reports
- Hybridan Team
Hybridan Small Cap Feast: 23/01/2025
* A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: Quiz Plc (QUIZ.L) left AIM. Alpha Real Trust Limited (ARTL.L) left the Main Market. What’s baking in the oven? Potential** Initi...
- Rachel Birkett
- Rachel Birkett
Revolution Beauty (REVB LN) - Laying foundations
Growth in core ranges accelerated: Revenue from the Group’s core range of SKUs was +6% YoY in H1, with growth accelerating to +16% in Q2, implying solid underlying demand for these continuing ranges. Under its ‘Reigniting the Revolution’ plan, set out in February, the Group is rationalising its offer and refocusing on the Revolution Masterbrand, core product categories (complexion, lip, eye, skincare) and key regions (UK, USA, Aus/NZ, and Germany).
- Toby Thorrington
Revolution Beauty Group - Returning to profitability
Revolution Beauty’s (REVB’s) FY24 results demonstrated the new management team’s progress on its updated strategy. Although revenue growth was relatively muted at c 2%, the streamlining of the brand and product portfolio and improvement in inventory turnover led to a swing back to profitability. Due to REVB’s refocused product portfolio and stock clearance, management expects FY25 Masterbrand run-rate revenue to be c £167m, although with a return to revenue growth in H225. Adjusted EBITDA is exp...
- Rachel Birkett
Revolution Beauty (REVB LN) - Return to profit in FY24
Revolution Beauty’s FY24 results are in line with Zeus estimates that were upgraded in March. The Group continues to make strategic progress, focusing on its core Revolution Masterbrand and exiting lower margin brands and product categories. With this strategy and bearing in mind that the comparative period included significant clearance sales, revenue is expected to decline YoY in H1 FY25, so we lower forecast revenue in FY25 by 6.7%. Importantly, EBITDA forecasts are unchanged. We continue to ...
- Rachel Birkett
- Rachel Birkett
Audio Note: Revolution Beauty - Solid foundations, targeting 3X growth
In this audio note, Zeus’ Rachel Birkett summarises the investment case for Revolution Beauty A streamlined strategy, solid foundations, and a new, enthusiastic management team creates meaningful upside risk to forecasts. Listen to the audio note below, and read the full research here.
- Rachel Birkett
Revolution Beauty (REVB LN) - Reinitiating coverage:
A streamlined strategy, solid foundations, and a new, enthusiastic management team creates meaningful upside risk to forecasts. The scale of the opportunity is significant, with the path to £1bn retail sales more than achievable in our view. Our valuation analysis implies a share price of 85.3p, 205% above current levels.
- Toby Thorrington
Revolution Beauty Group - Looking good
Revolution Beauty Group’s (REVB’s) capital markets day (CMD) provided an opportunity for the new management team to present its refocused strategy: to become a top five global beauty brand by 2030. Management aims to drive product innovation at affordable prices, tailored to the demands of its target Generation Z consumer. REVB will continue to develop its online and offline routes to market with new and existing direct-to-consumer (D2C) and business-to-business (B2B) partners, using data to gro...
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