reports
Hybridan Small Cap Feast - 2 July 2024
2nd July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is preparing to list on the Aquis Exchange on 3 July. Th...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Trading update
Ongoing elevated container freight costs due to a reduced supply of shipping vessels and the rerouting of trade to avoid conflict in the Suez Canal, combined with unseasonably poor weather conditions and weaker than anticipated Spring Summer sales, means Shoe Zone now expects to report adj. PBT of not less than £10m, against our prior forecast for £13.8m.
Hybridan Small Cap Feast - 21 May 24
21st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Interim results
H1 trading in line with expectations and ZC forecasts: Group revenue of £76.5m is +1.5% YOY (H1 23: £75.4m), which we see as a strong performance in the context of ongoing consumer uncertainty; reflective of the appeal of the Group’s competitively priced product range. Gross margin of 19.3% is +120bps YOY (H1 23: 18.1%), driven by a higher product margin of 62.7%, +260bps YOY (H1 23: 60.1%) benefitting from lower container prices, partly offset by increased wage costs, and higher energy prices. ...
Hybridan Small Cap Feast - 16/04/2024
16th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - AGM trading update
Shoe Zone’s AGM statement has said FY24E trading is expected to be marginally below previous expectations due to a higher cost environment, including elevated container prices resulting from the ongoing tensions in the Suez Canal, combined with the larger-than-envisaged 10% increase in the national living wage, effective from April. We take a prudent approach to our outlook for H2, with lower gross margin driving a 9.3% downgrade to FY24E adj. EPS. Despite today’s trim to forecasts, Shoe Zone’s ...
Hybridan Small Cap Feast - 09 Jan 24
9th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - FY23 Results
FY23 performance is in line with estimates and reflects solid trading and strong cost control. FY23E revenue +6.1% YOY and Adj. PBT +48% to £16.5m, almost double the £8.5m FY23E Adj. PBT we forecast a year ago following 4 consecutive upgrades over 2023. Net cash of £16.4m is after a total of £26.7m in capex, dividends and share buybacks, demonstrating the strongly cash generative nature of the Group. This is reflected in the announcement of a 6.0p special dividend, taking full year DPS to 17.4p,...
Hybridan Small Cap Feast - 17 Oct 23
17th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Strides ahead
Shoe Zone has announced FY23 adj. PBT will be no less than £16.0m, +43.3% YOY (FY22: £11.2m) and 18.7% ahead of Zeus’ est. despite previous upgrades in both June and July. Performance has benefitted from strong demand through the key ‘Back to School’ period as well an increase in product margin attributed to lower freight container rates and improved stock management. FY23E and FY24E EPS forecasts upgraded >20.0%. FY24E ex-cash PE of 7.1x, remains a compelling buy.
Hybridan Small Cap Feast - 12 Jul 23
12th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Upgrade momentum
Strong trading momentum has continued through June and early July, driving a second material upgrade to our forecasts in as many months. Zeus forecast adjusted PBT for FY23E increases by 28.6% to £13.5m, in line with Management’s guidance of “not less than £13.5m”. We continue to think that Shoe Zone’s ex-cash PE of 9.0x FY23 is undemanding for a well-run business with a solid strategy, strong control over cost management, and consistent, high, cash generation.
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Strong demand drives upgrades
Strong consumer demand through May and early June, combined with lower container rates has driven a material upgrade to FY23 and FY24 earnings. FY23E Adj. PBT of £10.5m is +23.0% with FY23E EPS +25.0% versus our previous forecasts. Margin improvements are expected to be sustained, with FY24E Adj. EPS +30.0%. An ex-cash PE of 11.9x with a prospective dividend of 3.0% remains an undemanding valuation for a well-run business with a solid strategy, strong control over cost management and consistent,...
Hybridan Small Cap Feast - 16 May 23
16th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Rachel Birkett
- Rachel Birkett
Audio Note: Shoe Zone - Kicking-off cash
In this audio note, Zeus’ Rachel Birkett summarises the investment case for Shoe Zone. Robust trading and strong cash generation resulting in a further special dividend distribution, equating to a FY22 yield of 8.2%. Listen to the audio note below, and read the full research here.
- Rachel Birkett
- Rachel Birkett
Audio Note: Shoe Zone
In this audio note, Zeus’ Rachel Birkett summarises the investment case for Shoe Zone. Shoe Zone has confirmed a fifth consecutive earnings upgrade, with FY22E adj. PBT to be at least £11.0m, 4.5% ahead of Zeus estimate. Listen to the audio note below, and read the full research here.
- Rachel Birkett
Shoe Zone plc (SHOE LN) - Stepping up
Shoe Zone has confirmed a fifth consecutive earnings upgrade, with FY22E adj. PBT to be at least £11.0m, 4.5% ahead of Zeus estimate. FY22 net cash of £24.4m is +£9.8m YOY, after £10.3m outflow on capex, debt repayment and dividends paid in the year, reflecting the incredibly cash generative nature of SHOE’s model. Our FY22E dividend increases 18.2% to 8.0p equating to a yield of 4.4%. We upgrade FY23E Adj. PBT +20% to £8.5m, building on FY22E positive performance with further shareholder distri...
- Rachel Birkett
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