reports
Warehouse Group: 3 directors
Three Directors at Warehouse Group bought/maiden bought 36,650 shares at between 1.860NZD and 1.900NZD. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...
WAREHOUSE GROUP sees an upgrade to Slightly Positive due to a better f...
The general evaluation of WAREHOUSE GROUP (NZ), a company active in the Broadline Retailers industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 25, 2022, the closing price ...
- Johannes Faul
Morningstar | The Warehouse Group’s EBIT Margins Flat as Intense Com...
The Warehouse Group posted 5.2% growth in adjusted net profit after tax, or NPAT, to NZD 39.6 million for the first half of fiscal 2019, tracking slightly ahead of our prior full fiscal year 2019 estimate of 3.9% NPAT growth. Group sales were up 2.7% in the half, slowing significantly in the second quarter as intensified competition and slow Christmas sales took their toll, as we had anticipated. Nevertheless, group sales were better than expected and we increase our full-year sales growth estim...
- Johannes Faul
Morningstar | The Warehouse Group's Strong Online Sales Growth Likely ...
The Warehouse Group dominates New Zealand's discount department store market, with the company's scale covering the breadth of the country. We are concerned about the intense competition in retail, which we expect to increase following Amazon's entry into the Australian market. We believe it is essential for retailers to embrace the online trend. We forecast most of the incremental sales growth across many categories to be captured by e-commerce, particularly in those categories to which The War...
- Johannes Faul
The Warehouse Group’s EBIT Margins Flat as Intense Competition Bites
The Warehouse Group posted 5.2% growth in adjusted net profit after tax, or NPAT, to NZD 39.6 million for the first half of fiscal 2019, tracking slightly ahead of our prior full fiscal year 2019 estimate of 3.9% NPAT growth. Group sales were up 2.7% in the half, slowing significantly in the second quarter as intensified competition and slow Christmas sales took their toll, as we had anticipated. Nevertheless, group sales were better than expected and we increase our full-year sales growth estim...
- Johannes Faul
The Warehouse Group's Strong Online Sales Growth Likely to Trigger Net...
First-quarter sales growth at the Red Sheds, Blue Sheds, and Noel Leeming is tracking ahead of our full fiscal year 2019 estimate, and gross margin at the Red and Blue Sheds is improving. However, in anticipation of the crucial Christmas trading period, we maintain our near-term forecasts and our NZD 2.40 fair value estimate on no-moat-rated The Warehouse Group. Group headline sales were up by 3.6% in the first quarter, versus the previous corresponding period. This is ahead of our fiscal 2019 e...
- Johannes Faul
Morningstar | The Warehouse Group Shows Signs of Life. FVE Unchanged a...
First-quarter sales growth at the Red Sheds, Blue Sheds, and Noel Leeming is tracking ahead of our full fiscal year 2019 estimate, and gross margin at the Red and Blue Sheds is improving. However, in anticipation of the crucial Christmas trading period, we maintain our near-term forecasts and our NZD 2.40 fair value estimate on no-moat-rated The Warehouse Group. Group headline sales were up by 3.6% in the first quarter, versus the previous corresponding period. This is ahead of our fiscal 2019 ...
- Johannes Faul
The Warehouse Group Shows Signs of Life. FVE Unchanged at NZD 2.40
First-quarter sales growth at the Red Sheds, Blue Sheds, and Noel Leeming is tracking ahead of our full fiscal year 2019 estimate, and gross margin at the Red and Blue Sheds is improving. However, in anticipation of the crucial Christmas trading period, we maintain our near-term forecasts and our NZD 2.40 fair value estimate on no-moat-rated The Warehouse Group. Group headline sales were up by 3.6% in the first quarter, versus the previous corresponding period. This is ahead of our fiscal 2019 e...
- Johannes Faul
Morningstar | The Warehouse Group to Start Reaping Benefits From Its T...
No-moat-rated The Warehouse Group is set to continue its transformation for another two years with investments in its online channel, both in digital and fulfilment, as well as refurbishing its existing physical store network. We now expect fiscal 2019 capital expenditures to increase by some 30% to NZD 90 million, with additional one-off operating expenses of NZD 25 million. These higher near-term expenses are offset by the positive impact of the time value of money, and our fair value estimate...
- Johannes Faul
Morningstar | We expect profitability to recover following the move to...
The Warehouse Group dominates New Zealand's discount department store market, with the company's scale covering the breadth of the country. We are concerned about the intense competition in retail, which we expect to increase following Amazon's entry into the Australian market. We believe it is essential for retailers to embrace the online trend. We forecast most of the incremental sales growth across many categories to be captured by e-commerce, particularly in those categories to which The War...
- Johannes Faul
The Warehouse Group to Start Reaping Benefits From Its Transformation ...
No-moat-rated The Warehouse Group is set to continue its transformation for another two years with investments in its online channel, both in digital and fulfilment, as well as refurbishing its existing physical store network. We now expect fiscal 2019 capital expenditures to increase by some 30% to NZD 90 million, with additional one-off operating expenses of NZD 25 million. These higher near-term expenses are offset by the positive impact of the time value of money, and our fair value estimate...
- Johannes Faul
We expect profitability to recover following the move to everyday low ...
No-moat The Warehouse Group’s sales grew by 2.6% in the third quarter of fiscal 2018, slightly ahead of our expectations. We increase our full-year revenue growth forecast to 0.3% versus a decline of 0.7% previously. However, the impact on outer-year sales estimates is immaterial, and we maintain our NZD 2.40 fair value estimate, with shares screening as undervalued at current prices. We marginally increased our adjusted NPAT estimate for fiscal 2018 to NZD 56 million from NZD 55 million. This...
- Johannes Faul
The Warehouse Group’s Sales Rebound Slightly Faster Than Expected; N...
No-moat The Warehouse Group’s sales grew by 2.6% in the third quarter of fiscal 2018, slightly ahead of our expectations. We increase our full-year revenue growth forecast to 0.3% versus a decline of 0.7% previously. However, the impact on outer-year sales estimates is immaterial, and we maintain our NZD 2.40 fair value estimate, with shares screening as undervalued at current prices. We marginally increased our adjusted NPAT estimate for fiscal 2018 to NZD 56 million from NZD 55 million. This...
- Johannes Faul
While The Warehouse Group is still dominant, strategic execution will ...
For the first half of fiscal 2018, no-moat-rated The Warehouse Group reported underlying net profit after tax of NZD 35.8 million, adjusted for restructuring costs relating to the ongoing transformation of the group and a one-off accounting adjustment. This is slightly above company guidance of NZD 32 million-35 million provided in early January 2018, but sales were weaker than we expected. Our long-term forecasts are unchanged, and we maintain our fair value estimate of NZD 2.40. We cut our fis...
- Johannes Faul
The Warehouse Group Kicking Goals a Two-Edged Sword for Shareholders
No-moat-rated The Warehouse Group reported improving sales trends at its Red Sheds, Blue Sheds, and Torpedo 7 businesses, and continuing strong performance at Noel Leeming. The group also provided net profit after tax, or NPAT, guidance of NZD 32 to 35 million for the first half of fiscal 2018 which includes an accrual of about NZD 10 million for the redesigned employee incentive programme. Excluding the accrual puts The Warehouse Group on track to deliver fiscal 2018 NPAT from ongoing operation...
- Johannes Faul
The Warehouse Group’s EDLP Disruption of Sales Greater Than We Expec...
No-moat-rated The Warehouse Group reported first-quarter fiscal 2018 group sales of NZD 645 million, a 1.7% decrease on the prior corresponding quarter, significantly affected from the transition to everyday low pricing, or EDLP, at its core Red Sheds business, as well as the clearance of discontinued lines. We trimmed our valuation to NZD 2.40 per share from NZD 2.50 following weaker-than-expected sales growth; however, shares are trading at a 12% discount to our intrinsic assessment at current...
- Johannes Faul
The Warehouse Group Flags Near-Term Transitioning Pain for Long-Term G...
We have slightly trimmed our fair value estimate on no-moat-rated Warehouse Group by 4% to NZD 2.50, due to lower-than-expected sales growth and slightly higher capital expenditures, largely offset by higher operating margins. At the current share price of around NZD 2.00, the shares screen as undervalued. Same-store sales slowed in the fourth quarter of fiscal 2017, and we have lowered our fiscal 2018 sales growth estimate to 2% from 4% previously. The general election and stagnating house pric...
- Johannes Faul
While The Warehouse Group is still dominant, strategic execution will ...
No-moat-rated The Warehouse Group’s two key businesses reported positive like-for-like sales growth. Importantly, online sales continue to increase strongly. The company reaffirmed its profit guidance of underlying net profit after tax, or NPAT, of between NZD 54.0 million and NZD 58.0 million in fiscal 2017, representing a 10%-15% decline year on year. Our underlying NPAT estimate of NZD 56 million and a fair value estimate of NZD 2.60 per share are unchanged. Shares are undervalued at curren...
- Johannes Faul
The Warehouse Group Grows Sales in Key Retail Brands and Its Online Ch...
No-moat-rated The Warehouse Group’s two key businesses reported positive like-for-like sales growth. Importantly, online sales continue to increase strongly. The company reaffirmed its profit guidance of underlying net profit after tax, or NPAT, of between NZD 54.0 million and NZD 58.0 million in fiscal 2017, representing a 10%-15% decline year on year. Our underlying NPAT estimate of NZD 56 million and a fair value estimate of NZD 2.60 per share are unchanged. Shares are undervalued at curren...
- Johannes Faul
While The Warehouse Group is still dominant, strategic execution will ...
No-moat The Warehouse Group reported underlying net profit after tax, or NPAT, of NZD 39.7 million for the first half of fiscal 2017. This is in line with the guidance provided in late December 2016, and we maintain our fair value estimate of NZD 2.60 per share. Despite retail sales growing by 3.3% year on year, lower gross profit margins eroded operating profits, and interim group EBIT margin fell 60 basis points year on year to 4.3%. The core Red Sheds business, which accounted for 92% of the ...
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