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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Studio Retail Group Plc | LSE:STU | London | Ordinary Share | GB00B8B4R053 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 115.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 115.00 | 120.00 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 115.00 | GBX |
Studio Retail (STU) Share Charts1 Year Studio Retail Chart |
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1 Month Studio Retail Chart |
Intraday Studio Retail Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 06/6/2022 | 15:44 | Studio Retail Group (formerly Findel) | 640 |
| 22/5/2005 | 20:48 | ROFLMFAO !!!! NUTTER ALERT !!!! | 98 |
| 30/4/2001 | 14:38 | Stratus: Death or glory play | - |
| 18/4/2001 | 15:34 | Stratus placing and offer | 4 |
| 26/2/2001 | 08:02 | Stratus Tipped | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 31/1/2022 19:45 by inever Studio was my biggest holding by far at one stage but I sold out in July when there was no bounce in the share price in response to the excellent FY21 results announcement on June 30th. I posted at the beginning of August my reason for selling.Today's announcement is a disaster in terms of communication and leaves shareholders in the dark. It advises it is "exploring a range of options to meet a short term working capital funding requirement" yet it doesn't say what that funding requirement is and for how long.The reason for the requirement is sales were lower than expected because stock arrived late due to the global supply issues.So revenue is down, creditors are up and management has committed itself to buying next autumn's stock early in order to avoid the negative impact of late deliveries. Bravo to management for making that last decision except they seem to have done so without having the cash to pay for it. Either that is bad planning discipline or the soft start to Q4 has really caught them by surprise.For those investors not familiar with the planning and commitment cycle in buying and merchandising, note how far ahead commitment have to be made. This time last year orders were being placed for stock that we are now told didn't arrive on time. This time last year management had just enjoyed a stellar Q3 (and H1) because of lockdown. What sales targets for Q3 do you buy for in 2021? To match 2020 or to soften back towards 2019? These decisions were crucial and it seems to me from reading all of the announcements, a prudent approach was applied.Late deliveries can be absolutely devastating to the retailer's crucial Christmas trade so I can accept their explanation.There is one other problem stock wise that might have caught them out. At the end of March 2021 stock was only £38m, compared to £59m in March 2020 and £49m in 2019. In otherwords they started the new year under stocked by about £20m and they needed to catch up. By the end of H1 (September 24th) they hadn't caught up. Stock was £53m compared to £70m the year before and £72m in September 2019. It is a very plausible explanation for sales being weak and the late deliveries explains why stocks are now too high, though it is not much comfort to shareholders.To make matters worse what they haven't done is quantify the problem in their communication. Are we talking a £10m or £50m working capital requirement? They don't say. What is the level of stock? How big is the problem? Maybe we'll know tomorrow, but management must be punch drunk this evening. All those shareholders who stood by management when Ashley applied the pressure in 2020 are going to be hacked off. Their loyalty has not been rewarded. Another RNS has to be imminent. Any potential suppliers reading today's announcement are going to require more cash up front (or mighn't get credit insurance) on new orders. Inadvertently today's announcement may make the working capital requirement worse not better. I'll sit on the fence for now, but that £1 is attractive if funding working capital is sorted. |
Posted at 31/1/2022 09:38 by schroedar Look. I don’t want to be the prophet of doom but face facts. A retailer should have peak cash immediately after new year sales. Notwithstanding the supply chain issues which I agree are macro, they have totally screwed up their buying so will be left with obsolete stock with a massive impact on the write down of future profitability and in so doing have run out of cash. A maxed out rcf at this point in the cycle with the headwinds and especially given their customer demographic is going to cause the banks no end of headaches and they will be loath to extend more cash from a credit perspective. Add in the securitisation and the credit now looks terrifying. Sadly they will need equity to survive this and at the current share price I am afraid it will be massively dilutive. The lack of institutional selling today tells you that all the institutions are already over the wall so expect a ri to raise £30-£50m at 40p and a share price to settle around 70p. Having so badly misread the market and frankly misled investors this Board needs to go |
Posted at 06/1/2022 18:19 by skindle I hope I’m not tempting fate here but has the share price now discovered the stop figure associated with the open sell order ? There would appear to be solid support at around 160 pence. As Studio have an office in Shanghai, I am mystified as to why we have so far not seen any investors emerging from outside the U.K. Chinese investors particularly have a keen eye for an under valued business. |
Posted at 22/12/2021 07:58 by zho Ah, okay, thanks.Studio Retail Group (STU): Revenue aspiration with a wow factor Studio Retail Group (SRG) is a focused play on the growth of online value non-food retail. Management's aspiration to accelerate medium-term revenue growth, to a CAGR of 10-15% over four to six years, is expected from gains in active credit customer numbers and spend per customer. SRG's valuation is at a significant discount to its own historical multiples (despite an improved medium-term growth aspiration), its peers and our DCF-based valuation of c 420p per share if it can achieve its aspirations. SRG's FY22e EV/sales multiple of 0.3x and P/E multiple of 5.0x are well below its long-term averages despite it now offering a more focused portfolio with an improved medium-term growth outlook. It also trades at a significant discount to online and offline peers despite attractive relative margins. A DCF-based valuation, which includes the assumption that management meets its £1bn revenue target by FY27 (year six), indicates a share price of 420p/share. The Frasers Group shareholding of c 27% represents an overhang to share price performance. |
Posted at 24/11/2021 15:31 by skindle I now question the wisdom of my logic when I and the majority of shareholders voted against a takeover by Frasers (Sports Direct) back in April 2019 when their share price was under three pounds and ours was hovering around two. Our share price has now shot up to 233 pence (in thirty two months) while Frasers share price has only increased by a mere one hundred and thirty eight per cent to 700 pence. I think we may have called that decision incorrectly !! |
Posted at 23/9/2021 16:24 by skindle I bought some shares yesterday in expectation of an uplift in value. I saw this AGM with its various resolutions as a significant moment for Studio PLC were they to be approved. I am pleased to note that all resolutions were approved virtually unopposed yet the share price has not moved at all. What will it take to realise the true value of the business through its share price ? |
Posted at 21/9/2021 20:18 by skindle Hello 1GW_, I hope you are well. This maybe a good moment to re invest. If the item proposing the purchase of company shares is approved, this could provide the share price with some uplift. I may buy some shares tomorrow morning in anticipation of this item being voted in. Judging by the way the FRAS share price has moved positively each time they declare a new share buy back, makes me think that this process could be repeated at Studio PLC. Good luck with your investment. |
Posted at 03/6/2021 18:41 by inever There were an unusually large number of transactions on Studio today compared to a normal day. Of the 239 transactions, 204 were Automatic Trades, 34 were “Orders” and the UT was a sell of 38,640.67,326 shares were bought and 97,399 were sold as AT’s. The largest AT buy was for 4,834 at 285p timed at 11:02 and 6 minutes later the largest AT sell of 4,433 shares at 280p was recorded. 62,611 shares were bought and 5,419 were sold as O’s. The largest O was for 7500 at 271p, followed by 4 orders of 5k each. Chartwise, The Studio share price started the day just below the 20 days moving average, passed straight through the 50 day moving average of 284p and rests tonight on the 200 day moving average of 265p. All very nice and neat. We need to remind ourselves of what this management team in the last 12 months has achieved. Q1 Lfl Sales up 55% Q2 Lfl Sales up 28.5% H1 Lfl Sales up 38% Q3 Lfl Sales up 32% Q4 Lfl Sales up 88% Year to March: Sales up 43% By any stretch, that is a vote of confidence from the only stakeholder whose opinion should matter to us as investors – the customer. And it has been achieved on higher margins, don’t forget that. Frasers sold because they need to prepare their own balance sheet for some hefty write-offs. Studio’s second largest shareholder, Schroders aka Andy Brough, is predicting £1bn in sales and EPS of 90p in 3-4 years. (I think 2-3 years). The last management statement was very positive and promised guidance in June with the final results. That is fine by me, because management will know how they will fare against the Q1 Lfl before publishing that guidance, thus increasing its accuracy. Sales momentum is key in retail and Studio has it at the moment. I’m ignoring the AT’s and following the O’s, and so long as management keep doing what they are doing, I’ll be following them too. Studio remains my largest investment at cost. AIMHO |
Posted at 07/5/2021 09:41 by inever Schroders invest in businesses to sell at a profit whereas Frasers invest in businesses to run them. Frasers acquired 10% of Studio from Schroders. Frasers wants to buy Studio before it gets over valued. Andy Brough has predicted £1bn sales and 90p earnings in 3 to 4 years. On a conservative pe of 10, Andy expects Studio to be worth £9 a share in three to four years time at least.So it's up to Frasers to make a move but Schroders aren't going to budge while the price is £3 AND management are delivering. It may sound counterintuitive but Frasers will be disappointed that the Studio rebranding has been so successful so quickly. They were hoping it would stall, and enough investors would get bored and sell out to get them over the 50% threshold to buy the lot. There will come a time when the trading results will speak for themselves. Personally I think that will be when the issue the March 2021 final accounts. Andy mentioned the possibility of an overhang of shares if either Schroders or Frasers sell some or all of their holding. Doesn't that tell you something about the conversations Andy and Mike Ashley are having?Andy expects the share price to treble in the next few years but will sell if Management trip up.Frasers might sell if management don't trip up because their chances of owning 100% and running the whole show will diminish. It sounds crazy but the interests of the two biggest shareholders are not aligned and that's why the price is stuck below 300p.All IMHO. |
Posted at 14/1/2021 10:58 by inever Cellars,As a private investor, my first investment criteria is to find a management team that knows what they are doing, and preferably in a market segment I know about myself. Based on my own experience in UK retail, Studio has two of the most important ingredients necessary to continue to grow sales and profits in 2021 and beyond. The first is MOMENTUM and the second is a management team that knows what it’s doing. MANAGEMENT KNOWS WHAT IT IS DOING Let’s start with management. They realised the old Findel business needed to be reorganized. They developed a strategy and wisely concluded they needed to rebrand. The clear and simple new brand name, STUDIO, was launched in July 2019. The outgoing CEO Phil Maudsley has over 30 years’ experience with the group. The new chairman Ian Banks, first appointed in January 2017, has an impressive track record behind him, not least his current successful chairmanship of Pets at Home, another market winner in 2020 during Covid. The strategic review, rebranding and new sales growth trajectory have all happened under his chairmanship, and the benefits are only now beginning to filter through to the bottom line. Phil’s replacement as CEO in March 2021 will be Paul Kendrick who is currently the MD of the Studio division. Paul joined the group in May 2016 prior to the new chairman’s arrival so the promotion of an in-house executive is a real plus in terms of stability, continuity, corporate knowledge and culture. Promoting the executive with the trading and marketing background is proof that the emphasis will be on growing product sales and increasing market share. I believe this is a really important indicator of how much the board is committed to achieving their medium target of £1bn in sales from 3m active customers. When you read every market announcement Studio management have made since the new strategy was devised, you will see that there announcements are consistent with the objectives they set out in their strategic plan. In otherwords, management came up with a plan, they have implemented their strategy, the plan is working, and they are going to do more of the same. The strategy happens to be working better than expected during the pandemic, and as the CEO announced on August 24th 2020 “Our intention would be to reinvest any benefits from exceptional growth into further growing the customer base and accelerating our digital transformation.̶ (Compare this to NBrown, which is also going through a transition to online. Sales are still falling and in the summer they talked about refreshing their strategy. Studio is accelerating its plan, Brown is refreshing there’s.) This is a management team that has been in situ implementing the old plan, saw it needed to change the direction and emphasis of the business, and set about building that vision around a new brand called Studio. This is not a turnaround executed by a management buy-in team full of adrenaline and beholden to short term private equity. This is a team that realised they needed to change or die, so change they did, and are succeeding as a result. MOMENTUM To answer your question about how much of the Covid related boost will be retained, look no further than the interview Paul Kendrick gave drapersonline.com on September 30th 2020. He said: “We had expected that to drop away [i.e. the really strong growth during lockdown], and actually in that immediate post-period it did drop down [from 55% in weeks 1-11 to 27% in weeks 12-20], but what we’ve seen is as AW20 has kicked off, our sales performance has stepped up a bit again. So, over the last five weeks we’re actually 30% up, even with the high street being open.” He went on to say. “We are benefitting from two things. Over the last two years we have been driving the transformation to online and that’s the part of the market we are seeing growth in, but we’re also benefiting by being a VALUE RETAILER AS THERE AREN'T MANY VALUE RETAILERS THAT ARE STRONG ONLINE.”[My emphasis] This statement tells you two things. The first is management continues to plan with caution. The second is sales were still up 30% despite the fact that the high street had opened again. My guess is the dip in sales referred to by Paul Kendrick was more to do with the volume of stock-outs rather than anything else. They didn’t expect a 55% increase in sales in weeks 1-11, so stock-outs must have increased. When the Autumn/Winter 2020 ranges went up online and customers had new merchandise to choose from, sales growth resumed its 30% trajectory. I believe the Covid boost can be retained provided the management team continue to execute well in terms of their buying and merchandise function, and I believe they are up to that. The Covid sales bounce was noted in toys, games, electricals, fitness and garden, and the business de-risked by reducing clothing range intakes. In H1 Home & Leisure sales were up 80% and Clothing and Footwear up 22% despite the decision to “de-risk” QUARTER 3 Since these statements were issued, the most important trading quarter (Oct-Dec) has come and gone. It normally accounts for 40% of product sales. The December and January announcements by management both confirm Studio’s product sales grew year on year by about 32%, and crucially, it did so with a 440bps improvement in achieved gross margin. Growing gross margin at the same time that sales are growing strongly is retail’s holy grail for transforming financial performance. Their December 2020 statement says on its Digital Transformation “Enhanced databases and new technology will further improve this decision making and personalisation as well as NOW optimising product range management and pricing strategies.” In short management expect to increase sales on higher margins and their actual performance in October and November prove their strategy is working in practise. Three other kpi’s are disclosed: 1. Active customers have increased to 2.3m (i.e. the number of customers who made a purchase in the last 12 months). This is up from 1.83m at the end of March 2020, an increase of 470k active customers, or 26%. This rate of growth has accelerated because it only grew by 15% in the year to March 2020; 2. Of those, 1.5m are active credit accounts, up from 1.02m at the end of March 2020, an increase of 498k or 47%. [Confirmation of the CEO’s assertion that there is a high degree of loyalty from the credit customer base]; 3. The Studio app has been downloaded almost 1 million times. This is an increase of 150k in the month of December alone, and 300k since the end of September. About 60% of these App users have activated their “push button” which allows Studio to make tailored offers via the app to these users. 20% of product sales are made through the app. The app was only launched in September 2019. Marketing to these customers is much more nimble, personalised and cheaper than recruiting new customers. The statement doesn’t state it, but by my calculations product sales for the 12 months to December 2020 were £400m, up 28.2% on March 2020. Sales per active customer are about £174 for the last 12 months compared to £171 at the end of March 2020. It is hard to quantify the value of income from the credit finance side because it lags the product sales growth but I think a £30m increase to £158m is possible by the year end. TRAFFIC TO THE WEBSITE What is most impressive about Studio is the rate of increase in the traffic to the Studio website and how it has performed relative to its peers. Similarweb estimates that the total visits to the Studio website by month are as follows: Dec 2020 14m Nov 2020 19.7m [Studio places a lot of emphasis on black Friday in November] Oct 2020 12.7m Sep 2020 9.6m Aug 2020 9.0m Jul 2020 8.85m Jun 2020 9.3m May 2020 7.2m Back in September management indicated they would accelerate their strategy to grow customers and sales and there is no question they have been very successful at that. One would expect traffic to grow significantly in Q3 and especially in November, but Studio’s visitor number of 19.7m in the highly competitive November demonstrates they are succeeding in increasing customer awareness of the Studio brand. And this is a stellar performance compared to its peers at this time. SimilarWeb ranks the website every month. In November SimilarWeb ranked Studio the 2181st most popular website in the world, 102nd in the UK and SECOND in the UK category Ecommerce and Shopping, right behind Boots and leapfrogging TKMaxx. In October the rankings were 4556th/178th/88th respectively. Brand awareness is increasing rapidly, helped no doubt by Studio being the main sponsor of ITV’s “I’m a Celebrity Get Me Out Of Here”. But the sponsorship of this iconic programme also shows Studio’s customer profile compliments the target market ITV is aiming for with such a popular programme. The potential market size for Studio must therefore be very high. TRADING OUTLOOK NEXT YEAR. The like for like comparisons are going to be more difficult to interpret in FY22, especially in the first half. This year H1 sales were up 39% (+55% weeks 1-11, +27% weeks 12-20 and +30% weeks 21-26. But I think sales growth of 25-30% can be maintained for these reasons: 1. Brand awareness is rising rapidly (according to Similarweb) 2. App downloads are significantly ahead of last year; 3. The growth in the customer base is accelerating; 4. Credit customers should be over 50% higher than the start of last year and these customers remain loyal; 5. New systems will optimise product range management and improve price strategies; 6. Management have the experience of 2020 behind them. Data analytics of the massive increase in traffic should help them identify new opportunities, especially in expanding their merchandise ranges. 7. The new CEO is an in-house appointment so personnel disruption will be minimal. This is a steady team operating under the guidance of an experienced chairman. I don’t know how management equates 3m customers with a target of £1bn in sales but I think they will get to 3m active customer in the next 18 months. I anticipate sales for the year end March 2021 to be £577m up from £435m, made up of £419m product sales and £158m of credit income). Therefore if 3m active customers equates to £1bn in sales, then Studio will be in touching distance of £1bn in sales by the end of March 2022. I think Findel will be disposed of somehow in 2021, allowing management to concentrate on managing the rapid growth of Studio. It is all my opinion of course and I have no connection with the company other than as a private investor, but I wish Ashley would take his tanks off the lawn and allow the management team to concentrate on exploiting the opportunity they have successfully created for Studio. |
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