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JD Sports Fashion PLC (LSE:JD.)'s latest financial update has prompted UBS to offer a brighter outlook for the sportswear big cap.
The group's fiscal 2024 performance aligned with its prior forecasts, UBS pointed out, with notable strength in Europe and a challenging environment in North America.
UBS's forecast for the fiscal year 2025 suggests an anticipated organic sales growth between 6-9%, with profit before tax (PBT) expectations set between £900 million and £980.
JD Sports’ tone of its outlook for financial 2025 is “cautious”, UBS pointed out, though this was “broadly expected”.
Analysts continued: “Even potential cut to consensus PBT on a pre-accounting changes basis is less bad than expected… particularly in the context of mixed set of results from JD Sports peers.
“Additionally the decision to increase the frequency of reporting should be taken
well by investors.”
In terms of valuation, UBS maintains a 'buy' rating on the stock, setting a 12-month price target of 178p, indicating a potential upside of over 50% from the 116p publication price
Dublin City Council has granted two further planning permissions to UK property giant Hammerson as part of its €500 million regeneration project in Dublin city centre, including enabling works for a future Metrolink station on O’Connell Street.
Hammerson has been granted permission to develop the 0.9 hectare (2.3 acres) site from Number 43 to Number 60 O’Connell Street Upper into offices, retail and restaurant space. A further permission has been granted in respect of Number 61 O’Connell Street Upper for retail and residential uses.
The permission also allows for a structural box beneath ground floor level, to accommodate the independent construction and operation of the planned O’Connell Street MetroLink station by Transport Infrastructure Ireland (TII).
The newly-granted permissions form part of Hammerson’s €500 million master plan to regenerate a 2.2 hectare plot that stretches from O’Connell Street to Moore Street in the north inner city. The project has generated considerable opposition from groups including Moore Street traders.
The overall plan includes proposals for 97 homes, 9,300sq m of restaurants, cafes, and shops, 43,400sq m of workspace, up to 210 hotel rooms, and a new public gallery and cafe use.
Three other planning applications submitted by Hammerson in relation to its Dublin Central development were granted last year, including plans for a new hotel, homes, workspace, retail, and cultural uses, as well as enhanced street connections and a substantial public square.
Ed Dobbs, development director at Hammerson, said that the newly-granted planning permissions for the O’Connell Street side of the site were “significant”.
“[They] bring us one step closer to delivering our vision for Dublin Central and complementing the uses which have already been approved for new homes, hotel, retail spaces and an improved streetscape,” he said.
“The development will bring significant economic and cultural benefits for the local and wider community, breathing new life into a unique area in Dublin which is important to our history. We will now review in detail the planning conditions for each permission granted. We also look forward to submitting further applications for the remainder of the site while we continue to work with all stakeholders.”