Edison Investment Research - Studio Retail Group (STU) Initiation: Re-orient Express

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Edison Investment Research

Initiation: Re-orient Express

Last weekâ€™s update for the 16-week period to 16 January confirms that Findel remains on track to deliver strong profits and margin growth. Debt has reduced further with facilities extended. The main driver of continuing progress is Express Gifts, by far the groupâ€™s largest business. In our sum-of-the-parts valuation of 310p, Express alone is worth more than Findelâ€™s current market capitalisation.

27/01/2015 12 EN

Underlying

Studio Retail Group

Studio Retail Group plc, formerly Findel plc, operates in the home shopping and education supplies markets. The Company's segments include Express Gifts, Findel Education and Overseas Sourcing. The Express Gifts segment includes direct mail order businesses in the United Kingdom, offering online and through catalogue a range of home and leisure items, clothing, toys and gifts supported by credit offer. The Findel Education segment supplies resources and equipment (excluding information technology and publishing) to schools and educational establishments in the United Kingdom and overseas. The Overseas Sourcing segment includes sourcing office based in Hong Kong supplying importing services to various group companies and external customers. The Company's subsidiary Express Gifts Limited, includes Studio, an online and home catalogue shopping; Ace, an online store for home, living and garden needs, and Health & Home, an online store for beauty, home, office and garden accessories.

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GB00B8B4R053 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Initiation: Re-orient Express

Studio Retail Group (STU): Revenue aspiration with a wow factor

Studio Retail Group - Revenue aspiration with a wow factor

Studio Retail Group - Revenue aspiration with a wow factor

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

Foxtons Group - FY24 underpinned by market share gains

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