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Debenhams marketplace model seeing "rapid growth".
Significant commercial advantages. Capital light. 100% margin. Stockless model.
Own outright 6 different properties. Book value £124m. Will consider options...
Improvement in return rates.
Some "real positive signs" on gross margin which are continuing into FY2025.
Stephen Morana: 5 core brands only down 4% in H2. Turnaround in core brands. Continuing into FY2025.
Can anyone post the link pls
Happy - the thing is nobody knows what this coming year will do....
Hexam is a qualified accountcoughcoughant and business advisor mind...so.....
Results are awful. They're figures of a company that's shedding their core customers and clearly on the slide. They've had their day in the sun and it'd need miracles beyond their control to find those days again.
I wonder if now is the time for a move? BOO is probably as vulnerable as ever. This time next year, things will be a lot better given the outlook for inflation and costs significantly lower. Let's see what unfolds. I'm keeping my holding as is and will wait for the move up. Atb and imo only of course.
Anyone go the link for the webcast?
“It's not a weak promise. And how will overall cash flow remain negative if FREE Cash Flow is positive?”
It’s weak because there is no mention of any profit expectation for FY25 and a positive FCF should be a bare minimum. It seems a headline they’ve put in for people (like you) to latch on to and keep interested. And it worked. They could have said we expect negative overall cash flow for FY25 or another loss as their one headline but I suspect neither of those would have gone down so well?
The reason overall cash flow is likely to be negative is that FCF excludes share purchases, interest and lease payments.
So unless FCF is over around £40m then overall cash flow will probably be negative.
Difficult trading conditions! Just admit the competition are winning and yet Next and M&S can compete and grow. JL for me is done .
At least we've had a £20m wedding! Didn't he do well selling PLT to Boo share holders ! What's it worth now?
Don’t forget capital markets Day coming soooon!!
378p
Good purchase price Doug?
Nice one
"Overall they say FCF will be positive for 2025 (helped by reducing capex) but this weak promise suggests to me overall cash flow will remain negative as will profits."
It's not a weak promise. And how will overall cash flow remain negative if FREE Cash Flow is positive? GMV growth is expected as is EBITDA margin improvement. These ultimately contribute to FCF expansion. So it's not just capex reduction.
I think they're being prudent not to be over specific but positive FCF forecast is very different to the past FY and a sign of CONFIDENCE.
All IMHO DYOR
Happy
Webcast can only be good news otherwise they wouldn’t hold it imho . Sp holding well only way is up now , come back in 2025 :) cash flow positive
Buy low sell high. :)
Good luck everyone.
Best
Happy
Await further downgrades.
Good summary.
No reason to invest, some crumbs of hope to hold.
“Group expects to generate positive free cash flow in FY25“
On balance very encouraging results 👏 👏
Ignore the trolls.
Results look poor to me overall but with a few positive bits of encouragement.
They missed the already downgraded revenue target albeit only just (by less than half a percent).
They did hit EBITDA guidance though - just sneaking in at the bottom of the range.
Cash flow was very disappointing (over £100m overall outflow) though part of that was the understandable increase in inventory in the US. It means a sharply increased net debt position and the mention of fixed assets to promote its balance strength is to me a hint of desperation. Overall they say FCF will be positive for 2025 (helped by reducing capex) but this weak promise suggests to me overall cash flow will remain negative as will profits.
Talking of profits, they made a huge overall loss of just under £138m not helped by chunky impairments. One bright spot though was that the RevB investment made a £3.1m contribution to profits. Also the focus on costs should help them get back on track in time.
Overall though the results look at the bad end of expectations and the expected recovery seems to be pushed further in to the future.
Well the red cross has it so far, market currently 'no likey'
Bought at 32.99
Down sharply at open but I think they will close to today as market digests update. Regardless, outlook most positive it's been in a long time.
Let's see.
All IMHO DYOR
Happy
In auction but not looking pretty…