Findel - A strong finish to the year
Findel’s (FDL’s) attractive online-led value retail proposition is continuing to deliver impressive results. With the mandatory offer by Sports Direct having lapsed, FDL has issued a post-close update confirming a strong trading performance in Q4 in both Studio and Education and expectations for FY19 PBT to slightly exceed market consensus of £27–28m. We upgrade our PBT forecasts by 6% for FY19 and 1% for FY20. Given recent share price weakness, our unchanged valuation of 348p is twice the current share price.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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