Sports Direct (SPD LN, HOLD, T/P 370p) - Half Year Results | In-line at EBITDA level but highlight low transparency
Underlying EBITDA slightly weaker than expected at +7% yoy but FY guidance range re-iterated at +5-15%. Debt increasing £472m v £182m FY 17. Some relatively large swings in composition – International better than expected, US sizeable EBITDA impact – highlight low transparency.Sports Direct International is a sporting goods retailer operating in the U.K., Europe, the U.S. and Asia. Co. operates in four segments: U.K. Sports Retail, which includes the U.K. retail network of sports stores along with related websites; International Sports Retail, which includes the international retail network of sports stores; Brands, which includes Co.'s portfolio of brands such as Everlast, Lonsdale and Slazenger; and Premium Lifestyle, which includes the premium and lifestyle retail businesses such as USC, Cruise and Flannels. As of Apr 30 2017, Co.'s U.K. sports store portfolio had a total of 468 stores and its international sports store portfolio had a total of 289 stores.
Whitman Howard is an independent institutional stockbroking and investment banking business focused on servicing the needs of our corporate clients and institutional investor base.
The company began trading in 2011 with a team of highly experienced market professionals and the goal of building a leading capital markets business in an entrepreneurial environment.
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