Safestyle UK (SFE)

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Safestyle UK SFE Logo

The leading retailer and manufacturer of PVCu replacement windows and doors to the UK homeowner market.

13-Dec-2017 – 191.25p – £158.7m – PER 11.4

Trading Update – This doesn’t look good – “Demand has weakened further, and in the 3 months to 30 November 2017 (LFL) the Group’s sales have been 0.3% lower by value, and 6.8% lower by volume”. Underlying PBT is expected to be below current market expectations, at a level of least £15m. And they “expect market conditions to continue to be very challenging in 2018”.

I will be avoiding this one for now.

28-Feb-2018 – 152p – £125.8m – PER 10.0

Trading Update – The woes continue – “Order intake in 2018 to date has been disappointing andbelow our expectations”. And “Guidance for the year ended 31 December 2017 remains unchanged.  The Board now expects Group revenues and underlying PBT for the year ending 31 December 2018 to be materially below 2017 levels and current market expectations”.

Remains on my Avoid list for now.

22-Mar-2018 – 90p – £74.5m – PER 6.98

Results For The 12 Months To End December 2017 – In-line but not attractive (to me).

This is staying on my Avoid list for now.

23-Apr-2018 – 80p – £66.2m – PER 7.16

Trading Update And Directorate Change – Competitor means market share has been weak – Expects Revenue and Underlying Profit to be significantly below market expectations. Recommending proposed 7.5p Dividend is cancelled. Board change – Whatever.

Suffice to say this is remaining on my Avoid list – Like, forever.

11-Jul-2018 – 49.7p – £41.1m – PER 8.20

Trading Update – Revenues to be below market expectations and a loss is now expected – Ouch!

Not sure why I still bother covering this – It remains on my Avoid list.

17-Dec-2018 – 81.5p – £67.5m – PER 19.8

Trading Update – LBT of circa -£8.5m expected. Expects 2019 to be ahead of current market expectations.

I would rather utilise funds elsewhere for a year while (even Bitcoin, sorry, I mean Cash) waiting to see how this turns out – Remains on my Avoid list for now.

26-Jul-2019 – 66p – £55m – PER 15.5

Trading Update For The 6 Months To End June 2019 – “Remains on track to deliver a small profit for the full year which is in line with current market expectations”.

Remains unclear (to me at least) how this will turn out, have to wait to see FY actuals before having any kind of further interest. Based on the latest Broker note this morning, in my opinion, this looks undervalued on a 1 Year and way undervalued on a 2 Year view – However, this is based on returning to positive EPS again in 2019E (from 2018A negative) – Wait for actuals.

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