SandpiperCI Group

TISE International Stock Exchange: SANDPI

Market Cap£91m

Last Close 90p

SandpiperCI Group operates a high-quality portfolio of retail brands covering food, clothing and specialist products. It primarily operates franchise stores but also a number of its own food convenience stores. It is the leading Channel Islands retailer and is also present in Gibraltar and the Isle of Man.

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Investment summary

Sandpiper has been able to leverage its relationships with its franchise partners to open their brands in additional geographies: initially Gibraltar and subsequently the Isle of Man. It is a dependable operator and it owns a high-quality freehold property portfolio, valued at £67.5m in January 2022, which provides a barrier to entry for the competition. There are some opportunities for in-fill across existing geographies, but we believe that more significant long-term opportunities lie in developing into new territories and an expansion into an adjacent segment such as hospitality. The FY22 results confirmed the group’s resilience, with revenues up 5.1%. Trading EBITDA was up 12% versus the prior year (which was affected by trading restrictions). Management remains confident in its outlook despite the well-documented inflationary cost pressures affecting the entire sector.

Y/E Feb
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 200.4 11.3 5.1 4.09 22.5 8.1
2022A 210.7 12.7 7.3 5.82 15.8 7.2
2023E 216.1 12.2 6.9 5.50 16.7 7.6
2024E 221.4 12.5 6.4 5.15 17.9 7.4
Industry outlook

Our medium-term sales growth of 3.5% for Sandpiper reflects mid-cycle consensus RPI forecasts of c 3% and modest space growth, as Sandpiper expands across its existing geographies.

Last updated on 18/05/2022
Content on SandpiperCI Group
SandpiperCI Group – Growing undeterred
Consumer | research Update | 28 June 2022
trolley in front of freezer aisle
SandpiperCI Group – Powering ahead
Consumer | research Update | 21 May 2021
trolley in front of freezer aisle
SandpiperCI Group – An island of opportunity
Consumer | research Initiation | 15 January 2021
trolley in front of freezer aisle
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Share price graph
Balance sheet
Forecast net debt (£m) 11.7
Forecast gearing ratio (%) 16
Price performance
%
1m
3m
12m
Actual N/A N/A N/A
Relative* N/A N/A N/A
52-week high/low 97.0p/75.0p
*% relative to local index
Key management
Dan Wilson CFO
Mike Rutter Retail managing director
Tony ONeill Executive chairman