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G4M Gear4music (holdings) Plc

1.50 (1.02%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gear4music (holdings) Plc LSE:G4M London Ordinary Share GB00BW9PJQ87 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  1.50 1.02% 148.00 15,130 09:22:52
Bid Price Offer Price High Price Low Price Open Price
146.00 150.00 148.00 146.50 146.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Musical Instrument Stores 152.04M -644k -0.0307 -48.21 31.05M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:07:11 O 2,500 148.00 GBX

Gear4music (holdings) (G4M) Latest News

Gear4music (holdings) (G4M) Discussions and Chat

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Date Time Title Posts
25/11/202211:55Recovery Stock5
29/7/201802:05Gear4music (G4M) One to Watch on Monday -
09/8/201520:27Games 4 Music5

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Gear4music (holdings) (G4M) Most Recent Trades

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Gear4music (holdings) (G4M) Top Chat Posts

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Posted at 03/12/2023 08:20 by Gear4music (holdings) Daily Update
Gear4music (holdings) Plc is listed in the Musical Instrument Stores sector of the London Stock Exchange with ticker G4M. The last closing price for Gear4music (holdings) was 146.50p.
Gear4music (holdings) currently has 20,976,938 shares in issue. The market capitalisation of Gear4music (holdings) is £31,045,868.
Gear4music (holdings) has a price to earnings ratio (PE ratio) of -48.21.
This morning G4M shares opened at 146.50p
Posted at 14/11/2023 07:31 by saracen3
House broker Singers reaffirms 182p target

Gear4music (G4M LN)

Follow to open report

Retail | Corporate Client

Mkt cap:

£25.2m | CP: 120p | TP: 182p
Margin expanding and FCF improving

Gear4music has made good progress in H1 against its objective to establish a higher margin business by prioritising gross margins and reducing costs. PBT guidance has been re-iterated on lower sales, and capex savings see ND forecasts improve. Our target price is left unchanged for the time-being at 182p. This is based on 5.0x EV/EBITDA. Margin expansion, better FCF and lower ND, which are all pivotal issues, should support a higher multiple, though, even on lower sales which should increase market confidence in forecasts. We therefore remain at Buy.
Posted at 10/11/2023 15:31 by darrin1471
ali47fish. My average was 107ish and I have held for 12 months. My normal target is to double over 4 years. Today you could make a case for 100's of shares doubling within 4 years. I'm trying to focus on those more likely to move first.
I like the G4M business model, recovery potential and did like the growth potential of A year ago I thought online only would bounce quickly. Today I do not see any online only turnaround within the next 6 months so I have moved on to pastures new.
IMO G4M cutting costs and sacrificing sales for profitable margins is sensible but not the recipe for a quick turnaround. I have heard a couple of companies (CURY & ANG) say retail competition in the EU is fierce at the moment.
I will watch G4M closely and hope to get back in before any upturn.
Posted at 10/11/2023 10:19 by darrin1471
G4M is normally quite an illiquid stock outside of results. I have struggled in the past to get a price and have struggled to buy/sell without moving the price.
Yesterday a buyer (7 x 25k at 111p to 112p) did not move the price but today the L2 spread moved from 105-115 on opening to 115-125 on limited volume. I was able to get 116-223 on dummy sells/buys
Posted at 31/10/2023 09:25 by saracen3
Richard is based in York, like G4M, and must know the company well and be confident

of its prospects. Very encouraging top up.
Posted at 19/10/2023 07:28 by saracen3
More from Singers

When the UK no.1 issued an AGM update 6 weeks ago it said performance in the 1st 5 months had been in line with expectations and with its strategy, i.e. prioritising gross margin uplifts and costs reductions to improve profitability (ahead of less profitable revenue growth) and to increase trading agility. Today’s update re-iterates this. Good progress has made in H1 overall, with gross margin +80bps and a total of £4.0m annualised savings implemented during the half that will benefit H2 onwards, with a part year effect of c£2m expected this year and c£2m next year. We have estimated c£1.7m of this relates to opex (a >4% reduction) and c£2.3m to capitalised tech spend/capex (a c30% reduction). UK sales growth picked up to 3% in H1 (vs. 1.5% in H2) although sales in Europe and RoW were -15% against a strong comp, reflecting the internally planned prioritisation and the challenging macro conditions. Consistent with previous comments, G4M expects normal H2-weighted seasonality i.e. higher sales, a stronger mix of higher margin own brands (underpinned by recent developments/M&A) and economies of scale which are amplified by the latest cost actions. Given stock reductions last year, the H2 margin comp is soft too. Its recently launched pre-owned initiative is performing well and showing signs of being a long-term growth driver. We make no forecast changes. Per our Sept note, existing earnings forecasts could be delivered on lower sales, e.g. ‘flat sales’ via 20bps outperformance in both margins/costs. Pending details at the interims, assumption changes within our earnings forecast of at least that scale look possible, which should increase forecast confidence. On 13x P/E to Mar’25 or 4.0x EV/EBITDA (0.2x EV/sales), G4M remains GARP in our view given we continue to see scope for significant future profitable growth.
Posted at 08/9/2023 08:49 by young scott
Singers comment "far too cheap for the market no.1 and key consolidator" is a bit out of date. Given the split of their turnover G4M's market should be seen as Europe including the UK and not just UK. The market no 1 is Thomann and by a very long way. We can't even be sure that G4M is the UK market leader as Andertons and Thomann don't publish the relevant figures. Its also no longer a key consolidator. The days of G4M taking large chunks out of bricks and mortar retailers is largely job done several years ago. G4M diversified with the purchase of partly in recognition of this.

Today's announcement should be positively welcomed as a sign that things have stopped getting worse and they are now giving concentration to making a return on what they have. At the end of March they were still highly overstocked compared with pre-covid times so should have good availability over winter. Assuming that the Board expectations were in line with those of Progressive Research as published on the G4M website then they should be on target to make a small profit this year and next but still with a small net profit given the size of their turnover. Other than a bit of shoring up of the forecast nothing yet from the company to suggest much share price movement for a while.
Posted at 08/9/2023 08:32 by philly cheesesteak
Thanks for the cheap shares darrin1471. Bananas to sell at 3.5x EV/EBITDA, they are priced to go bust IMO and don't need positive news to double to a more sensible market cap in line with the 2019 lows.

A break of the 200DMA at £1 opens significant upside, this traded at £8 in 2017 and £10 in 2021, my guess is that if private it would be worth somewhere in between the highs and lows - so in the £4-6 range. FWIW the all time average price paid for a G4M share over 2090 trading days since the 2015 IPO is £4.16...
Posted at 08/9/2023 08:07 by darrin1471
"we are prioritising increasing gross margins and cost base reduction to improve profitability, ahead of revenue growth"

There does not appear to be anything company specific to move the price up over the next few quarters.
Online only retailers do appear to have a capacity to reduce costs in times of reduced growth.
I still feel G4M has the opportunity to grow when the time is right. Now feels like a time to cut costs and preserve cash.
We may need a change in sentiment in UK online retail to kickstart the G4M share price.
I have reduced my G4M holding to a small "keep an eye on stake"
Posted at 27/6/2023 14:19 by darrin1471
the G4M 200ma is currently 103p.
G4M has not been above the 200ma since 11/2021 (900p)
G4M has remained above the 100ma since 02/05/23
50/100/200ma are all currently between 95 & 103p
The G4m share price appears well supported within this range.
L2 looks becalmed. Buy orders 90-95. Sell orders 100-105.
I tried a test buy today but could not get a price for £500 of stock. I was offered 97.75p for all the stock I had.
Could be the calm before a storm.
Posted at 20/6/2023 06:58 by saracen3
Singers has 182p target

Gear4music – full year results to March are in line with expectations that we downgraded back in April to reflect the margin cost of reducing inventory levels in a tough consumer environment. Other well-documented challenges included the inflationary/cost of living crisis, increased input/cost inflation, and extreme summer heatwave conditions which impacted markets in Europe and the UK. On sales up 3% to £152m, profits declined £5.4m YoY to a loss of £0.4m (break-even in old IAS17 money excluding a non-cash FX MTM charge). EBITDA reduced 34% to £7.4m, equivalent to £5.7m pre-IFRS16 and a margin of 3.7%, down 260bps YoY. Reducing elevated stock was a key priority, and the main driving force behind the 210bps (hopefully non-recurring) contraction in product margins. But this enabled G4M to reduce net debt by almost £10m to £14.5m. It has now successfully extended its £30m RCF by 3 years, and retains £8m of freehold property. In H2 we saw initial evidence of cost efficiencies. In FY24 this, and increasing the product margin, is the key focus. Having successfully completed a number of key growth projects, including own brand, and its pre-owned launch, there is a roadmap of self-help which gains weight as the year advances and which underpin forecasts. Given share price underperformance from declining margins/profits, and weak FCF, evidence of a reversion to positive margin/profit growth and FCF should help the shares outperform and we reiterate our 182p target price and buy recommendation.
Gear4music (holdings) share price data is direct from the London Stock Exchange

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