IOMINVESTCOM
03 Jan 2018
Jefferies DNLM Related Jefferies is backing strong online businesses like Boohoo (BOO) in 2018 as consumers continue to spend cautiously this year.Analyst Caroline Gulliver retained her ‘buy’ recommendation and share price target of 280p saying the online fashion retailer had ‘consistently beaten high sales growth expectations’ and expected it to continue to do so.The shares climbed nearly 9p or 4.7% to 197.3p.‘2018 could be another tough year…Inflation is expected to ease into the second half of 2018, which should provide some relief. However, with real GDP growth expected to slow, ongoing Brexit negotiations and rising interest rates, we think consumers will spend prudently in 2018,’ she said.‘In light of this, in the UK we have preference for discounters like B&M who are well positioned for any weakness in the consumer environment, strong online retailers like Boohoo, retailers with compelling self-help stories like M&S and Kingfisher, or retailers with strong brand equity like Ted Baker.’Gulliver told investors to avoid ‘cyclically-leveraged retailers like Dunelm, or operationally challenged retailers like Sports Direct’.[link]
IOMINVESTCOM
27 Dec 2017
Sales - Emails Might be useless comments by me but will make it anyway!!Noticed over the Christmas period starting Eve more than any other company was the amount of emails coming from DNLM on 50% sales.Will be interesting to learn early January whether those emails on 50% Sales generated profitable sales and they have done well with the campaign or signs of struggles.SP in a tight trading range between 6.80 - 7.25 with underlying signals pointing lower at for the moment.200 ema at 6.66[link]
Serious Moonlight
21 Dec 2017
Nick Wilkinson Our new CEO. Doesn’t fill me with confidence. Be interesting to see how he and Will Adderly ultimately get on.
Edgecourier
08 Dec 2017
Re: Dunelm shares are overdone, says Jef... (ShareCast News) - Dunelm shares were boosted by a note from Deutsche Bank on Friday, anticipating an upbeat update next month covering the Christmas period.Deutsche upped its share price target for Dunelm to 685p from 640p, with its recommendation remaining 'hold' following a challenging 12 months but where like-for-like sales and space expansion have recently accelerated and the integration of acquired online business WorldStores appears to be performing on track.Looking forward to the homewares retailer's post-festive update in January, analysts forecast a solid performance due to modest comparatives and from faster online growth due to the added WorldStores ranges.LFL sales are predicted to be up 2% and total sales 12.9%, including £15m perimeter effect of consolidating the final two months of WorldStores.With slightly more optimistic second and third quarter sales assumptions, analysts increased forecasts 3%, implying Dunelm trades on 13 calender 2018 P/E ratio with a 7% free cash flow yield.DB retiatered 'buy' ratings for Associated British Foods, B&M European Value and Boohoo as its top picks in the non-food retail sector. .....IMV the Worldstores offering will make the difference going forward.
FSamps
08 Dec 2017
Quality, choice and value Dunelm are succeeding as they offer choice, quality and good value. Ours is always busy, even though they are competing locally with B&M x 2, and Home Bargains. You want skandi, they've got it, traditional, got that. Ready to hang curtains, or made to measure, got those as well. Funky lighting fills the gap left by BHS, the prices are not silly as in Next Home and M&S Home, and the kitchenware and tableware ranges last a few years so you can top up. For me, as a keen value shopper (and value share trader) this appears under-valued at present relative to good potential for upside.Go into a shop and see for yourself!
malj1
08 Dec 2017
Re: Dunelm shares are overdone, says Jef... Dunelm & some other retailers are downstream from housing. They start as being a royalty on housing transactions. Though aggregate housing transactions are flat lining, new builds largely being sold to FTBs are racing away with construction/sales rising exponentially. Of course FTBs need to fill their new build homes with 'stuff' (a highly technical term). How many homes do you know that don't have towels, crockery, bedding, sofas etc etc etc etc???? So - Dunelm, purveyors of fine Stuff to the gentry.
IB Investor
08 Dec 2017
Re: Dunelm shares are overdone, says Jef... They have just opened a new Dunhelm in warrington - replacing an old run down building by the railway tracks - bigger shop with much improved offerings in a really nice environment and a cafe - on a retail park just off the M62 - i can't set it failing to increase sales.
IOMINVESTCOM
08 Dec 2017
Re: Dunelm shares are overdone, says Jef... Hi Jaymac3,Jefferies do seem way too low with their price target even compared with others so your post has lots of merit although them highlighting the price recovery over it's peers holds some truth to me. Will be interesting to see over the Xmas period how retail & DNLM perform.06 Dec 17 Jefferies International Underperform 717.50 515.00 560.00 Retains05 Dec 17 Peel Hunt Hold 717.50 620.00 620.00 Retains18 Oct 17 Barclays Capital Overweight 717.50 - 860.00 Reiterates13 Oct 17 JP Morgan Cazenove Overweight 717.50 760.00 760.00 Reiterates12 Oct 17 Deutsche Bank Hold 717.50 630.00 640.00 Retains[link]
jaymac3
08 Dec 2017
Re: Dunelm shares are overdone, says Jefferi... I cannot agree with Jeffries opinions as they are way out of touch with what is happening under the revised management's operations which do not appear to known to these "analysts ". This has happened previously and I am left wondering just where they get such incorrect wild guesses from and who do think would pay any attention to them.
IOMINVESTCOM
07 Dec 2017
Dunelm shares are overdone, says Jefferies Dunelm shares are overdone, says JefferiesJefferies believes the rally in Dunelm (DNLM) shares is ‘overdone’ and it will struggle to grow enough to meet expectations. Analyst Caroline Gulliver retained her ‘underperform’ recommendation but increased the target price from 515p to 560p. The shares fell 4.5p to 705p esterday.‘We believe the 28% increase in Dunelm’s share price – 22% versus the sector – over the past five months is overdone as we estimate that for Dunelm to reach its market share ambitions it would require a 7.5% like-for-like for eight years,’ she said.‘Without investment in margins, this seems a stretch to us given competitive pressures from discounters and other retailers with a higher net promoter score [a measure of customer loyalty]. Hence, with our full year 2018-19 forecasts 8-9% below consensus, we maintain an “underperform”.’[link]
valuemanbuyer
14 Oct 2017
Re: Excellent presentation BernieP58 - I calculated from following ; • Maintenance capex of £25m - £35m relative to a business today generating in excess of £150m operating cashflow.
IOMINVESTCOM
13 Oct 2017
Stockopedia view [link]
Boring Bernie
13 Oct 2017
Re: Excellent presentation Where did the 115 million come from VB ?I can see a figure of 150 million for operating cash flow, with expected annual capex of between 40 and 60 million, so 115 sounds about ball park right, but I can't see it stated anywhere.Anyway, that sort of fcf would take us roughly back to where we were in YE 2015 AND YE 2016, so I'm happy enough with that.At the moment, I think we're fairly valued, possibly at the high end of fairly valued, so, if the sp continues to recover, I may well be reducing a bit, and then hold the rest primarily for the div
valuemanbuyer
13 Oct 2017
Excellent presentation Worth reading ifmyou haven’t seen it - the CFO says free cashflow is £115m now so they’re valued on a yield of 7.6% which is cheap considering the growth being proposed ( at no cost to that free cash !)[link]
IOMINVESTCOM
29 Sep 2017
Numis - Buy 8.00 @ 28th September 28 Sep 17 Numis Buy 705.75 800.00 800.00 Reiterates[link]
