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Should be interesting presentation tomorrow. Been difficult to buy at advertised last two days. Like how nothing at 56.30. Should be back in 60s really

Berenberg broker rating 600 buy. Reiterated

"We are constructive on ASOS’s ongoing recovery potential," Berenberg analysts, citing free delivery and returns ​along with a clear market position as a multi‑brand retailer ​with exclusive ⁠lines.

Bs

150m ebidta. Turnover of near 2bn.

The debt is actually quite small. Mcap of £250m. The turn around is happening. If they get the share price up the terms allow for the notes to be converted to shares. Therefore not an issue.

Ceasefire to with Iran and markets opening well up.

Last March same thing shorts. Fraser. Drop yo 210s. Few days later back over 300 after tu. Let’s ser

Media leading with 50%

Ebidta over 150m

Current mcap £250m

The recovery continues. If Mike or anyone else wants it. Now would be the time

Trading update

· GMV1 -9% YoY, with sequential quarterly improvement of +4ppts Q4 2025 to Q1 2026, followed by a further +2ppts in Q2 2026. Improvements were delivered across core markets (UK, US, Germany and France) and categories where initiatives were concentrated, including:

o The UK, the largest of its four major markets, outperformed the Group, delivering GMV1 of -5% YoY.

o Womenswear, a priority category, outperformed Group GMV2 in H1, delivering a c.10ppt improvement in its growth rate in H1 FY26 versus H2 FY25.

o In the top four markets combined, new customers have grown +2% YoY with sequential improvement in Q2 2026 versus Q1 2026.

· Adjusted gross margin +330bps YoY to 48.5%, demonstrating the continued success from deployment of the new commercial model and ongoing expansion of the Flexible Fulfilment model.

· Adjusted EBITDA3 increase of c.50% YoY including the negative impact of IEEPA tariffs, driven by improved gross margin, lower returns rate, and continued cost discipline.

Strategic Progress

If there was any thresholds crossed within the £6m of UT Friday (over 2% of shares in issue) will find out today. Tages closed their short below 0.5% (that’s who Fraser use) so that’s them set.

March 23 (Reuters) - Britain's Frasers Group has increased its stake in ASOS to 29.26% from 28.42%, a filing showed on Monday, becoming the largest shareholder in the fast-fashion retailer and inching closer to the threshold for a takeover offer.

Under UK takeover rules, an investor is required to make a mandatory offer for a company once its stake reaches 30% of the voting rights.

British sportswear and fashion firm Frasers, owned by billionaire Mike Ashley, has substantial investments in multiple retailers, including Debenhams, AO World and Puma. It has previously used its shareholdings to push for strategic changes or encourage companies to sell its products or adopt its services.

Frasers and ASOS did not immediately respond to emailed requests for comment.

Hmmm that was from thursday last week, the huge UT was friday. 2 individuals (entities) now holding directly or indirectly 29% and a US with over 15%. Free float potentially miniscule here. Who blinks first, what next

On Friday into close in US there was huge volume on the markets and potential leaks. I was expecting the war to pause/end this week. Trump has midterms coming up. With energy prices rising and inflation coming back up he needs to get this back down hence why I was expecting some calm.

Iran have denied that there is a pause mind. Who knows.

Waiting to see if any tr1 pops up here given the huge UT Friday

Back over 30 then. Be interesting to see how tungsten prices react now with possible de -escalation between Iran and US.

Tungsten west long term 💪

Trump had just tweeted that war is postponed - strikes on Iran are finished, Nasdaq went from 1% down to 2% blue, ftse from 2% red to blue.

Let's see

IRAQ ANNOUNCES A FORCE MAJEURE ON ALL OILFIELDS OPERATED BY FOREIGN OIL COMPANIES, ACCORDING TO OIL MINISTRY SOURCES.

IRAQ ANNOUNCES A FORCE MAJEURE ON ALL OILFIELDS OPERATED BY FOREIGN OIL COMPANIES, ACCORDING TO OIL MINISTRY SOURCES.

As mentioned. Shorts went up to 5% prior to a March trading date when price was around 220….few days later 315.

Anyway £6m UT about 2.5% of shares in issue. Tr1 ahoy? Has Mike or povlsen made their move.

Tungsten up 18% this week then. £2,500 low £2,800 high

https://x.com/andreahotter/status/2035020961892950098?s=46&t=klceItdHWWIeRy0yz3tFOQ

Good write up in telegraph about tungsten prices soaring just now. And with trump asking for 200bn yesterday this will just keep going

https://www.telegraph.co.uk/business/2026/03/20/chinese-war-metal-cost-of-missiles/

https://www.yahoo.com/news/articles/donald-trump-asks-congress-200bn-211832808.html

Eqr up 10% in Australia. And alm recovered from 15% down to near enough flat last night over the pond. Big broker update there.

About 1m shares bought in the last 5 mins, those 26.5 are buys, i added 1k at 26.5 just before close and was playing with the quote the last 10 mins. 26.28 to sell and 26.50 was to buy. Sliced profit on my 4.1 buy on sml this morning

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