Share Name Share Symbol Market Type Share ISIN Share Description
Ted Baker Plc LSE:TED London Ordinary Share GB0001048619 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  -3.10 -2.23% 136.00 69,363 10:19:40
Bid Price Offer Price High Price Low Price Open Price
135.80 136.20 138.50 135.00 137.10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 351.98 -107.73 -56.20 251
Last Trade Time Trade Type Trade Size Trade Price Currency
10:19:39 AT 104 136.00 GBX

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Ted Baker Daily Update: Ted Baker Plc is listed in the General Retailers sector of the London Stock Exchange with ticker TED. The last closing price for Ted Baker was 139.10p.
Ted Baker Plc has a 4 week average price of 127p and a 12 week average price of 127p.
The 1 year high share price is 217.60p while the 1 year low share price is currently 81.15p.
There are currently 184,608,786 shares in issue and the average daily traded volume is 325,750 shares. The market capitalisation of Ted Baker Plc is £250,883,340.17.
aringadingding: Toffeeman there has certainly been a bit of that given the price rise yesterday, as opposed to today, but really this is all small movements stuff in my view. In five year's time people will either be right to hold today or wrong. If the company really is on a well managed path to growth with a clear product offering, and I think both those things are true, then in five years the financials could easily look like the year to Jan 2018. That is, £592m of revenue and £53m of Net Income. With 185m shares that NI would imply EPS of 29p. If valued at a PE ratio of 15x that would imply a share price of 430p, or a cash-on-cash return multiple of 2.6x today's price.
hawfinch: Ted's target demo is 24 - 45 year olds. Their report highlights it’s more in the region of 35 - 55. Either way, that demo would’ve been least affected by the whole furlough scheme. Worst case scenario, they would’ve been furloughed for a few months during 1st lock down and now (12 months later) living life given they’re all probably working from home and not on furlough… “30m of net income on revenue of 600m would be 5%” – what makes you think they will see 600m revenues anytime soon. This company can’t just ramp up stock, it needs demand. Furthermore, they’re just about to release their A/W 21 range… they need to be conservative hence why supply will be limited (as you said – stock control not to even mention supply constraints). “Share price of 128p therefore 8.3x PE”… there’s so much wrong with this statement that I don’t even know where to begin. There’s a lot of people in these chats who just look at a few figures and a few ratios (probably don’t even know what they mean if you actually ask them) and reckon they’ve solved the puzzle. The last thing you want to look at in a company like this is its PE ratio.
aringadingding: @Luddenden7 - What is that EBITDA forecast you are referring to, is it somewhere in these results sorry? https://www.londonstockexchange.com/news-article/TED/final-results/15015323 @hawfinch - I guess I mixed up two issues there with regards to "confidence". It splits into: Confidence in investors in public markets... which as we all know see-saws with crowd behaviour. Confidence of the high street consumer. Here, those being furloughed have not received 100% of their usual income, so there is the shock of that reduction, plus the shock of the pandemic, plus not being able to access the high street and Ted by their own admission being historically a bit slow to get their online presence sorted (now catching up). So again, if Ted can navigate this case squeeze, which came at a difficult time for the business, then the future is pretty good for shareholders. Early signs are they can so at this point I think it's all about patience on the part of shareholders.
aringadingding: The evidence of brand appreciation here is the historical revenue. Average of £600m in the 3 years from 2018-2020 inclusive. The yougov poll in a post above is also good evidence. Investors may have fallen out of love with the stock but that is very different to customers, very few of whom will have interest in stock market! Inventory issues impact cogs, sure, but not revenue. Stock control and margin mangement generally are challenges simply for management and systems to overcome. Ted now has expert financial management at the top. 30m of net income on revenue of 600m would be 5%. 30m / 195m voting rights is eps of 0.153 pounds or 15.3 pence Share price of 128p therefore 8.3x PE... so cheap if they survive the crisis (thanks to their cash) and get back to profitability (thanks to their customers who have saved money in the pandemic and their management). Surely this is what investing is all about! A normal PE of say 15x, and 30m net income, would be approx doubling of the share price. Seems like the fall in the last few weeks is related to wider market sentiment and not logic or fundamentals, unless lots of people know something i don't.
hawfinch: @Aringadingding My post wasn’t negative, it was the truth. “For me Ted's clothes are at a good price point” – that’s because you’re most likely a millennial (or older). Once confidence comes back to the market, and they get back to growing ways both online and in multiple countries, then the share price will respond in my opinion.” – this is as confident as you’ll see the market. People were being paid to stay at home… Discretionary income at an all-time high… If TED couldn’t capitalise on that then that’s down to them. “Buffet (among others) buys brands because they have longevity and the potential to generate long term incremental profits by steady expansion geographically - makes sense” – Buffet buys brands that make money!
aringadingding: I think this is a classic 'buy when other people are being fearful' situation. Though I already have a substantial holding. Post 2274 by Hawfinch is particularly negative! For me Ted's clothes are at a good price point. It's for people who have a bit of money, want to buy something nice, and a bit different, but don't want to spend loads on something which is crazily priced. The brand has heritage and a simple clear identity. Once confidence comes back to the market, and they get back to growing ways both online and in multiple countries, then the share price will respond in my opinion. Buffet (among others) buys brands because they have longevity and the potential to generate long term incremental profits by steady expansion geographically - makes sense.
hawfinch: Just gone through Ted’s results and I cannot say that I’m surprised. ‘impairment217; – 43m. I did say in post 2214 that impairment would be a worry. This clothing brand has way too many stores (still +400 if we subtract the partner stores in MEAA), but that’s not even the biggest worry for me if I was an investor. Sales and profit margins are. I swear, most of the time I’m on Ted’s website they’re constantly discounting and that’s a worry since it’s what got them in this mess in the first place (i.e., unwanted inventory). I honestly do not know where this company will go from here… They were late to the e-commerce party, late to the loungewear scene; they’ve just hired a new creative designer from top man who released his MIB range (which I think is average), and they’ve still got way too many stores. On top of that, their price range is bang in the middle with a target market aimed predominately at millennials. As a wealthy consumer do I bother trading down – not really as COVID hasn’t really impacted their wallets/purses. What about gen Z, would they trade up? Nah, can’t see it. There’s so much variety and such little difference between clothing ranges that's coupled with huge price competition. I think the clothing market has changed. Perhaps the market has shifted between the mid-players feet. It’s now either Very luxury... and… well everything else. From a financial perspective, I can’t see this firm doing another placement. There’s no need & for what? They have the cash. This company needs direction, but more importantly, a visionary.
tomps2: TED FY21 results overview with Rachel Osborne CEO and David Wolffe, CFO. Video: Https://www.piworld.co.uk/company-videos/ted-baker-ted-full-year-2021-results-overview/ Podcast: Https://piworld.podbean.com/e/ted-baker-ted-full-year-2021-results-overview/
onjohn: https://www.telegraph.co.uk/investing/shares/questor-superdrys-share-price-has-supercharged-hold-nerve-keep/ Questor: Superdry’s share price has been supercharged but we’ll hold our nerve. Keep buying Questor share tip: it has tripled in eight months and rose by almost 30pc in one day last week. But the foundations are there for more gains ByRichard Evans9 May 2021 • 5:00am It never feels easy to tip a share days after the price has jumped by almost 30pc, as Superdry’s did on Thursday, especially if those same shares have also nearly tripled after an earlier tip less than a year ago. But before we quickly advise readers to bank those profits while they can, let’s look back at what has changed at the company since our first look last September. This is a company that is reinventing itself on so many fronts and with such speed that it’s hard to pinpoint a single reason for its shares’ strong recovery. Thursday’s 28pc jump came about after a trading update showed a return to year-on-year growth in the three months to April. However, that impressive result, over a period that suffered far more days lost to lockdown than the previous year, didn’t occur by accident. Much of it was down to a recovery in margins, or what Julian Dunkerton, the firm’s founder and, since April 2019, restored chief executive, called “our commitment to a full price stance” – less discounting. But you can only abandon discounts if your customers are prepared to pay full price and you can only do that if the products are good enough. Mr Dunkerton has been breathing new life into those products in terms of their quality, style and targeting to different groups of customer. To understand what exactly he has been doing Questor spoke to Liad Meidar of Gatemore Capital Management, which recently increased its stake in Superdry to 6.3pc. well received by the wholesale buyers we talk to as part of our research. They are enthusiastic about the brand’s return to its roots. It’s noticeable that the feel of its original design is back after it was taken down the wrong path by the people who ran the firm between Mr Dunkerton’s two periods in charge. “There are subtleties in design and finish, such as the quality of the zips, the linings, the choices of colour. These things may sound small but buyers notice. Mr Dunkerton’s unique strength is in understanding his customers and what they want. That only comes about from long experience – it’s not a skill you can go out and buy.” That same understanding is behind the company’s new segmentation of its products into four different age groups. “Again, he really understands these different groups; how they shop, what sort of retail experience they want,” Mr Meidar said. Superdry has also done some canny marketing to appeal to its environmentally aware customers: it has enlisted Neymar, the Brazilian footballer some regard as the best in the world, as the face of its 100pc organic cotton collections. Some of its resilient performance over the past year has been down to a renewed focus on online shopping, whose revenues grew by 33.8pc in the year to April even as overall sales fell by 21pc thanks to lockdowns. “Mr Dunkerton wants the firm to be a brand, not a retail chain,” said Mr Meidar. “He’s not giving up on the high street – he’s more likely to add to the estate than shrink it – but he appreciates the need to offer multiple ways to reach customers.” And the retail estate is becoming a more efficient way to sell as the firm renegotiates its leases: it struck new deals on a further 48, or about one in five, over the financial year and achieved an average saving of 52pc. The final piece in the jigsaw is that Mr Dunkerton has his own team around him now thanks to the hiring of a new chief financial officer, chief operating officer and chairman. Progress on so many fronts reassures us that the share price recovery is built on solid foundations. As we wrote in last year’s tip, Gatemore expected Superdry to generate £60m in annual free cash flow by 2022 against a market value at the time of just £113m – representing an astonishing bargain if achieved. Mr Meidar stood by the £60m figure but said he expected it to be achieved a year later as a result of the extended lockdowns. “Yes the shares have done incredibly well over the past year but that only represents recovery from the pandemic,” he said. The shares stood at 373p just before the sell-off in February last year and fell to 70p the following month. They are now back at 394p. “That means we haven’t seen any benefit yet from the actual turnaround in the business. This is a £7-plus stock in our view.” Keep buying. Questor says: buy Ticker: SDRY Share price at close: 394p
luddenden7: Morgan Stanley, Price target £1.40 Ted Baker has issued its FYQ4 trading statement this morning. The trading figure is very weak, but this should not come as too much of a surprise to the market. However given the outlook commentary we would not be surprised to see FY 2021/22 PBT consensus forecasts fall following today. - Group revenues in FYQ4 were down 47% for the 13 weeks to the end of January. When Ted Baker updated the market in December, it reported group revenues down 37% for the 4 weeks to 28 November, and so this implies a material deterioration since then. Though, this should not be a surprise to investors given the various lockdowns that have been reimposed. Indeed Bloomberg consensus was anticipating revenues down 46% for the full year, broadly in-line with the full year revenue figure reported today. - Encouragingly Ted Baker had £67m of cash on its balance sheet at the end of January (versus £59m as of 28th November) and its £133m of bank facilities remain undrawn. Management has also commented that it expects to have "material liquidity headroom" ahead of the peak in its working capital cycle in Autumn of this year. - Ted Baker has not provided explicit PBT guidance today for FY 2020/21 or for FY 2021/22. It does cite, though, that it anticipates for Retail and Wholesale "an ongoing materially negative impact across both channels from store closures until end May 2021, followed by a phased recovery until the end of the first half". It also adds that it expects to see up to £5m of extra costs related to Brexit. According to Bloomberg, prior to today, consensus was anticipating PBT of -£62m in FY 2020/21 and £6m in FY 2021/22. We would not be surprised to see FY 2021/22 forecasts coming down materially following today given the commentary.
Ted Baker share price data is direct from the London Stock Exchange
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