Unbound Group - A reassuring debut
Unbound Group’s maiden trading update after its admission to AIM is reassuring. The core, Hotter Shoes, has reported FY22 revenue (£51.9m), EBITDA (£5.5m) and pre-exceptional PBT (not less than £0.2m) in line with expectations, as set out in our recent initiation. The announcement of a new trading partnership with Marks and Spencer (M&S) supports management’s medium-term expectations for double-digit growth from digital partnerships, which is part of the Wholesale division. The outlook for FY23 is consistent with our forecasts, with the launch of the new spring-summer 2022 collection expected on time, no apparent excess supply-chain disruption and progress made with the summer launch of the multi-brand ecommerce platform. We make no change to our estimates or our DCF-based valuation of 165p per share.Electra Private Equity is a private equity investment trust company. As of Sep 30 2017, Co. had total investment portfolio of £358.0 million.
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