reports
- Kate Heseltine
Unbound Group - Platform launch on time
Unbound Group’s update is encouraging with respect to current trading (since April 2022). Significantly, the launch of the curated multi-brand platform, which seeks to capitalise on the strengths of and customer loyalty to its core footwear offering and expand its addressable market, is confirmed as on time with an attractive blend of new partners. The share price has been very weak amid the recent widespread derating of online retailers, leading to an attractive prospective FY23e P/E multiple o...
- Kate Heseltine
Unbound Group - Strong momentum in Q123
Unbound Group’s (UBG’s) Q123 trading update to the end of April 2022 shows continuing strong momentum, in contrast to recent trends in the wider consumer space. Management’s outlook for FY23 is unchanged despite the more challenging macroeconomic environment due to inflationary pressures. The company is making good progress with signing new partner brands to the Unbound platform, which should launch in July 2022. Our forecasts are unchanged ahead of the June publication of results for the 12 mon...
- Kate Heseltine
Unbound Group - A reassuring debut
Unbound Group’s maiden trading update after its admission to AIM is reassuring. The core, Hotter Shoes, has reported FY22 revenue (£51.9m), EBITDA (£5.5m) and pre-exceptional PBT (not less than £0.2m) in line with expectations, as set out in our recent initiation. The announcement of a new trading partnership with Marks and Spencer (M&S) supports management’s medium-term expectations for double-digit growth from digital partnerships, which is part of the Wholesale division. The outlook for FY23 ...
- Kate Heseltine
Unbound Group - A reassuring debut
Unbound Group’s maiden trading update after its admission to AIM is reassuring. The core, Hotter Shoes, has reported FY22 revenue (£51.9m), EBITDA (£5.5m) and pre-exceptional PBT (not less than £0.2m) in line with expectations, as set out in our recent initiation. The announcement of a new trading partnership with Marks and Spencer (M&S) supports management’s medium-term expectations for double-digit growth from digital partnerships, which is part of the Wholesale division. The outlook for FY23 ...
Unbound Group (UBG): Initiation - A platform for growth
Edison Investment Research Limited Unbound Group (UBG): Initiation - A platform for growth 07-Feb-2022 / 08:48 GMT/BST London, UK, 7 February 2022 Unbound Group (UBG): Initiation - A platform for growth Unbound Group's aim is to capitalise on the strengths of and customer loyalty to the current core trading business, Hotter Shoes, a digitally led retailer, by developing a curated multi-brand retail platform, 'Unbound'. The platform will offer a broader range of new and complementary own-brand and third-party products and services, via partnerships with relevant brands, in or...
- Kate Heseltine
Unbound Group - A platform for growth
Unbound Group’s aim is to capitalise on the strengths of and customer loyalty to the current core trading business, Hotter Shoes, a digitally led retailer, by developing a curated multi-brand retail platform, ‘Unbound’. The platform will offer a broader range of new and complementary own-brand and third-party products and services, via partnerships with relevant brands, in order to enhance the company’s addressable market. The company’s core target demographic, people aged 55+, is the wealthiest...
- Pedro Fonseca
Electra Private Equity - Realisation strategy at the final stage
On 2 November and 2 December 2021, Electra Private Equity (ELTA) reiterated its corporate strategy for moving its listing from the Main Market of the London Stock Exchange to AIM, and provided updates on current trading for its remaining corporate investment, Hotter Shoes. With respect to trading, there was ongoing strength in Hotter’s revenue growth. Management’s medium-term guidance for Hotter suggests a revenue CAGR of 12% and EBIT CAGR of c 86% in FY22–25e. This guidance excludes incremental...
- Pedro Fonseca
Electra Private Equity - Realisation strategy at the final stage
On 2 November and 2 December 2021, Electra Private Equity (ELTA) reiterated its corporate strategy for moving its listing from the Main Market of the London Stock Exchange to AIM, and provided updates on current trading for its remaining corporate investment, Hotter Shoes. With respect to trading, there was ongoing strength in Hotter’s revenue growth. Management’s medium-term guidance for Hotter suggests a revenue CAGR of 12% and EBIT CAGR of c 86% in FY22–25e. This guidance excludes incremental...
- Pedro Fonseca
Electra Private Equity - Introducing Hostmore and Unbound brands
On 16 September, Electra Private Equity (ELTA) issued a trading update for its largest remaining hospitality brands, Fridays and 63rd+1st, and named the board members for Hostmore, the parent company of those brands. ELTA’s board confirmed its intention to demerge Fridays – the largest of the two operating businesses (74% of ELTA’s NAV) – onto the Main Market of the London Stock Exchange (initially announced in May), early in Q421. The board aims to transition the remaining company, Hotter Shoes...
- Pedro Fonseca
Electra Private Equity - Introducing Hostmore and Unbound brands
On 16 September, Electra Private Equity (ELTA) issued a trading update for its largest remaining hospitality brands, Fridays and 63rd+1st, and named the board members for Hostmore, the parent company of those brands. ELTA’s board confirmed its intention to demerge Fridays – the largest of the two operating businesses (74% of ELTA’s NAV) – onto the Main Market of the London Stock Exchange (initially announced in May), early in Q421. The board aims to transition the remaining company, Hotter Shoes...
- Pedro Fonseca
Electra Private Equity - The realisation strategy – further steps
On 21 May, Electra Private Equity (ELTA) announced the board’s intention to demerge Fridays – the largest of the two operating businesses (74% of ELTA’s NAV) – onto the FTSE Main Market and, subsequently, to bring Hotter Shoes (10% of NAV) to AIM through reclassification of the Electra entity. This followed the 15 April announcement about the disposal of Sentinel for £22.2m (58.1p per share), £11.3m higher than the asset’s carrying value on the balance sheet at 30 September 2020. ELTA has been f...
- Pedro Fonseca
Electra Private Equity - The realisation strategy – step by step
On 15 April, Electra Private Equity (ELTA) announced the disposal of Sentinel – one of the company’s three remaining operating businesses – for £22.2m (58.1p per share), £11.3m higher than the asset’s carrying value on the balance sheet as at 30 September 2021. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned c £2bn to shareholders. Since our 16 December 2020 initiation note, the shares have appreciated from a 22% dis...
Electra Private Equity (ELTA): Innovating, restructuring and realising
Edison Investment Research Limited Electra Private Equity (ELTA): Innovating, restructuring and realising 17-Dec-2020 / 08:50 GMT/BST London, UK, 17 December 2020 Electra Private Equity (ELTA): Innovating, restructuring and realising Electra Private Equity (ELTA) has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned £2bn to shareholders. Despite this strong record, the shares currently trade at a 22% discount to NAV. In 2018, the board embarked on a major operational enhancement programme across the remaining ...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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