Share Name Share Symbol Market Type
Findel Ord GBP0.10 NEX:FDL.GB NEX Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00p -0.51% 195.00p 182.00p 208.00p 196.00p 195.15p 196.00p 2,666 10:25:48

Findel PLC Edison issues outlook on Findel (FDL)

18/07/2017 2:58pm

RNS Non-Regulatory


Findel PLC

18 July 2017

London, UK, 18 July 2017

Edison issues outlook on Findel (FDL)

The jump in online sales mix from around 56% a year ago to 63% in FY17 is significant in showing Express Gifts' rapid progress towards becoming a pure-play online business. New management confirms the strategy and meanwhile has drawn a line under legacy issues, while the balance sheet is adequate to deal with these and the operation's development needs. We are materially raising our valuation to 324p and believe that, as Findel moves more fully online, there will be further upside to its revenue growth and, consequently, share price.

We are materially increasing our sum-of-the parts valuation from 236p to 324p, fully reflecting legacy issues. However, with these results Findel has clarified its strategic pure-play online goal. Our work shows that its existing cost structure is already in line with such companies (which enjoy P/E valuations of c 70x) and, having observed the operation, we believe it has the potential to accelerate revenue growth and that, consequently, there is further valuation headroom.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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This information is provided by RNS

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July 18, 2017 09:58 ET (13:58 GMT)

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