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

Timing - we've covered 6 companies, and don't want to overload you, so that's it for today. We were going to look at SPE and NXR but they don't seem to have moved much in price, so there's less of a rush to report on them.

Agenda -

Paul's Section:

Dfs Furniture (LON:DFS) - very impressive Q4 order intake, and crystal clear guidance for what's turned out to be a year of bumper profits for FY 06/2021 - who would have thought that outcome would happen, this time last year?!

Notes from my briefings yesterday with Begbies Traynor (LON:BEG) (I hold) and Intercede (LON:IGP) (I hold). I'm pleased with progress at both companies, and see them as good long-term holds, probably priced about right for now.

Card Factory (LON:CARD) - I have a proper rummage through the FY 01/2021 results - which to be fair are not as bad as I feared - thanks to massive taxpayer support. Stretched balance sheet badly needs the £70m equity fundraise that the company has agreed with its banks to do on a best efforts basis. Overall, I think risk:reward looks unfavourable. I'll look at it again once trading (not very impressive since re-opening) has stabilised, and the £70m placing has been done. Until then, for me it's an avoid. Why take the risk? £225m mkt cap looks full, for a highly indebted retailer with limited online progress.

Jack's Section:

Ergomed (LON:ERGO) - strong trading momentum continues, with FY adjusted EBITDA to be 'materially ahead', although existing forecasts appear to be conservative based on historic growth rates.

Hornby (LON:HRN) - revenue growth of 28.3% in a Covid-disrupted year is creditable and the company is investing for growth, but a fair amount of further recovery is already priced in.


Paul's Section

Dfs Furniture (LON:DFS)

272p (pre market open) - mkt cap £703m

Trading Statement

Ahead of its financial year end on 27 June 2021, DFS Furniture plc ("DFS" or "the Group"), the UK's leading retailer of living room furniture, provides the following update on recent trading through to 6 June 2021.
Strong trading performance and outlook, with fourth quarter order intake to date up 92.1%…

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