Good morning, it's Paul here with the SCVR for Thursday.

Please see yesterday's full report, which I carried on updating until nearly 6pm, with new sections.

Timings - I should be done by 1pm today.
Change of plan, I've popped into the De Beauvoir Arms (N1), my new local when I'm in London, so will type up some more notes over lunch here. Revised finish time c.3pm.

Agenda -

Renewi (LON:RWI) - trading update

Halfords (LON:HFD) - trading update

Fw Thorpe (LON:TFW) - final results

Connect (LON:CNCT) - trading update

Tclarke (LON:CTO) - trading update & interim dividend confirmation

All looks fairly dull, so I'm also going to do a bit more on Boohoo (LON:BOO) first.


Boohoo (LON:BOO)

372p - mkt cap £4.55bn

(I hold)

In case you missed it, the recording of yesterday's webinar is here.

I find that it's useful to take photos on my phone, of the most interesting slides, and to make paper notes of the key points in webinars, because sometimes the links to webinars don't last very long - they can be taken down for various reasons, including commercial sensitivity.

For me, the key points are that the supply chain issue is being taken very seriously indeed, and the action being taken is so comprehensive, that it's clearly not just a PR exercise. Mistakes were made, and they're dealing with it. That's fine, end of story. I see some journalists are desperately trying to string out the story today, but they're wasting their time (and ours).

There were numerous other insights into sourcing, margins, and how BOO is managing & expanding the newly acquired brands. All in all, essential viewing for all investors who want to profit from a unique growth business.

Are the shares expensive now? Clearly the share has recouped nearly all the losses from the shorting attacks & supply chain issues. However, it's earnings that matter, and the adjusted diluted EPS of 4.53p at the interim stage indicates to me that this full year FY 02/2021 could be heading for 9-10p EPS.

The house broker issued an update note yesterday, forecasting only 8.22p for FY 02/2021, which strikes me as far too low, since it implies a drop in EPS from 4.53p…

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