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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Findel Plc | LSE:FDL | London | Ordinary Share | GB00B8B4R053 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 233.00 | 230.00 | 233.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMFDL
Findel PLC
03 August 2016
London, UK, 3 August 2016
Edison issues research review on Findel (FDL)
The investment case for Findel is that its largest business, Express Gifts, has substantial growth potential that should yield operational leverage benefits as it progressively reaps the rewards from investments in distribution, systems and financial services made in recent years. Given that, the strong trading performance reported at last week's AGM is very encouraging. Despite short-term profit offsets from currency moves and continued weakness in Education, the longer-term potential appears under-appreciated.
Our sum-of-the-parts valuation of 240p per share is barely changed from the previous 238p. At 240p the FY17e and FY18e P/Es would be 9.6x and 8.0x, respectively. The group's high absolute level of debt reflects funding for its consumer credit book. Core net bank debt, excluding credit book funding, was around 0.8x FY16 EBITDA and manageable. Nevertheless, even if one included Findel's total debt in its EV, the FY17e and FY18e EV/EBITDA ratios of 8.3x and 7.4x do not appear especially stretched.
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About Edison: Edison is an international equity research firm with a team of over 110 analysts, investment and roadshow professionals and works with both large and smaller capitalised companies, blue chip institutional investors, wealth managers, private equity and corporate finance houses to support their capital markets activity. Edison provides services to more than 420 retained corporate and investor clients from offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the Financial Conduct Authority.
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This information is provided by RNS
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END
NRAEANPDEAXKEEF
(END) Dow Jones Newswires
August 03, 2016 05:28 ET (09:28 GMT)
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