Morningstar - Briscoe Group Ltd. (BGR) Briscoe Groups 4Q Sales Mark Strong End to Fiscal 2019; NZD 3.65 FVE Unchanged

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Morningstar

Johannes Faul

EUR 100.00 For Business Accounts Only

Briscoe Group's 4Q Sales Mark Strong End to Fiscal 2019; NZD 3.65 FVE Unchanged

We reaffirm our NZD 3.65 fair value estimate for no-moat-rated Briscoe Group following accelerated sales growth in the fourth quarter. Revenue grew strongly, increasing 5.8%, up from 3.8% in the third quarter. The New Zealand retailer finished fiscal 2019 with full-year revenue of NZD 632 million, slightly ahead of our forecast of NZD 627 million and 4.4% higher than the prior year. Briscoe's guided to fiscal 2019 net profit after tax, or NPAT, of NZD 63 million, broadly in line with our prior N...

11/02/2019 13 EN

Underlying

Briscoe Group Ltd.

Briscoe Group is a non-trading holding company. Co. is engaged in the provision of management services to its subsidiaries. Through its principal trading subsidiaries, Co. is engaged in selling homeware products and retailing sporting goods. Co. operates two operating segments: Homeware and Sporting Goods. As of Jan 31 2010, Co. had 58 Homeware stores and 32 Sporting Goods stores located throughout New Zealand.

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NZBGRE0001S4 NZX New Zealand

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Johannes Faul

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No-moat-rated Briscoe Group reported net profit after tax of NZD 63.4 million for fiscal 2019, in line with managementâ€™s guidance provided in early February 2019, as well as our NZD 63.0 million estimate. The New Zealand retailer finished fiscal 2019 with previously announced full-year revenue of NZD 632 million, 4% higher than the prior year. A full-year dividend of NZD 20 cents was declared, representing a 70% payout ratio--also in line with our estimate. At the current price, shares are slightly undervalued, trading at a 7% discount to our unchanged NZD 3.65 per share intrinsic valuation....

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Briscoe Group's 4Q Sales Mark Strong End to Fiscal 2019; NZD 3.65 FVE Unchanged

Briscoe Group Limited: 1 director bought

Morningstar | Briscoe Group's Result Meets Expectations; NZD 3.65 FVE Unchanged

Morningstar | Briscoe Group's Result Meets Expectations; NZD 3.65 FVE Unchanged. See Updated Analyst Note from 12 Mar 2019

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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