N Brown (BWNG)

N Brown BWNG Logo

A digital specialist fit fashion retailer offering customers a range of products in clothing, footwear and home wares.

11-Oct-2018 – 138.5p – £394.0m – PER 5.95

H1 Results – 26 Weeks To 1st September 2018 – Growth in financial services but not in products – FY expectations unchanged.

First coverage for me here for some reason. Looks perhaps reasonably valued on a PER basis but throw in the 10% yield and if it can be maintained – Could be a great income play. It’s going on my Watchlist for that reason.

Subsequent note: In my morning haste I missed this – Interim dividend reduced by 50.0% to 2.83p – Rebased dividend to a more sustainable level from which the Group will seek to grow – Removed from the Watchlist back to Neutral.

17-Jan-2019 – 101p – £277m – PER 4.6

Q3 Trading Statement – FY expectations unchanged.

The HUGE Net Debt is enough to keep me from getting involved here.

10-Oct-2019 – 100p – £285m – PER 4

Interim Results For The 6 Months To End August 2019 – Revenue down -5.4%, Adjusted PBT up 3.9% and EPS up 6%, Net Debt up from £420.5m to £481.6m.

Even though it looks cheap, the HUGE Net Debt is still enough to keep me from getting involved here.

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