Briscoe Group’s Interim Results In Line, Competitive Threat Looms on the Horizon; FVE Unchanged
No-moat-rated Briscoe Group reported first-half fiscal 2018 underlying net profit after tax of NZD 28.6 million, in line with guidance of at least NZD 28.0 million provided in August. Our NZD 3.50 fair value estimate is unchanged, despite marginal adjustments to our near-term estimates. We have lowered our Australian-dollar-denominated fair value estimate to AUD 3.15 based on the spot AUD/NZD exchange rate of 1.11. At current prices, shares screen as slightly overvalued.We have marginally decre...
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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