'An eye deal opportunity' - Mister Spex gets three 'buys'

Mister Spex SE

10/08/2021 11:44

** Jefferies, Berenberg and Bryan Garnier, which worked on
Mister Spex  MRXG.DE  recent IPO, initiate Germany-based eyewear
retailer at "buy", seeing an attractive opportunity in the
group's brand positioning and expansion potential
    ** In a note titled "An eye deal opportunity," Berenberg
says the group's brand, customer experience and value
proposition, along with its leading omnichannel proposition, set
it apart from peers 
    ** Berenberg sees online business growing at around 13% CAGR
over the next five years, as online penetration in its markets
ramps up
    ** Bryan Garnier also highlights the group's "online first"
strategy, which de-risks its retail and international expansion
    ** Jefferies expects the group to keep expanding thanks to a
more favourable sales mix, plus increasing scale and efficiency
gains
    ** "The company has successfully built up a modern brand
positioning, a superior tech backbone and with an aggressive
expansion strategy" - Jefferies
    ** The brokerages forecast mid-term sales growth of 25%
CAGR, with Bryan Garnier, Jefferies seeing adj. EBITDA CAGR at
59%-62% by 2025  

 (Reporting by Flora Gomez)
 ((flora.gomez@thomsonreuters.com))