Bonmarche Share Discussion Threads

[qs99] 03/5/2017 14:57

great graph, there's the blue

[qs99] 03/5/2017 14:45

about to turn blue? Decent turnaround IMO

[qs99] 02/5/2017 15:35

Well hopefully BON can join in the upgrade fun in short order! GLA

[larva] 02/5/2017 14:26

SGP


UPGRADES!!!!!






SuperGroup (BUY) – Interim results and Q3 trading update
SGP LN (1718p, TP 1920p from 1700p), Market Cap: £1,394m
Our view: H1 results are broadly in line with expectations and the Q3 Retail LFL growth of 15% over peak is very encouraging. We reiterate our BUY recommendation and raise our TP to 1920p (23x cal’17 PER) from 1700p. We are nudging up our FY17 PBT forecast to £86.5m from £84.0m this morning. As part of the updated strategy, the refurbishment programme should ‘kick-start217; further growth in the UK while there continues to be significant opportunities to develop the brand both in Europe and the US.

· Underlying H1 PBT of £21.0m – Adjusted PBT came in at £21.0m (vs CFE £21.5m), an increase of 8.8% year-on-year and in line with November guidance (£20-22m). Adjusted EPS was 21.0p with H1 DPS rising by 26% to 7.8p (6.2p LY). Within these results group revenue rose 31.1% to £334.0m. Retail sales grew by 25.0% to £215.5m, driven by new store openings, and strong LFL growth of 12.8%. Wholesale revenue grew by 43.8% to £118.8m. Group gross margin fell by 130bps to 58.8% principally driven by the strong participation of relatively lower margin Wholesale sales and some targeted clearance activity. Underlying Retail profit before exceptionals was £18.2m (vs CFE £22.5 & £19.1m LY), Wholesale profit was £39.4m (vs CFE £32.0m & £28.4m LY) with net Central costs of £31.1m (vs CFE £33.0m & £30.3m LY). Adjusted Group operating profit rose 14.5% to £22.1m (vs CFE £21.5m) with an adjusted operating margin of 6.6% (vs 7.6% LY).

· Q3 trading update – Alongside today’s interim results the Q3 peak trading performance covering the 10 weeks to 7th January has also been reported. Retail sales rose by 20.6% with Retail LFLs increasing by 14.9% highlighting a strong performance over peak. This follows growth of 11.9% in Q1 and 13.7% in Q2 and leaves the cumulative 36 week LFL growth at 13.7%. A further 74k sq ft was added in the period which contributed to the overall growth rate.

· Forecasts increased – Prior to today’s update our FY17 PBT forecast stood at £84m (EPS 78.7p) with consensus PBT at £86.2m. We are nudging up our FY17 PBT forecast to £86.5m this morning.

· Exciting prospects ahead – At the September 2016 Capital Markets day, it was clear the company had developed a ‘leading edge’ format not just from a domestic but also a global perspective. The new store was developed ‘in house’, section by section and category by category rather than being developed by a third party. At the same time, the company provided an update on its multi-channel strategy (on-line already accounts for 23% of group sales, one of the highest amongst its peer group). Over the next year, the company should be able to fulfill European orders from its Belgian distribution depot, significantly improve its digital marketing effort, and have developed new order management systems which will enable consumers to pick up their order from store in real time and launch ‘reserve and collect’.

· Valuation & Recommendation – SuperGroup trades on a cal'17 PER of 20.6x falling to 19.2x cal'18. The company has a strong balance sheet, which is forecast to have net cash of over £75m at April 2017 and a progressive dividend policy.




We reiterate our BUY recommendation and raise our TP to 1920p

[tjbird] 02/5/2017 14:03

SGP next week results

[qs99] 02/5/2017 08:39

trying hard to kick above £1.15 again...

[qs99] 02/5/2017 08:23

happy days, gla as we start to retrace, £1.50 next stop? DYOR

[bigbigdave] 02/5/2017 08:08

Breaking out this morning, added a few more.

[qs99] 28/4/2017 14:34

IMO this is really trying hard to break that £1 barrier! And then off we go, c'mon lad lets get through....

[chickenrun1] 27/4/2017 15:50

mm's taking a number of sells and not marking down - must be a buyer in size being filled.

[w1ndjammer] 27/4/2017 11:43

maybe next time it will break through the barrier.

WJ.

[napoleon 14th] 27/4/2017 11:14

For TA - a B/O thru' 100p would break thru' the 200EMA & a GX will probably follow.
Interesting times...

[napoleon 14th] 27/4/2017 11:01

hxxps://www.retail-week.com/sectors/fashion/profile-bonmarchs-new-chief-executive-helen-connolly/7006171.article

[qs99] 27/4/2017 10:56

so nearly through that quid barrier.....

[w1ndjammer] 27/4/2017 10:53

massive potential here, looks like the new girl knows her stuff.

imagine what will happen when the volume picks up, almost unknown stock

at the moment.

WJ.

[qs99] 27/4/2017 10:41

once through a quid today IMO, where does the graph point to then?

[w1ndjammer] 26/4/2017 14:10

Buffet has lost plenty of money, but he made even more, usually by buying
distressed companies.......

WJ.

[investopia] 26/4/2017 13:36

"Never sold because Buffet says "never loose money""

Never quite come across that interpretation of his quote before. Perhaps the best way to not lose big money is often to sell.

Buffett also said something along the lines of "If the boat's leaking switch vessels rather than plugging leaks." That's exactly what he did when he sold Tesco's because the shares were falling.

[fenboy2] 26/4/2017 12:20

When do these go ex divi? Cheers

[qs99] 26/4/2017 08:36

? £1.79 maybe?! Hehe

[runwaypaul] 26/4/2017 08:17

79.s looking lovely gl

[qs99] 26/4/2017 08:17

and looking good to break through £1 IMO....gla...

[qs99] 26/4/2017 08:12

nice opening...

[merrimac] 25/4/2017 17:37

I will just be happy if I recover my initial investment. Never sold because Buffet says "never loose money", well actually their fundamentals has always been good so am happy to hold if they begin to move back to their previous levels.