Edison Investment Research - Ted Baker PLC (TED) Institutional Initiation: Teducation

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Edison Investment Research

Institutional Initiation: Teducation

Ted Baker (Ted) has fallen 23% ytd and we believe its attractive growth profile is now being mispriced by the market. Ted has a long runway for expansion in North America and Asia, as well as growth in Europe. There is potential for meaningful margin expansion, and we believe management has made good capital allocation decisions with a long-term mind-set. We initiate with a fair value of 2,200p, implying 25% upside.

19/08/2014 19 EN

Underlying

Ted Baker PLC

Ted Baker is a lifestyle brand that operates through three segments: retail, wholesale, and licence income. Co. provides a range of collections including: menswear; womenswear; global; phormal; endurance; accessories; bedding; childrenswear; crockery; eyewear; footwear; fragrance and skinwear; gifting and stationery; jewellery; lingerie and sleepwear; luggage; neckwear; rugs; suiting; technical accessories; tiles; and watches. As of Jan 28 2017, Co. had 490 stores and concessions worldwide, comprising 192 in the U.K., 98 in Europe, 111 in the U.S. and Canada, 80 in the Middle East, Africa and Asia and nine in Australasia.

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GB0001048619 London Stock Exchange United Kingdom

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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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