Findel (FDL)

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The online value retail and education business.

29-Nov-2017 – 153p – £132.3m – PER 6.25

Interim Results For The 26 Weeks To 29 September 2017 – Hard for me to work this one out – It’s like information overload for me here. I think my takeaway is that they are on track to deliver against their plan.

If you don’t mind a huge Net Debt and you have faith in “the plan”, this looks like an absolute bargain at this level. It’s not for me.

25-Jan-2018 – 200p – £172.9m – PER 7.57

Trading Statement For The 42 Weeks To 19-Jan-2018 – In-line thanks to “Strong Christmas online trading underpins drive to profit growth”.

Just WAY too much Net Debt for me to be interested.

17-Apr-2018 – 251p – £212.6m – PER 9.09

Trading Update For The 12 Months To End March 2018 – Upper end of market expectations with Net Debt down circa £7m to £74m.

There’s just way too much Net Debt here for me and, last I read, there’s a Pension Deficit of £2.5m a year too. I’m Avoiding this one for now.

6-Jun-2018 – 243p – £210.1m – PER 8.98

Results For The 12 Months To 30th March 2018 – Revenue up 4.8% to £479.0m and Adjusted Operating Profit up 15.4% to £36.0m.

I can’t really work this one out but with Net Debt over 30% of Mkt Cap and a (I believe) Pension Deficit of £2.5m a year – I am going to go Neutral for now.

26-Jul-2018 – 292p – £252.4m – PER 10.4

AGM Trading Statement – In-line.

Some nice fundamentals here and growth looks reasonable, considering the PER – However, the Net Debt just puts me off too much so I remain Neutral for now.

17-Oct-2018 – 270p – £233.4m – PER 9.38

Trading Update For The 6 Months To End September 2018 – FY expectations remain unchanged. Net Debt down to £81m (expected to be around this level for FY).

This certainly becomes more attractive as that Net Debt decreases but for now I will remain Neutral.

9-May-2019 – 176p – £152m – PER 6.3

Trading Update For The 12 Months To End March 2019 – PBT slightly above market expectations, Net Debt circa £57m (£73.8m last time).

Looking much more interesting here, will be keeping an eye out for updated Broker notes.

5-Jun-2019 – 193p – £167m – PER 6.9

Results For The 12 Months To End March 2019 – Revenue up 5.7% (to £506.8m), PBT up 17.7%, (Core) Net Debt at £57.4m, (Overall) Net Debt at £233.4m.

Attractive without the Net Debt, with it, not so much, I remain on the side-lines.

25-Jul-2019 – 239p – £203m – PER 8

Trading Update For The 16 Weeks To 19 July 2019 – Solid start, FY unchanged.

Looks fairly valued on a 1 Year view but with such huge Net Debt I cannot get interested. Based on the latest Broker note this morning, in my opinion, this looks fairly valued on a 1 Year but overvalued on a 2 Year view – Net Debt is HUGE at 100%+ of current Market Cap and almost 8x PBT 2020E.

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