Edison Investment Research - Studio Retail Group (STU) Findel - Christmas trading - incremental strength

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Edison Investment Research

Findel - Christmas trading - incremental strength

Increased trading strength in the late Christmas period marks Findel out as one of the winners in a very mixed retail landscape. The combination of a serious and wide-ranging value offer, with responsible consumer credit support, appeals to the substantial consumer cohort that is managing household finances. The company is clear of terrestrial retail issues, while online ordering has hit a new high of 78% this Christmas. We upgrade our underlying IFRS9 adjusted earnings forecasts, and our updated valuation of 348p now shows 74% headroom above the share price.

25/01/2019 5 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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Findel - Christmas trading - incremental strength

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

Actinogen Medical - Funding in place through key catalysts

Henderson Opportunities Trust - A differentiated exposure to smaller companies

CLIQ Digital - Increased churn weakens FY24 outlook

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