(CercleFinance.com) – The analyst believes that the emphasis is placed on the recovery of sales following an internal support program. ‘EBITDA is not there but inventory management has progressed well.’
Following the publication of figures for the first half of the 2024 financial year, UBS reiterates its neutral advice on the value but lowers its price target to 360 pence (instead of 380 pence).
‘The group is performing well in the field of distance selling, but this is accompanied by greater pressure on EBITDA. All eyes are on the recovery of sales from now on, says UBS.
‘H1 adjusted EBITDA was -£16m, missing guidance of +£5m. Notable progress has been made on stock position (£593m) and creation. Guidance for fiscal 2024 remains unchanged.
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