Jul 20

WHI First Light: Walker Greenbank & Phoenix Copper

Walker Greenbank is a higher end interior furnishings business with well-established global brand names and manufacturing facilities in the UK. The Group has this morning released an update to coincide with its AGM, which confirms that the improving trends reported at the full year results last month have continued to be seen. Phoenix today announces the results of 7 of its 30 holes into the Empire Open Pit resource gold zone from its property in Idaho. Results are encouraging with several, close-to-surface intersections e.g. 13.7m grading 2.1g/t gold from 5m and another hole with 1.6m grading 8.5g/t gold from 32m down. The gold is associated with minor silver (on average just over 3x the gold grade). Additional channel and field samples were also taken from surface to help site drilling and to define better the surface expression of the skarn-host contact and the higher-grade zones – with grade demonstrated in most of these.

Companies: Walker Greenbank Plc Phoenix Copper Ltd. (United Kingdom)

07 Apr 20

The Promised Land

Red Dwarf, the very British sci-fi comedy franchise, ran for 11 seasons – most recently in 2017; and The Promised Land is a feature-length TV movie – out this year. Yes, the programme is an acquired taste. Strangely, too, many episodes are impacted by a virus or three (physiological, not main-frame).

Companies: WJG BKG CSP CRST MCS INL BDEV RDW GLE SPR TW/ PSN VTY GLV CRN ABBY BWY

29 Jul 20

Strong recovery from lockdowns

Victoria has reported results to March 2020, including a positive update on trading for the first quarter. Whilst Q1 FY2021E revenues were 64% of the Group’s pre-COVID budget, there has been a strong recovery across the period from 35% in April to 102% in June. Like-for-like organic revenue growth for FY2020 was 0.4% despite significant COVID impacts from late-February and the gross margin improved to 36.4% (2019 35.6%). £385m net debt at 30 June (excluding IFRS16) also compares favourably to the year-end position at £380m (3x adjusted net debt/EBITDA). With current revenues running ahead of budget for FY2021E the statement will provide reassurance over the resilience of the business, albeit that some revenue growth may be the result of pent up demand. Guidance remains withdrawn but consensus estimates for FY2022E, based on c.£635m of sales were already anticipating an adjusted EPS result for that year of 32.5p, equivalent to a PER of 7.4x. We have no formal forecasts at the present time and will initiate coverage in due course.

Companies: Victoria

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

09 Jun 20

Build-to-rent ‘comes of age’

Covid-19 could be the catalyst for build-to-rent (BTR) to “come of age” according to residential for rent developer and manager Watkin Jones. It was already ramping up BTR alongside its core of student accommodation, but we now believe demand for purpose-built private rental could be further boosted by people choosing to rent and by an institutional hunger to replenish dwindling sources of yield. The recent interims showed BTR overtaking student housing’s pipeline and we believe WJ’s low-risk, capital light model is tailormade to serve this burgeoning market.

Companies: Watkin Jones Plc

22 Jul 20

Government planning fillip reinforces outlook

New Government rules yesterday allowing unused office and industrial sites to be redeveloped without planning permission into housing could, in our view, allow Watkin Jones to regenerate its city centre sites into build-torent (BTR) or student accommodation more quickly, and with greater certainty. This should further enhance the residential for rent developer and manager’s low-risk, capital-light offer to institutional property investors and support the Government’s aim of reviving urban centres.

Companies: Watkin Jones

07 Oct 19

UK Housebuilding Sector in 3Q 2019: ‘And then there were 17’

Dame Agatha Christie (née Miller) published more than 80 books and plays; and the Guinness Book of World Records lists her as the best-selling novelist of all time with roughly two billion copies sold. ‘And then there were none’ was originally published in 1939, with an un-politically correct title; and it is still the world’s best-selling mystery (with more than 100 million sold). It is also number six on the list of best-selling books of all-time.

Companies: ABBY CSP WJG TW/ BWY PSN GLV BDEV RDW BKG VTY CRN GLE SPR GFRD

28 Apr 16

Small caps win dividend race

Dividend income typically comprises a substantial proportion of the total long-term return from equities. This will especially be the case at a time of low interest rates and low inflation/growth. A segmental analysis for 2013- 2016 shows that the further you go down the market-cap scale the more robust dividend growth, especially in the coming year. While there is the potential for short-term performance from “renting” some of the high yielders in the FTSE 100, overall there is better value to be had from a portfolio of good-quality smaller growth companies, some of which are also capable of delivering special dividends.

Companies: BOTB BMS FDM HAT PMP QRT SCS STAF SNX TRI APTD

12 Jul 17

Looking Forward on the markets H2 2017

The AIM market turned twenty-two in June and it is fair to say it has had its fair share of difficultiesH1 2017 saw a further net loss of constituents and we ask what will the rest of 2017 hold in store. Arguably the stability of the UK government, Brexit and the shift in global monetary policy will be the biggest themes for the remainder of the year.

Companies: IDP PEG SOU MVR TST VANL W7L G4M AMYT

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

08 Jan 20

UK Housebuilding Sector: 2020 vision: Sharpness and clarity for industry prospects

For fighter pilots, it is a minimum requirement. But having 20/20 ‘visual acuity’ (correct term) does not necessarily mean you have perfect vision (as convention assumes); instead, it indicates sharpness and clarity of vision at a distance. It is measured by a Snellen Chart, which displays letters of progressively smaller size and whereby 20/20 means that the test subject sees the same line of letters at 20 feet that a person with normal vision sees at 20 feet (or 6 metres; but 6/6 simply didn’t catch on).

Companies: ABBY BDEV BWY BKG VTY CRN CSP CRST GLE GLV INL MCS PSN RDW SPR TW/ WJG

09 Jan 20

Capital Access' Hot Off The Wires - The Day Ahead

Our Hot Off The Wires daily newsletter takes a look at the morning's market movements, news stories and company announcements. Don't forget to have a go at our daily trivia! Companies mentioned in this edition include: IAG, Tesco, Bunzl, Rathbones, Dunelm, Marks & Spencer, Mitchell & Butlers, Card Factory, *SIG, Galliford Try, Liontrust, Hipgnosis Songs Fund, *Avation, Nichols, Naked Wines, John Lewis and the potential upcoming IPO of Calisen Group Holdings. If you would like to be subscribed, please email us at info@capitalaccessgroup.co.uk. *Capital Access represents SIG and Avation - if you would like more information or access to the Management teams of either of these companies, please get in touch.

Companies: AVAP SHI GFRD

25 Feb 20

Interims – strong H1 offsets challenging macro backdrop

Interim results to 31 December were 2% ahead of the 9 January trading statement, with revenues rising 33% to £5.1m, resulting in a pre-tax loss of £0.3m and period-end cash of £0.4m. Against a challenging retail background, these are strong results, with revenues also up 17% in the first seven weeks of H2. However, with key trading months (Mar-June) still to come, we have taken a more conservative stance with Roots revenues cut to reflect challenges to the bran, which should partially offset by the launch of Nuthing into the hair removal category. In doing so, InnovaDerma should thereby diversify its product concentration risk further. We reduce FY 2020 sales by 7% and PBT by 9%, reflecting weaker Roots expectations. Consequently, we lower our target price to 180p (-10%), which implies an adjusted FY 2020 P/E of c.19x and EV/EBIT of 13.2x, falling to 16.0x and 10.8x, respectively, underpinned by EPS growth of 19% in FY 2021.

Companies: InnovaDerma Plc

19 Mar 20

Cenkos: RA International Group Plc -- Yours for 0.9x FY20E EV/EBITDA!

We do not currently expect that Covid-19 will lead to any meaningful disruption to RA's operating activities during 2020. RA's core business activity is the provision of remote site and mission critical life support services in many challenging locations around the world, often in very difficult circumstances (eg previous Ebola outbreak) and it plans extremely long supply chain cycles as a matter of course. RA's customer base is blue chip, including numerous UN agencies and other NGOs, Western national governments and global corporations. A trading update released on 18 December 2019 confirmed that FY19 revenue is expected to be slightly ahead of expectations with profitability broadly in line, with contracts delivered over all service channels. FY19 results will be announced on 1 April 2020. That RA's shares have been affected by current market turmoil is to be expected, however we would point out that the shares now trade on just 1.4x and 0.9x FY19E and FY20E EV/EBITDA respectively, with FY19E and FY20E PERs of just 3.9x and 3.6x respectively. RA is a cash generative business and our FY20 forecast net cash of $37.1m in the balance sheet represents 68.2% of the current market cap.

Companies: RA International Group Plc

18 Apr 18

Telford Homes - Trading Update

03 Aug 20

IG Design Group (IGR) FY20 results presentation

22 Jan 20

Full year results interview with CEO Richard Simpson

09 Jun 20

Morning Report: FTSE 100 slides despite surge in US markets

20 Nov 19

InnovaDerma PLC launches limited edition chocolate range of Skinny Tan products

12 Mar 20

Galliford Try Holdings PLC - Company overview

28 Nov 17

IG Design Group (IGR) H1 results November 2017

27 Feb 20

InnovaDerma 'well-positioned' with a strong pipeline of new products and markets

27 Jun 17

IG Design Group (IGR) Preliminary results for the year ended 31 March 2017

24 Feb 20

InnovaDerma PLC launches new range of hair removal products 'Nuthing'

22 Mar 19

Henry Boot - 2018 Final Results

13 Jan 20

InnovaDerma’s first half revenues advance 28%

23 Jul 20

Market Report: Oscillating FTSE 100 heads higher

13 Jan 20

InnovaDerma’s first half revenues advance 28%

22 Jul 20

eve Sleep has definitely turned a corner says CEO Calverley

Latest Content

IG Design Group (IGR) FY20 results presentation

IG Design Group Plc

03 Aug 20

Outlook not encouraging enough for FY20

Despite the strong rebound in China, all divisions have been heavily impacted by the pandemic in the last three months, especially those with the greatest exposures to makeup products which have been most impacted. Unlike the top-line trend, the group has maintained its good profitability, especially in the Active cosmetics division. The group is now expecting slightly positive growth in H2 20, which was not encouraging enough since the market anticipates a sales contraction of 4% for FY 20.

L'Oreal

31 Jul 20
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Strong recovery from lockdowns

Victoria

29 Jul 20
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WHI First Light: Walker Greenbank & Phoenix Copper

Walker Greenbank Plc Phoenix Copper Ltd. (United Kingdom)

29 Jul 20
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A strong FY20 despite Covid-19…. ……and increasingly optimistic on the future

IG Design Group Plc

28 Jul 20
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A strong FY20 despite Covid-19…. ……and increasingly optimistic on the future

IG Design Group

28 Jul 20
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IG Design Group (IGR) Full Year 2020 results

IG Design Group Plc

28 Jul 20

Q2 sales beat and a seemingly assured margin

Q2 sales and H1 margins both beat estimates, pushed by finally better than expected Food & Refreshments and a strong performance in North America. Any exit of the tea business should now be confined to the developed markets.

Unilever Plc