Updates

B&M European Value Retail - Increases UK store target to 950

July 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares have moved nicely ahead following the TMI write up in March at 303p with final results showing revenues ahead 19% to £2430m while pretax profit and eps increased 26% and 22% respectively to £190m and 14.9p. Net debt was £402m up from £354m even after paying a £100m special dividend last July. Net debt / EBITDA was 1.7x versus 1.84x in FY’16). In the UK EBITDA rose 23.4% to £223.2m with growth coming from 3.1% like-for-like sales while gross margins rose 0.26% to 34.8% as it mitigated weaker sterling through increased buying power, product re-engineering and improved sales mix towards general merchandise. Meanwhile, 53 stores opened including nine relocations to larger outle ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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