Share Name Share Symbol Market Type Share ISIN Share Description
French Connection Group LSE:FCCN London Ordinary Share GB0033764746 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -0.36% 34.875p 34.25p 35.50p 35.50p 33.75p 34.50p 123,642 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 178.5 -1.6 -1.6 - 33.57

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Date Time Title Posts
23/9/201617:09*** French Connection ***865
30/12/201519:28FCUK ME IM BUYING IT535
02/12/201511:58FCCN Delicious @23p-24p6
05/1/201508:52Could this company come back into fashion?2
18/9/201422:29FRENCH CONNECTION III137

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French Connection (FCCN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
16:28:0034.655,0001,732.50O
16:01:2634.351,427490.17O
15:41:5834.652,000693.00O
13:52:0735.0025,0008,750.00O
12:51:4235.0010,0003,500.00AT
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French Connection (FCCN) Top Chat Posts

DateSubject
30/9/2016
09:20
French Connection Daily Update: French Connection Group is listed in the General Retailers sector of the London Stock Exchange with ticker FCCN. The last closing price for French Connection was 35p.
French Connection Group has a 4 week average price of 41.04p and a 12 week average price of 40.54p.
The 1 year high share price is 51.75p while the 1 year low share price is currently 21.50p.
There are currently 96,253,134 shares in issue and the average daily traded volume is 110,424 shares. The market capitalisation of French Connection Group is £33,568,280.48.
20/9/2016
09:19
multiplural: I like reading Gatemore's letter copied in the article in the Guardian. Especially this: Deep Value. At last week’s closing price of 34.5p, French Connection shares trade at a current EV/Sales of 0.1 and a Price/Book of 0.6 (source: Bloomberg). By comparison, the FTSE 350 General Retailers Index, which averages only 4.7% operating margins, trades at EV/Sales of 0.8 and Price/Book of 2.1 (source: Bloomberg). If French Connection is able to bring its profit margins towards sector norms for 2017-18, then we believe a 150p share price should be achievable by the end of 2017. In 2014 when investors believed FC would be above break-even for the year, the Company’s share price rose above 90p. This demonstrates how quickly investors can respond to positive developments.
04/7/2016
11:15
tmfmayn: I think Marks has already had at least two good opportunities to shaft shareholders when the price has dropped to 20p. But the shafting risk remains of course. especially if the firm and share price falter once again. Let's hope Adderley forms some sort of action force with Meidar and Schroders, who between the three of them now have 25% of the group (albeit less than Marks' 42%).
03/2/2016
13:03
thorne3: The business is clearly being decimated on the high street and strangely there has been no report about Xmas trade.The only conclusion one can draw bearing in mind the favourable share price action is that some kind of deal is in the offing.This could relate to the offloading of the HO/Oxford St. properties or indeed a total restructuring of the business including a hiving off of the licensing/warehousing operations.Any views?
17/10/2015
19:26
the millipede: I think FCCN are screwing this up. It is true the underperforming stores are being closed - and so almost with their eyes closed this business should become profitable..... one day. But the recent upturn has been consumer led. I rarely go into town but when I do the shops are all full and bustling...... except one: FCCN which today was complely empty, still like the eye of a storm. To me this says their designs and business model are rubbish which, to be frank, does not bode well for the rest of the company. If they can not turn the retail business around in this environment surely they are idiots? And the DFS sofas they keep advertising look cheap and nasty. Eugh. Nonetheless, Paul is right: in five years this could be a five/ten bagger. If other things stay the same, it will not go bust. (The caveat being the cash burn so they have four/five years but not longer.) But IMO it is not priced as though it might go bust anyway and for the forseeable I think the share price will be the plaything of traders and speculators. Which means it could go lower, could go higher. In the meantime it will only take slowdowns elsewhere to impact other parts of the company, so there is most definitely downside risk IMO. At 20p it was probably a good punt. At 30? Dunno. Maybe depends on your time frame - and risk tolerance?
05/10/2015
21:20
paulypilot: Hi webpax & TMFMayn, Interesting points, thanks. I think the analysis about totally up lease liabilities is erroneous. The only thing that matters is whether you trade at a profit or loss from a shop. The rent doesn't matter, it's the profit/(loss) that matters. A shops which makes a good profit might have millions of pounds of rental payments due in future years, but it's meaningless to look at those liabilities in isolation, and ignore all the revenue that you will generate from that shop in future too. FCCN is on track to make an overall loss of between £4-5m this year, due to the poor H1 (outlook for H2 is better). H2 is profitable historically, and H1 loss-making, a lot of investors miss that point, and sell after the interims, thinking that things are going downhill, then the full year figures end up looking alright. The shop leases are gradually expiring (they are usually 15 years at inception), and I don't think FCCN has opened any significant new shops since about 2007. So they should be coming near to the end of the leases on loss-making shops. When the lease expires, you just hand it back to the landlord, and walk away, therefore the trading losses disappear. Over the next 5 years, the retail division losses from FCCN should melt away, as problem shop leases expire. That is the opportunity here. Taking off all rental liabilities from the net current assets is a nonsensical way to analyse the figures. What we should be doing, is to calculate what the trading losses will be over the next 5 years, and deduct that from the big profits made by wholesale & licensing. What we should then see is a highly profitable business gradually emerge over the next few years, providing they also cut overheads as the retailing side of things shrinks. I annnotated this chart from the last full year results. Screenshot: http://puu.sh/kzIPw/28ba1904a2.jpg So 2015/16 figures are likely to be very similar to the 2014 column. If you eliminate the retail losses, which will happen automatically as the leases expire, then you are left with a wholesale business making £11.7m profit, licensing making £6.1m profit, less overheads of £11.3 - which could perhaps be cut by say half, if the retail division is eliminated altogether, so reduced to £5.8m overheads. That would give a potential future overall level of profits of £12m p.a. I think the market would value that at say £100-200m. That's a share price of 104-208p, and remember this assumes no improvement in trading - it simply assumes that the retailing division is closed down. The upside case from there, is that the retailing side improves somewhat, and only some shops have to be closed, leaving a smaller, but profitable retail side. Hence we could be looking at a share which has the potential to 5-10 bag over the next few years from the current level, based purely on problem shop leases expiring. I reckon the problem leases could actually be concentrated into just a few shops - especially the Oxford Street store, which has a rent of over £3m p.a. That shop alone must be absolutely haemorraging cash. Yet it's a prime unit, opposite Selfridges. So who knows, we could get an RNS any time saying they've done a deal to exit the lease, maybe even for a premium, who knows? Sites in Oxford Street are highly prized. When Bond Street crossrail opens, the FCCN site on Oxford Street will be absolutely prime location, so that's another reason to believe it could end up being an asset, not a liability. Bottom line is this - FCCN is absolutely not going bust - there is enough balance sheet strength for it to survive whilst the problem leases gradually expire, and hence losses reduce. It can weather this storm, and has a big tailwind of leases expiring - the average is only about 5 years remember, so this is a ring-fenced problem, and the brand is still very powerful - evidenced by the continued good licensing revenues, and strong wholesale profits. DFS furniture now has a range of FCCN sofas on its website: http://www.dfs.co.uk/french-connection/results This is evidence that the brand is not at all washed up, it's still an aspirational brand in consumer eyes & minds. Just because they can't make standalone stores work, doesn't mean the brand itself is tarnished. It's just that the product is too expensive to retail profitably from standalone sites, as is the case for many medium to upper brands. The High Street rents + rates are too high now for this type of product, it can't be sold in enough quantity on the High Street. But it works well in independent stores, and Dept Stores - hence why the wholesale division is decently profitable. It's a pity they can't just do a pre-pack Administration with the retailing division. I've been buying more today, as the market doesn't really understand this stock, and it's wildly under-priced in my view. Regards, Paul.
01/10/2015
04:05
mreasygoing: Yeah, I'll nibble and won't be sweating when the share price goes into the teens.
09/9/2015
18:53
rainmaker: mreasygoing, stranger things have happened as panic sets in when the partipants become fixated on the share price, not the fundamentals and gripped by irrational exuberance and blind fear.No one can really be sure how far we will fall although all we can do is be prepared for any eventuality. There's a whole weight of buying all the way up to some 90p last year and my expectation is that rather than add,Investors will unload as the share price comes under renewed pressure since they are so heavily "under water". aimho,dyor regards
12/8/2015
10:44
rainmaker: If you're using technical indicators rather than fundamentals to make investing decisions in French Connection be extremely careful. Back in April FCCN's RSI(relative strength indicator)went deeply into oversold territory below 30........and the share price promptly collapsed. IMHO fundamentals are always king and of primary importance. regards
01/8/2015
00:53
paulypilot: FCCN is 3 businesses rolled into one. 1. Profitable brand licensing operation. 2. Profitable wholesale operation. 3. Massively loss-making retail operation. The investment angle here is that 3 above should be fixed as the shop leases expire (average length 4 years). The company appears to have the balance sheet strength to easily survive 4 years, by which time most of the retail losses should have gone, as loss-making shops are handed back to landlords. I appreciate that 4 years is beyond most trader/investor timescales, but for the patient investor, there is a good chance this share could pay off nicely. In the meantime, the share price has been very poor of course. I've no idea what will happen, but risk:reward looks quite reasonable, for people who take a long term view, in my opinion. Regards, Paul.
30/12/2011
19:02
rainmaker: Thanks Cambium, I definitely believe so. There are going to be People reading my previous post, thinking the FCCN share price is going to 327p in a year's time but using the same average annualised gain would be consistent with a move to 60p after one month,84p after 2 months etc so IMHO huge upside from current low levels. Remember this share three and a half bagged in the first three months of 2011. Following a restructuring and the licensing deal this business is in far better shape than a year ago yet the share price is trading around the same levels.Looking at the Company cash and it's licensing deals means that you're paying next to nothing for a profitable cash generative business. It's going to interesting to see what progress the share price makes in the next three months. IMHO there's going to loads of money made by holders.I think one of the problems with FCCN is that followers are extrapolating short term trends and ignoring the improvement in the long term value of the business. regards
French Connection share price data is direct from the London Stock Exchange
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