I Read The News Today Oh Boy! 10-Jan-2018

Wednesday, Jan 10 2018 by
21

Morning All!

Shoe Zone ( Shoe Zone (LON:SHOE) ) – 162p – £79.4m – PER 9.63

Preliminary Results for the Year To End September 2017 – Revenue flat at £157.8m (£159.8m last time) reflecting the continued planned closure of loss making stores, statutory PBT of £9.5m (£10.3m last time), primarily due to the adverse impact of foreign exchange on imported goods into the UK. EPS is down to 15.8p from 16.9p last time and Cash stands at £11.8m versus £15.0m last time. Total Dividend per share of 10.2p, 10.1p last time.

Seems pretty much in-line here, may be tempting for those seeking income (6%+ yield). But, I think that’s all one can expect with 2018 forecasts flat compared to 2017.

Quiz ( QUIZ (LON:QUIZ) ) – 150p – £188.8m – PER 20.1

Christmas Trading Update – Strong trading in-line with expectations – A 31.2% (CC) Revenue increase for the 7 week period from 19 November 2017 to 6 January 2018. On-line Revenue was up 119.0%.

This is an impressive enough update, wondering if this could be a bottom now (since the IPO it’s drifted down). Going on my Watchlist, 150p.

Focusrite ( Focusrite (LON:TUNE) ) – 335p – £198.2m – PER 21.8

AGM Statement And Trading Update – Just the one (well written) paragraph “In November 2017, at the time of our final results announcement, we updated the market that our revenue and cash had both grown further since the year end.  I am pleased to confirm that this strong growth has continued in November and December”.

Still liking this, I just feel it’s too expensive. Adding it to my Watchlist, 260p.

Moss Bros ( Moss Bros (LON:MOSB) ) – 90p – £90.7m – PER 15.4

Trading Update For The 23 Week Period From 30-Jul-2017 To 6-Jan-2018 - Lower footfall during December means full year PBT will be in the range of £6.5m to £6.8m (slightly below current market expectations). Challenging conditions mean profits for next year will also likely be impacted.

Will stay away for now but keep an eye out for updates. ROCE is healthy and there’s still…

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Shoe Zone plc is a footwear retailer in the United Kingdom and the Republic of Ireland. The Company offers women's shoes, men's shoes, boy's shoes and girl's shoes. The Company's online offering combined with its store network enables customers to shop through multiple channels. The Company operates from a portfolio of approximately 550 stores. Its customers purchase all of the products available in stores, as well as an additional approximately 400 product styles. The Company sells over 20 million pairs of shoes per annum. The Company has operations in various countries, including Germany, Italy, Spain and France. The Company's distribution center is located in Leicester, England. The Company's subsidiaries include Castle Acres Development Limited, Shoe Zone Retail Limited, Zone Property Limited, Zone Group Limited, Shoe Zone (Ireland) Limited, Shoe Zone Pension Trustees Limited, Stead & Simpson Limited, Zone Footwear Limited, Zone Retail and Walkright Limited. more »

LSE Price
193.5p
Change
0.3%
Mkt Cap (£m)
96.7
P/E (fwd)
10.9
Yield (fwd)
6.0

QUIZ plc is United Kingdom-based global women's wear brand company. The Company is focused on providing occasion wear and dressy casual wear primarily for 16 to 35 year olds and offers clothing, footwear and accessories. The Company’s occasion wear provides maxi and mini dresses, matching tops and bottoms, and footwear, bags and other accessories that are designed to complement a particular outfit. The Company’s dressy casual is designed to provide the latest on-trend clothes, shoes, bags and accessories that have a glamorous edge. In addition, the Company’s products includes denim, playsuits, shirts, tops and skirts. The Company also provides a range of outerwear such as faux fur jackets, parkas and biker jackets. Footwear offers dune River Island, missguided and ASOS. The Company’s brand operates in 19 countries through 65 international franchise stores, concessions and wholesale partners. more »

LSE Price
14.65p
Change
2.8%
Mkt Cap (£m)
18.2
P/E (fwd)
12.2
Yield (fwd)
n/a

Focusrite Plc is a music and audio products company supplying hardware and software products used by professional and amateur musicians. The Company is engaged in the development, manufacture and marketing of professional audio and electronic music products. It operates through three segments: Focusrite, Novation and Distribution. The Focusrite segment includes the sales of Focusrite branded products. The Novation segment includes the sales of Novation branded products. The Distribution segment includes distribution of third-party brands, including KRK speakers, Ableton, Stanton, Cakewalk and sE Electronics. The Company sells its products in approximately 160 territories and countries around the world. The Company offers Scarlett, which is an audio interface; Blocs Wave application, which is used by musicians to create their own sounds and songs on any iPhone Operating System (iOS) smartphone or tablet, and e-commerce Websites. more »

LSE Price
447.5p
Change
 
Mkt Cap (£m)
260
P/E (fwd)
23.1
Yield (fwd)
0.8



  Is LON:SHOE fundamentally strong or weak? Find out More »


5 Posts on this Thread show/hide all

MrContrarian 10th Jan '18 1 of 5
4

My morning smallcap tweet:

Sigma Capital (LON:SGM), Moss Bros (LON:MOSB), Interserve (LON:IRV), Strategic Equity Capital (LON:SEC), Focusrite (LON:TUNE), Zotefoams (LON:ZTF), Cambridge Cognition Holdings (LON:COG)

Sigma Capital Group (SGM) guides FY pretax £4m, slightly ahead of management expectations. Lifts profit expectations for current FY.
Moss Bros Group (MOSB) guides FY pretax £6.5m to £6.8m, slightly below current market expectations due to weak Dec. "We expect these challenging retail conditions to continue for the foreseeable future, the Board anticipates that this will impact anticipated profits for FY2018/19."
Interserve (IRV) FY trading still in iine. "As a result of the 'Fit for Growth' initiatives, the Group's operating profit for 2018 is now expected to be ahead of current market expectations."
Strategic Equity Capital (SEC) negotiates lower fee schedule payable to GVQ Investment Management Limited from 1 Jan.
Focusrite (TUNE) AGM stmt "strong growth has continued in November and December."
Zotefoams (ZTF) guides FY rev beat and adj pretax at the top end of the range of market expectations.
Cambridge Cognition (COG) Two large contracts not signed yet - warns FY rev marginally down YoY, EBITDA (before share based payment charges) broadly break even. The contracts are now expected to commence in the first half of 2018.

Also FCA slams CFD providers and distributors https://www.investegate.co.uk/financial-conduct/rns/fca-publishes-findings-of-review-of-cfd-market/201801100700284545B/

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Julianh 10th Jan '18 2 of 5
1

I really appreciate the early morning update on today's regulated news. And today you have gone one better - a look ahead to the news coming out tomorrow (11 January). My fruit based mobile device tells me that today is only the 10th. Keep up the valuable work.

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matylda 10th Jan '18 3 of 5

In reply to post #295628

Thanks for the kind words - Now corrected !!!

Blog: Briefed Up
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Effortless Cool 10th Jan '18 4 of 5
3

matylda,

I think there is more value in Focusrite (LON:TUNE) than you suggest. I expect to see upgrades in consensus broker forecasts. Revenue of £72.6m for 2018 and £78.3m for 2019 looks reasonable to me, and represents growth of 9.9% and 7.9%, respectively. However, the consensus normalised EPS estimates of 15.3p for 2018 and 16.3p for 2019 both look way too low, representing growth of 2.6% and 6.5%. This implies some kind of negative operational gearing, and I can see nothing in the historical information or today's trading announcement to justify this.

My 2018 and 2019 normalised EPS estimates are 16.3p and 17.8p, respectively, and I value the shares at 376.5p (precisely).

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matylda 10th Jan '18 5 of 5
3

In reply to post #295718

Thanks Effortless Cool.

Re: Focusrite (LON:TUNE), I am not in disagreement with anything you say there at all.

I just think they're too expensive here for, say 10% annual growth - Just my view.

Note - I do hold some of these at 247p but only in my fantasy portfolio (I saw real value then), which I did not follow up with in any of my real portfolios - Another bind I find with the fantasy portfolio is that it's very hard to build to the stage where you are 60% invested when starting well into a bull market and many of your holdings are historic. One reason I am yet to decide how or if I am going to sort it out one day, meaning I guess, and rightly so, my real portfolios are much more important. Suppose one could just chuck in a FTSE ETF Long to make it up to, say 70% - And gradually reduce as new holdings are added!

Blog: Briefed Up
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