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Supergroup top pick for Berenberg as investor concerns swept aside

Tue, 28th Apr 2015 10:44

Berenberg has chosen Supergroup as its top pick in the retail sector as the SuperDry street fashion label moves from being "a business with significant potential to one which is starting to deliver".With a 'buy' recommendation and a 1,160p price target, a 17% premium to the share price, the German bank said time spent "on the road with the company" had persuaded it of the upside potential from both the significant self-help opportunities in the business and from the North America expansion.Berenberg believes the company's volatile performance history since its March 2010 IPO, perceived execution risk and comparison with US peer Abercrombie & Fitch (ANF) due to the pair's one-brand strategy have overshadowed the stock."However, the recent strengthening of management will reduce volatility in our view, while we believe there are key differences between the SGP and ANF business models."New chief executive Euan Sutherland has added a longer-term strategic focus and is strengthening the business operationally in Berenberg's view, with simple improvements such as a move to a single stock pool, direct sourcing and greater integration between retail, wholesale and e-commerce that together "provide the foundations to take the business to the next level".These changes, analyst Michelle Wilson believes, should leverage the current cost base to drive like-for-like growth and significantly reduce the execution risk of international expansion.Wilson said she also believes management guidance of a full year 2016 loss and a 2017 breakeven on the rejigged North American business "could be conservative" due to the significant near-term revenue potential from wholesale and e-commerce sales channels.Investor concerns about execution risk are being swept aside by Sutherland's decisive actions since appointment late last year and his former experience as COO of Kingfisher.A significant differences between Supergroup's business model and that of ANF, the analyst argued, is that the UK company's principle that every individual store must be profitable.Moreover: "ANF's struggles have been well documented and it seems that some investors believe SGP will ultimately follow the same path. However, we believe a lot of ANF's downfall has been self-inflicted."Finally, on valuation, Berenberg noted that Supergroup share currently trade at an 8% discount to the sector versus a historical 8% premium.

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SuperGroup hikes dividend as Christmas sales accelerate

(ShareCast News) - Amid troubled times for some more established clothing retailers, SuperGroup, the owner of the Superdry fashion brand, lifted its interim dividend by a quarter after a half year where sales and profits grew strongly in the UK and gained traction in the US and China. And in the 10

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BUZZ-SuperGroup: best day in 4 mths on H1 sales beat

** SuperGroup +7.6%, biggest one-day rise since mid-July ** H1 retail LfL +12.8% (well ahead of +2.6% consensus flagged by Liberum) ** Top of FTSE 250 and among most actively traded stocks on the index (RM: tricia.wright1.thomsonreuters.com@reuters.net)

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TOP NEWS: SuperGroup Sales Surge But Gross Margin Squeezed

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Supergroup surges as it posts jump in H1 sales, says FY profit will meet views

(ShareCast News) - Supergroup shares surged on Thursday after the FTSE 250 owner of clothing brand Superdry reported a bigger-than-expected jump in first-half revenue and said it expects full-year profit to be in line with market expectations of £84.6m. In a trading update for the 26-week period to

17 Oct 2016 15:04

Clothing retailers' sales decline again, Kantar criticises discounting

(ShareCast News) - UK clothing retailers have seen sales fall for four months in a row, according to a survey published on Monday that criticised the industry's habit of over-buying and deep discounting. Since June saw the first fall in the value of the UK fashion market, data from Kantar Worldpanel

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SuperGroup among FTSE 250 stocks going ex-div on Jul 21

LONDON, July 18 (Reuters) - There are no FTSE 100 companies going ex-dividend on Thursday, although two British mid-cap companies are set to trade without entitlement to their latest dividend payouts. Among FTSE 250 companies going ex-dividend are: COMPANY

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Friday newspaper share tips: Experian, Supergroup

(ShareCast News) - There's more to go for at Experian, The Daily Telegraph's Questor said, pointing to the recent successes by the company when it comes to product innovation and cultivating more communication between its business units. That innovation is serving the company well, allowing it to gr

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SuperGroup says diversification means well placed to weather Brexit fallout

LONDON, July 14 (Reuters) - SuperGroup, the British company behind the Superdry fashion brand, is well placed to weather sterling's depreciation in the wake of the Brexit vote thanks to its overseas expansion strategy, its boss said on Thursday. The firm, whose trademark jackets, hooded top

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