Edison Investment Research - Studio Retail Group (STU) Studio Retail Group - Revenue aspiration with a wow factor

Report

Edison Investment Research

Kate Heseltine

Studio Retail Group - Revenue aspiration with a wow factor

Studio Retail Group (SRG) is a focused play on the growth of online value non-food retail. Management’s aspiration to accelerate medium-term revenue growth, to a CAGR of 10–15% over four to six years, is expected from gains in active credit customer numbers and spend per customer. SRG’s valuation is at a significant discount to its own historical multiples (despite an improved medium-term growth aspiration), its peers and our DCF-based valuation of c 420p per share if it can achieve its aspirations.

20/12/2021 1 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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Analysts

Kate Heseltine

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Studio Retail Group - Revenue aspiration with a wow factor

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

Studio Retail Group - Revenue aspiration with a wow factor

The Pebble Group - Two distinct businesses in one

MotorK - Strong pipeline and cash target reaffirmed

Newron Pharmaceuticals - Evenamide notches up another win (study 008A)

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