Initiation: Expansion awaits
Smiths City Group is a New Zealand focused retailer of furnishings and appliances. The company was significantly affected by the Christchurch earthquakes in 2010 and 2011, but is now ready for expansion and growth. It does not have national coverage and is not yet present in the important Auckland market. Our valuation of 83c/share is 69% above the current share price, with the company offering an attractive yield of 7.8%.Smiths City Group Limited is a holding company. The Company has two principal activities: Retail Trading, which is engaged in the retailing of consumer electronic products, kitchen appliances, home heating solutions, home furnishings and sporting goods through the Smiths City brand, and Finance, which is engaged in the provision of finance by Smiths City Finance Limited to support the retailing operation. The Company operates through three segments: retail, the financing of retail sales and property. The Company consists of approximately 30 Smiths City-branded stores throughout New Zealand, approximately four clearance centers and has a Furniture City, which has approximately three sites in the Auckland/Northland region. It represents a range of brands in-store and online, including Sleepyhead, Fisher & Paykel, and Cavalier Bremworth, along with international brands, such as La-Z-Boy, John Young Furnishings, Ashley, Samsung, Panasonic, Hewlett Packard, Mitsubishi Electric and Bosch.
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