MySale (MYSL)

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.

9-Oct-2018 – 49.45p – £72.5m – PER 23.4

Preliminary Results For The 12 Months To End June 2018 – Revenue up 9%, Underlying PBT up 50% with a reported Loss of -£1.7m (-£1.6m last time). Underlying Basic EPS is up 70% to 4.3p. Current year is currently trading in-line.

Too much of a mixture here for me at present, Revenue up, Underlying PBT and EPS up but a Loss reported. I have to remain Neutral until the picture becomes a little clearer for my simple mind.

11-Dec-2018 – 34.65p – £53.5m – PER 17.8

Trading Update – Looks like a H1 update – Challenging conditions, Revenue and Profits to be significantly below market expectations. This remains the case even based on an expected significantly improved H2.

This is now going on my Avoid list, at least for the time being.

PPPR Session Banner