From the Levitt independent enquiry.....28 Oct 2020 11:09
27. I am satisfied that Boohoo did not deliberately allow poor conditions and low pay to exist
within its supply chain, nor did it intentionally profit from them. I do not accept that
Boohoo’s business model is founded on exploiting workers in Leicester.
28. There is clear evidence that many of the processes which Boohoo has now put in place
had been planned a year ago and are not simply a reaction to the negative publicity in July
2020. Their culpability lies not in doing nothing but that they did too little too late.
29. That being said I am confident that the adaptations which Boohoo should make involve a
relatively easily achieved realignment of its priorities and governance systems and that the
Board should not feel discouraged. It has already made a significant start on putting things
right.
30. I am encouraged by the evidence I have seen that Boohoo’s recently-appointed Head of
Compliance has made contact with some of the statutory authorities with a view to,
amongst other things, establishing a single point of contact for reporting allegations made
by whistle-blowers or revealed by their own audit and inspection checks.
[C] To consider the boohoo Group’s compliance with the relevant law
31. There is no evidence that Boohoo has committed any criminal offences.
And from an FT article last week.....
'Analysts are nonplussed by the noise. Peel Hunt dismissed the developments as “nothing new to see here”. Number crunchers at Mirabaud — the team that infamously set a price target of zero on Wirecard — said “this is one dip that we think is an opportunity”. It is a song sung in unison, it seems, with 15 out of 21 analysts still positive on the stock.'
Then go back and read the last RNS and remind yourself of growth and profit figures.
Boo is undervalued.
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