Inspecs Share Discussion Threads

[privileged] 17/4/2024 08:24

Exactly 74tom always do a rough estimate from that to get a steer on likely share price performance on results day. I reckon these up 10-16% today

[dan_the_epic] 17/4/2024 08:14

What percentage of sales is superdry? who is the large customer more than 10% of sales?

[dan_the_epic] 17/4/2024 08:10

isnt the forecast eps like 5p? so 100p would be 20x

[74tom] 17/4/2024 08:04

Surely it's FCF / EV that's the most relevant metric here if someone wants to take them out, £13m vs a £90m EV is a near 15% EV/FCF yield...

[privileged] 17/4/2024 07:53

Wheres 20x p/e from? You could argue that's 500 p/e based on today's results lol :)Just from a glance applying a mid single digit Ebitda multiple and similar operational cash flow multiple gets to around that figure maybe £80m adjusting out debt which isn't really that much IMO and reducingWould also be about 0.5x p/s or less. Not my favourite metric but worthy of note

[dan_the_epic] 17/4/2024 07:38

You think this should trade at 20x p/e with that debt burden and this quality of management team? And when we find out after the event about grand vision, there is still superdry and ted baker exposure?

I'm not surprised the market does not share your view

10x p/e is fair until they actually deliver. They did a huge warning in January where they cut broker profit forecasts by a third and trading in line with that lowered bar is not impressive.

John just talks rubbish all the time, look at this SFOR post. Get in the bin
"john09 - 09 Apr 2024 - 13:00:35 - 376 of 384 SFOR 2022 - SFOR
I think FOMO may kick in. Cant believe peopke can buy this in the 60 pence range when it was 900p"

[john09] 17/4/2024 07:34

Some of the bullets under operational highlights and current trading are WAY BETTER than i was expecting to see. New this new that, USA this USA that. This could really ping today

[privileged] 17/4/2024 07:27

Totally disagree. I'd say worth £100m so double share price £1/share

[dan_the_epic] 17/4/2024 07:21

You would have to squint hard to think this is cheap. because its not even after the plunge

[masurenguy] 17/4/2024 07:14

Solid, if unspectacular, set of 2023 results. Into profit, net debt reduced and much improved cashflow. Outlook for 2024 more positive.

Final Results

INSPECS Group announces its final results for the year ended 31 December 2023.

Financial Highlights

Group revenue of £203.3m (2022: £201.0m)
Group revenue on a constant exchange rate basis1 of £200.7m (2022: £201.0m)
Gross profit up 4.7% to £103.5m (2022: £98.9m)
Adjusted Underlying EBITDA1 up 16.1% to £18.0m (2022: £15.5m)
Profit before tax of £0.2m (2022: loss before tax £7.7m)
Net debt excluding leasing reduced by £3.4m to £24.2m (2022: £27.6m)
Cash flows from operating activities up £7.0m to £16.9m (2022: £9.9m)

Operational Highlights and Current Trading

. New 8,000sqm manufacturing facility completed and preparing for initial production later in the year

· Launch of leading brand into major global retailer delivered in 2023, with a store roll out in April 2024

· O'Neill and our sustainable proprietary-brand Botaniq secured for increased distribution into global travel retail markets

· The new team in Norville delivered significant operational improvement in 2023 and we are now focused on increasing the customer base

· Eschenbach Optik will be launching new low vision aids in H2 2024

· Gaming eyewear launching in May 2024, with direct-to-consumer sales

· Our operational efficiency drive is delivering results, with further work in progress on the amalgamation of our US operations and global supply chain

· Innovative water-soluble bag designed in 2023 launching in H1 2024

· Significant new distribution into two major US chains secured for H2 2024

· New acquisition in Norway, A-Optikk AS, trading in line with expectations

· After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. Current momentum in the business supports delivery of market expectations for 2024

Richard Peck, Chief Executive Officer of INSPECS Group plc, commented: "The Group delivered record sales in 2023 with an increased number of frames sold, despite a slower than expected end to the year. The progress that we have made in 2023 is now delivering increased distribution of our brands to both key accounts and our independent markets. Whilst consumer markets in Europe remain subdued, our businesses are continuing to perform well.

Our Frames and Optics division delivered solid growth of £5.4m in revenue and a significant increase in operational performance despite the loss of sales to Grand Vision following its acquisition by Essilor Luxottica. This, and an adjustment in buying patterns by our major global retailers in 2023 caused by the effect of COVID, particularly affected our manufacturing business in Asia. The construction of our new, state-of-the-art 8,000sqm manufacturing facility in Vietnam has been delivered on time and on budget, and the manufacturing division is now poised for further growth in the second half of 2024. Norville, our lens manufacturing business, continues to show month on month growth with significant new independent accounts and a new key account in place for 2024.

Our Group operates in a resilient and growing market, and we continue to refine our business model and our strategy to deliver sustained and profitable growth. After a disappointing end to 2023 and a slow start to 2024, the recent trend has been more encouraging. Current momentum in the business supports delivery of market expectations for 2024 and I am confident that the Group is well positioned for continued success. We are excited about our future and look forward to sharing more achievements in the coming year."

[darrin1471] 16/4/2024 21:08

bookbroker. Are Ted and SDRY customers? Or are they licenced eyewear brands selling frames online and in opticians?

[resurrect123] 16/4/2024 19:49

Masureenguy says it's fine Even though the economy says it probably isn't

[bookbroker] 16/4/2024 19:34

Outlook going to be very challenging, two big clients Ted and SDRY up the creek.

[masurenguy] 16/4/2024 16:23

Very unlikely - volume for the day is less than 100,000 shares with only 15,593 in the last hour and that includes 8206 @47.47p as the last trade which was a Buy !

[privileged] 16/4/2024 10:34

Nervous about tomorrow! Hope not a DOCS type update

[trader465] 16/4/2024 08:12

Inspecs Group plc, a leading designer, manufacturer, and distributor of eyewear (sunglasses, optical frames, lenses and low vision products), today announces a trading update for the year ended 31 December 2023 ahead of reporting its final results on 17 April 2024.

[weaverbeever] 15/4/2024 10:02

Results this week. Tomorrow I think

[masurenguy] 04/4/2024 15:39

There is no evidence of any institutional selling here. The only institution whose reported position has changed is Downing who've increased their stake by 51% since September.

[nov31] 04/4/2024 14:17

Buys keep building nicely over a couple of days now but still no tick up - still an insti seller out there?

[aishah] 30/3/2024 20:28

Masurenguy, I saw the video early this week and was one of the reasons why I invested. Unfortunately this board like many others on Advfn suffers from people posting unsubstantiated one liners. There is much more information out there to support an investment case here. But there are risks too. So as usual dyor.

[john09] 30/3/2024 13:07

Yep he also said SPECS US business alone is worth the market cap and that’s only 25% of the business currently