reports
- Rachel Birkett
- Rachel Birkett
boohoo Group (BOO LN) - Margins expand despite macro headwinds
H1 FY24 Results: H1 FY24 performance reflects the challenging macro-economic backdrop, with weaker consumer sentiment impacting demand through H1. Group revenue of £729.1m is 17.4% lower YOY (H1 FY23: £882.4m), with decline across all geographies (UK: (19.0)%, USA: (11.4)%, ROE (16.0)%, ROW (23.2)%). Revenue from core brands (Boohoo, Boohoo Man, PLT, Karen Millen and Debenhams) is down 10%YOY, in line with previous management guidance. Sales have fallen more sharply across the Group’s other labe...
- Liberum Research Team
- Liberum Research Team
MAB MITCHELLS & BUTLERS PLC
MARS MARSTON'S PLC
BOO BOOHOO GROUP PLC
ITM ITM POWER PLC
BLND BRITISH LAND COMPANY PLC
YOU YOUGOV PLC
KLR KELLER GROUP PLC
CHAR CHARIOT OIL & GAS
WKP WORKSPACE GROUP PLC
CARD CARD FACTORY
CWR CERES POWER HOLDINGS PLC
CPH2 CLEAN POWER HYDROGEN PLC
JE00BLR94N79 INVINITY ENERGY
GB00B11SZ269 VELOCYS
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...
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: boohoo group plc - Lowered medium term margin expectations re...
FY’23 results came in line with expectations with net revenues down -11% yoy and adj. EBITDA margin of 3.6% (down -270bps yoy). However, the current trading environment remains tough with sales in 1H’24E expected to decline -10% to -15% yoy. Guidance for FY’24E is for net revenue of flat to -5% yoy (consensus +2%) and adjusted EBITDA of between £69-78m at a 4.0% to 4.5% margin (consensus £70.5m). Medium term margins are now expected to be in the 6-8% range vs. the historical guidance of 9-10%. T...
- Liberum Research Team
- Liberum Research Team
- Rachel Birkett
boohoo Group (BOO LN) - Building back to growth
FY23 revenue and EBITDA is a marginal beat vs. estimates with cash generation the standout beat. Market conditions are challenging, reflected in lower FY24 growth, but strategic progress is delivering improved profitability, with medium term guidance confident in a return to double-digit growth and increased profitability.
- Joachim Klement
- Susana Cruz
LIBERUM: SAS All Cap Monthly - Breathe a sigh of relief
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
FGP FIRSTGROUP PLC
BOO BOOHOO GROUP PLC
ANTO ANTOFAGASTA PLC
SRP SERCO GROUP PLC
AHT ASHTEAD GROUP PLC
BBY BALFOUR BEATTY PLC
BYG BIG YELLOW GROUP PLC
ASC ASOS PLC
PLUS PLUS500 LTD.
RMG ROYAL MAIL PLC
RIO RIO TINTO PLC
CTEC CONVATEC GROUP PLC
XPS XPS PENSIONS GROUP
DOM DOMINGUEZ & COMPANIA
- Joachim Klement
- Susana Cruz
LIBERUM: SAS UK SMID Monthly - Breathe a sigh of relief
The UK economic outlook has improved, and energy prices have been much responsible for that. Despite some uncertainty left on this front for winter 23/24, prices are not expected to rise as rapidly as in 2022, thus views on inflation and economic growth have become less pessimistic (ours included) over the last two months. Why? A better energy outlook benefits consumption, business sentiment (thus investment) and eases the burden of fiscal support in 2023.
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Adam Tomlinson
- Anubhav Malhotra
- Wayne Brown
LIBERUM: boohoo group plc - Worsening trading leads to small guidance ...
P3’23 (Sep-Dec) net revenue declined -13% CCY basis, worsening from -10% in 2Q’23. The slowdown was driven by weakening UK demand. Gross margin declined -220bps to 49.7% driven by higher markdown activity to clear its elevated inventory position. Guidance for FY’23E has been lowered slightly to -12% revenue (from -10-11%) and a 3.5% EBITDA margin (from 3-5%). We believe the margin pressures on the company are structural given the need to compete with Shein, higher return rates, near shoring of s...
- Liberum Research Team
- Liberum Research Team
- Rachel Birkett
Boohoo Group plc (BOO LN) - Weathering the storm
H122 results reflect deterioration in UK consumer alongside ongoing pressures of higher return rates and extended delivery to international markets. Despite challenging market backdrop, BOO is well positioned with significant liquidity headroom and a near term focus on driving operational efficiency.
- Rachel Birkett
Boohoo Group plc (BOO LN) - Q1 Trading Update
• Q1 financial highlights: Group revenue of £445.7m is -8.3% YOY vs. a strong comp (Q1 FY22 revenue +32.1%), in line with Zeus’s forecast and management’s previously stated guidance. Gross sales growth remained positive +9% YOY but was offset by higher returns driven by normalisation of returns rates due to product mix change. In our view the impact of lockdown restrictions over the past two years limits the usefulness of assessing the Group’s progress on a YOY basis. Over the three-year pre-pan...
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