Stronger base for growth
Findel's (L:FDL) shares responded positively to the announcement of the sale of Kitbag and the arrival of Sports Direct (L:SPD) on the share register at the end of September with an 18.9% stake. Meanwhile, in response to the interim results, we have trimmed our near-term estimates. Nevertheless, our sum-of-the-parts analysis suggests there is further headroom in the share price.
Financial position strengthened again in H1
Although H116 trading progress in Express Gifts, Findel’s largest business, was disappointing, a better-than-expected performance from Education allowed the group to maintain interim profitability. Meanwhile, it further reduced core net debt year-on-year. Furthermore, it has refinanced its borrowings on better terms reflecting its normalised financial position.
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