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.

Household Goods & DIY equity research

13 Oct 17

Visibility underpins forecasts

Telford Homes’ trading update is a timely reminder that house building can’t always fall into neat six months tranches. Is also serves to remind us that demand for affordable housing in the London market remains strong and, combined with build to rent, provides excellent visibility through its strong forward order book, supported by a robust balance sheet. We expect continued growth over the next three years.

Companies: Telford Homes

10 Oct 17

UK Housebuilding Sector: Q3 2017

‘The $64,000 Question’

Companies: ABBY BDEV BWY BKG BVS CRN CSP CRST GLE INL MCS PSN RDW TW/ TEF WJG

16 Oct 17

Doing the Right Thing

Reckitt Benckiser (RB/ LN, BUY, T/P 9000p) appears due to show quarter of slow organic sales growth when it releases its Q3 trading statement numbers on Wednesday this week. More importantly, a Sunday Times (15th October 2017) article reports Reckitt Benckiser as a front-runner to acquire Phizer’s (PFE US, N/R) consumer health business. In our view, consumer health M&A remains central to the BUY case for Reckitt Benckiser.

Companies: Reckitt Benckiser

18 Oct 17

Disappointing Q3

Reckitt Benckiser’s (RB/ LN, BUY, T/P 9000p) Q3 trading statement reported -1% growth, which was 1% below expectations. The outlook statement is now for flat full year LFL net revenue, which implies around 3% LFL growth in Q4.

Companies: Reckitt Benckiser

27 Jul 17

Strategy continues to deliver strong growth

Victoria's management continues to drive revenue and margin growth through a combination of acquisition, closer integration of operations and organic growth. Having completed four acquisitions during FY17, the group now intends to strengthen its presence in mainland Europe and is embarking on a major restructuring of the UK manufacturing and logistics operations. The shares trade on prospective multiples that reflect the anticipated rate of earnings growth.

Companies: Victoria

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 MCGN PMP QRT SCS STAF SNX TRI

11 Oct 17

Telford Homes - Trading update

29 Mar 17

Telford Homes Plc - Fourth Build to Rent sale for £53.7m

02 Feb 17

Telford Homes Plc - Acquisition of Cambridge Heath Road for £30.2m

12 Oct 16

Telford Homes - Trading Update

31 May 17

Telford Homes - Final Results

07 Oct 16

finnCap - Victoria, Initiation of coverage

Premium

28 Oct 15

Telford Homes Plc - Placing to raise gbp 50m

29 Jun 16

IG Design Group - Preliminary results for the year ended 31 March 2016

04 Jul 17

Executive interview - IG Design Group

13 Apr 16

Telford Homes - Trading Update

30 Nov 16

Telford Homes - Interim results 2016

15 Feb 16

Telford Homes - Private Rented Sector sale for GBP 66.75 million

13 Jul 16

Watkin Jones at Mello 13.7.16

14 Oct 15

Telford Homes - Trading update

21 Sep 15

Telford Homes - 23 million pound Acquisition

Latest Content

Husqvarna

Disappointing Q3 17, good growth on a rolling 12m period

Q3 17 was below expectations. The main disappointment was sales with total growth of +1% and +4% excluding the currency effects and including a scope effect in the Construction division. Restated to before the change in perimeter, organic growth is estimated at c.+2%, below our expectation (+5%E). Q3 17 figures: - Sales reached SEK7,449m (+1%, +4% at constant currency). Restated to before the change in perimeter (Pullman Ermator and HTC in the Construction division), organic sales are estimated at 2%. Organic sales growth at Husqvarna (+2%), Gardena (+3%) and the Construction activity (+5%) were all below expectations. Organic sales decreased in Consumer Brands (-5%). - Operating income was flat at SEK433m (+0.5%) due to restructuring costs of SEK50m in the Construction division related to the integration of the acquired companies. This was not a surprise as restructuring costs (SEK65m estimated) were announced in August 2017. Conversely, the currency effect was positive at the operating level (SEK+40m). The reported operating margin was rather stable (5.8% of sales, -0.1pt) and would have been higher excluding the restructuring costs (6.5% of sales). - Group net profit was SEK210m (+2.4%) after lower net financial expenses (-16%) and higher income tax rate (+3pts to 36.2%). 9 months 2017: - Sales reached SEK33,264m (+10%, +7% at constant currency and including a positive scope effect). Operating income was up to SEK3,860m (+16%), corresponding to a margin rate of 11.6% of sales (+0.6pts). Group net profit was SEK2,593m (+16.8%) after higher net financial expenses (+8%) and a rather stable income tax rate (+0.1pt to 25.6%). - The operating cash flow surged by 23% to SEK3,776m after a favourable change in inventories while capex increased by 9% to SEK1,147m. Investments in shares were significant (SEK1,628m) and corresponded to the acquisitions in the Construction division. - On 30 September 2017, total net debt (net financial debt and pension liabilities) amounted to SEK6,440m, close to the level in Q3 16.

View

20 Oct 17
-
-

Reckitt Benckiser

Disappointing Q3

View

18 Oct 17
-
-

Husqvarna

Sales warning in Consumer Brands

On 16 October 2017, Husqvarna announced that its Consumer Brands division will not meet expectations in 2018. Sales are expected to be down c.SEK1.0bn vs the level in 2017. The Consumer Brands’ target of an operating margin of 5% of sales in the medium term is delayed. The downward revision of sales is due to the decision to reduce significantly the volume with a large US retailer and to continue to focus on the profitable businesses. Management has started to implement the measures to adjust the capacity to lower volume. Husqvarna reiterated its target of an operating margin of at least 10% of sales in the coming years which is not real news since there is no date for its achievement just like previously.

View

17 Oct 17
-
-

Reckitt Benckiser

Doing the Right Thing

View

16 Oct 17
-
-

BDEVBWYBTGBVSIOMLGENPSNRDWTW/CCTIQETEFBKGPHDINLWEYCRSTWJGFLODTYFEVRGLEEHGW7LJOGMCSCSPPURPABBYCRNPLUSTAPHCMXPP

Telford Homes

Visibility underpins forecasts

View

13 Oct 17
-
-

Walker Greenbank

Maintaining a growth focus

Progress from organic and acquired operations was clearly visible in H118, slightly tempered by subdued UK Brands performance at the period end. Strong dividend growth, prospective cash generation and international developments all send positive signals for future prospects. Save for slightly improved dividend expectations, our headline estimates are unchanged and we believe Walker Greenbank offers investors above-average growth exposure.

View

13 Oct 17
-
-

Telford Homes

Telford Homes - Trading update

View

11 Oct 17

AUR SDX GPX ZOL VLTY SLN SCPA TEF AVAP

Small Cap Breakfast

Totally (TLY) - Sch 1 for £11m RTO of Vocare, a provider of integrated urgent care services to the NHS throughout the UK. £76.8 million rev in the year ended 31 March 2017. Totally to address Care Quality Commission concerns. Due 24 Oct. Central Asia Metals (CAML) -RTO of Lynx Resources. Anticipated market capitalisation at Admission: £404.8m. Raising £113m at 230p. Acquiring the SASA zinc-lead mine in Macedonia from Solway Industries. Due 15 Dec. Springfield Properties—Scottish housebuilder. “Our turnover exceeded £100 million for the first time this year and now we employ around 500 people. This IPO is the next step in our growth.” Expected Mid October. Offer TBA. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. Orogen plc, to be renamed Sosandar plc on Admission. Sosander is an online womenswear brand specifically targeted at a generation of women who have graduated from younger online and high street brands, and are looking for affordable clothing with a premium, trend-led aesthetic. Offer to raise £5.3m with market cap of £16.1m, expected 2 November 2017 OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected late october .