MySale (MYSL)

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MySale MYSL Logo

The leading international online retailer.

25-Jan-2018 – 109p – £168.2m – PER 123.6

Trading Update For The 6 Months To End December 2017 – A record H1. Revenue up 11% to c. A$152.0m and Gross Profit up 19% to c. A$45.7m. Gross Margin increased 200 bps to 30.1%. Board expects underlying EBITDA for the year will be at least at the top end of market expectations.

One I will keep an eye on but at this valuation I won’t be taking part.

5-Mar-2018 – 109.75p – £169.4m – PER 60.1

Results For The 6 Months To End December 2017 – Headlines with “Record H1 sales and profitability combined with strong strategic progress”. Revenue is up 11%, Underlying PBT is up 266% but there a reporting loss of -£0.1m (-1.3m) last time. The CEO says “It has been a great start to the new financial year and we approach the second half with confidence, with an exciting range of strategic opportunities ahead”.

I still can’t see how this is worth £169.4m, Mr. Market is obviously seeing much more here than me.

10-Jul-2018 – 59.9p – £92.4m – PER 29.7

Trading Update For The 12 Months To End June 2018 – Expects underlying EBITDA to be in line with the top end of market expectations of A$11.8m (FY17: A$8.7m) on Revenue growth of 10%.

Have to wait to see what the real profits are – Results due in October, Neutral until then.

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