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Entertainment One — Takes full ownership of MGC

Entertainment One — Takes full ownership of MGC

eOne has announced the proposed acquisition of the remaining 49% of the Mark Gordon Company (MGC) for $209m, financed with a mixture of new equity and debt. We estimate that the deal will be slightly earnings accretive in its first year before an anticipated $7-10m of cost synergies. In our view it is a logical extension of the group’s strategy to build a diversified content business.

Analyst avatar placeholder

Written by

Entertainment One

Takes full ownership of MGC

Acquisition and fund-raise

Media

30 January 2018

Price

312.0p

Market cap

£1,401m

US$/£:1.41

Net debt (£m) at 30 September 2017

313

Shares in issue

449.1m*

*includes share placing

Free float

90%

Code

ETO

Primary exchange

LSE (FTSE 250)

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(4.1)

12.7

35.0

Rel (local)

(3.8)

10.3

24.9

52-week high/low

329.4p

216.0p

Business description

Entertainment One is an international entertainment company. Through its strategic partnerships and global distribution network, it produces, develops and acquires film, television, music and family content for distribution around the world. Its headquarters are in Canada and it has more than 1,300 employees. Approximately 55% of revenues are derived from North America, 30% from Europe and the balance from RoW.

Next events

FY18 trading update

March 2018

Analysts

Bridie Barrett

+44 (0)20 3077 5700

Fiona Orford-Williams

+44 (0)20 3077 5739

Entertainment One is a research client of Edison Investment Research Limited

eOne has announced the proposed acquisition of the remaining 49% of the Mark Gordon Company (MGC) for $209m, financed with a mixture of new equity and debt. We estimate that the deal will be slightly earnings accretive in its first year before an anticipated $7-10m of cost synergies. In our view it is a logical extension of the group’s strategy to build a diversified content business.

Year end

Revenue (£m)

EBITDA (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

03/16

802.7

129.1

104.1

19.4

1.2

16.1

0.4%

03/17

1,082.7

160.2

129.9

20.0

1.3

15.6

0.4%

03/18e

1,076.1

175.1

145.7

22.1

1.4

14.1

0.4%

03/19e

1,172.1

196.6

160.6

24.5

1.5

12.7

0.5%

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Acquisition of the remaining 49% in MGC

Subject to shareholder approval, eOne has announced the proposed acquisition of the remaining 49% of MCG for $209m (£148m), taking full ownership of the venture. The transaction will be financed via the issue of $49m in equity to Mark Gordon (founder and CEO), an equity placing of $75m (4.1% of the current share capital) and $100m of new debt. The raise is $15m more than the $209m cost in order to cover associated transaction costs and other smaller acquisitions (not disclosed). This implies a multiple of approximately 8.8x FY19e EBITDA, a small discount to eOne’s own multiple.

Forecasts: Earnings enhancing

MGC has performed well since eOne acquired its original 51% stake in January 2015. Notably, it has added Designated Survivor to its slate of recurring heritage shows and it has released its first film under joint ownership (Molly’s Game). It also has a very active pipeline with c 50 new shows and films in development. Before cost savings, we estimate the acquisition to be 1.7% EPS-enhancing in FY19. This does not take account of a potential $7-10m in cost savings which management estimates could be delivered by 2020 now that it has full ownership. In parallel, management has reiterated that it is on track to deliver results in line with market consensus estimates for FY18e.

Valuation: Building a diversified content business

The acquisition fits with the group’s strategy and tilts its activities further towards the faster-growing areas of Television and Family. In addition, Mark Gordon will take up a new position as chief content officer for the recently merged Film and Television business, which management believes will strengthen its ability to attract creative talent and partners. On a post deal FY19e EV/EBITDA of 9.3x, a discount to peers such as Lionsgate (13.9x) and DHX (10.1x), we believe the shares offer upside potential. Our revised sum-of-the-parts implies a valuation of 380p per share.

Details of the acquisition

Deal terms

eOne will pay $209m (£148m) for the remaining 49% of MGC, taking full ownership of the group. Based on our estimates, this implies a total value of $426m (£303m) for 100%. Before potential cost savings, based on consensus estimates, this implies an EV/EBITDA multiple of 9.5x for FY18 or 8.8x for FY19e, a lower multiple than that paid for the original 51% in January 2015. The purchase price will be financed via:

■

$49m (£35m) of new equity issued to Mark Gordon (12-month lock-in), who will join eOne as chief content officer for the TV and Film business at a group level in order to drive the recently merged business.

■

$175m (£124m) of cash raised through a $75m equity placing (at 305p per share) which closed on the 30 Jan 2017 (4.1% of the pre-issue share capital) and the issuance of $100m of debt (£71m). $15m of the funding will be used for other smaller acquisitions and to cover transaction costs.

■

The deal is classified as a related party transaction and will be voted on at a general meeting at the end of February.

Background to MGC

MGC was founded in 1987 by Mark Gordon and is based in Los Angeles. It has an excellent track record delivering highly rated films and television series including Grey’s Anatomy, Criminal Minds, Ray Donovan and Designated Survivor. MGC’s library also includes around 40 feature films including Speed, Broken Arrow, Saving Private Ryan, The League of Extraordinary Gentlemen and Molly’s Game. eOne acquired the original 51% of MGC in January 2015 for $132.6m.

Historically, revenues have mainly been made up of ‘participation payments’ from broadcasters and film companies that bear the production costs but also retain a significant portion of the content rights. The acquisition by eOne has enabled MGC to increasingly move towards an independent studio model, investment has been increased and the development pipeline has expanded. Its flagship new production since eOne’s acquisition has been Designated Survivor, distributed by ABC and Netflix exclusively outside North America.

Having increased sevenfold last year, MGC revenues increased by a further 82% in H118, although EBITDA expansion has been slower (+10% H118) as new shows are sold on an independent studio model basis. MGC has an active pipeline with approximately 50 shows in production and development along with a number of film projects. In H218, it has delivered season two of Designated Survivor, a new teen drama Youth and Consequences (for YouTube Red) and has released the venture’s first film since joining eOne – Molly’s Game. At the time of the interims, 91% of this year’s expected profits were committed or greenlit and management has reiterated it is on track to deliver to expectations.

Strategic rationale: Streamlined film and television divisions

Mirroring industry trends, management took the decision two years ago to start to align its film and television divisions to create a streamlined approach to content production and distribution. The sales houses were merged in 2016, and last year it announced that it would also merge its film and television studios. Taking full control of MGC fits with this vision and a new management structure has been announced to support the organisational one; Mark Gordon has committed to remain with eOne for at least five years, taking up a new role at the group level as President and Chief Content Officer. He will oversee the development of approximately 200 projects across the enlarged Film and Television divisions. Mark will work alongside Steve Bertram who will provide commercial leadership.

Management also believes that having a renowned creative on the board will in turn strengthen eOne’s ability to attract creative talent and partners, necessary to foster a sustainable production and distribution pipeline. 100% ownership will also enable eOne to fully integrate the venture, with $7-10m of potential annual cost savings identified by 2020.

Forecasts: Earnings enhancing

As eOne already had control of MGC, the acquisition does not change the balance of the business at the EBITDA level however, in removing the minority, it helps to tilt the balance of the business further towards creation, which we believe has a more attractive risk:reward profile than pure distribution.

We have factored in today’s placing. We also assume that the $49m of equity to be issued to Mark Gordon is at the same price and that the transaction and debt issue completes on the last day of February.

We have assumed that the debt issue for $100m will be a tap on an existing bond and so we assume similar terms; although the debt is currently trading at a 6% premium to nominal value and so the effective interest rate will be lower than the 6.9% coupon. We also note that the first call on the bond is in December 2018 when the group would hope to refinance the entire amount at a lower rate, which could add to the earnings upgrades further down the line. We have also assumed that 50% of the additional $15m raised will cover exceptional deal costs.

Overall, we increase our FY19e EPS by 1.7%. The effect of the bond issue is to increase our forecast gearing to 1.7x (from 1.3x), although we expect this to fall back to 1.4x in FY19.

Incremental cost savings would feature in 2020 forecasts, which we plan to initiate at the time of eOne’s full year results.

Exhibit 1: Forecast changes

2018e

2019e

previous

new

change

previous

new

change

Revenues (£m)

1,076.1

1,076.1

0%

1,172.1

1,172.1

0%

EBITDA (£m)

175.1

175.1

0%

196.6

196.6

0%

Investment in content

473.0

473.0

0%

530.0

530.0

0%

EPS (p)

22.1

22.1

0%

24.1

24.5

1.7%

Net debt

223.4

300.1

34%

189.8

269.7

42%

IPF

183.8

183.8

0%

204.3

204.3

0%

Source: Edison Investment Research

Exhibit 2: Financial summary

£m

2015

2016

2017

2018e

2019e

Year end 31 March

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

785.8

802.7

1,082.7

1,076.1

1,172.1

Cost of Sales

(578.0)

(610.1)

(822.9)

(817.9)

(890.8)

Gross Profit

207.8

192.6

259.8

258.3

281.3

EBITDA

107.3

129.1

160.2

175.1

196.6

Operating Profit

103.6

124.7

155.3

169.6

190.1

Amortisation of intangibles

(22.2)

(27.4)

(41.9)

(40.0)

(40.0)

Exceptional items

(17.9)

(16.6)

(47.1)

(3.3)

(2.5)

Share based payment charge

(3.4)

(5.7)

(5.0)

(5.0)

(5.0)

JV tax, finance costs, dep'n

0.1

(1.6)

0.0

0.0

0.0

Operating Profit

60.2

73.4

61.3

121.3

142.6

Net Interest

(14.8)

(20.6)

(25.4)

(23.9)

(29.5)

Exceptional finance items

(1.4)

(6.5)

1.3

(11.8)

0.0

Profit Before Tax (norm)

88.8

104.1

129.9

145.7

160.6

Profit Before Tax (FRS 3)

44.0

47.9

37.2

85.6

113.1

Tax (reported)

(2.7)

(7.7)

(12.3)

(18.8)

(26.0)

Tax (adjustment for normalised earnings)

(16.8)

(16.8)

(16.1)

(13.2)

(10.9)

Profit After Tax (before non-controlling interests) (norm)

69.3

79.6

101.5

113.7

123.7

Profit After Tax (before non-controlling interests) (FRS3)

41.2

40.2

24.9

66.8

87.1

Non-controlling interests

0.0

(3.7)

(11.9)

(16.5)

(9.4)

Average Number of Shares, Diluted (m)

332.9

379.8

433.4

440.0

466.4

EPS - normalised (p)

20.8

19.4

20.0

22.1

24.5

EPS - FRS 3 (p)

12.7

9.8

3.0

11.6

16.8

Dividend per share (p)

1.1

1.2

1.3

1.4

1.5

Gross Margin (%)

26.4

24.0

24.0

24.0

24.0

EBITDA Margin (%)

13.7

16.1

14.8

16.3

16.8

Operating Margin (before GW and except) (%)

13.2

15.5

14.3

15.8

16.2

BALANCE SHEET

10%

11%

Non-current Assets

538.4

890.7

972.7

1,094.3

1,082.5

Intangible Assets (incl Investment in programmes)

473.9

808.2

870.6

993.7

978.4

Tangible Assets

6.1

60.1

72.8

78.3

81.8

Deferred tax/Investments

58.4

22.4

29.3

22.3

22.3

Current Assets

634.3

752.0

928.3

917.8

989.0

Stocks

52.0

51.1

48.6

48.6

48.6

Investment in content rights

221.1

241.3

269.8

297.8

302.4

Debtors

289.9

351.3

476.5

496.4

563.0

Cash

71.3

108.3

133.4

75.0

75.0

Current Liabilities

(488.3)

(568.7)

(679.4)

(637.8)

(636.2)

Creditors

(398.7)

(470.7)

(574.6)

(533.0)

(531.4)

Short term borrowings

(89.6)

(98.0)

(104.8)

(104.8)

(104.8)

Long Term Liabilities

(319.6)

(413.6)

(464.6)

(550.4)

(540.4)

Long term borrowings

(295.9)

(309.1)

(368.3)

(454.1)

(444.1)

Other long term liabilities

(23.7)

(104.5)

(96.3)

(96.3)

(96.3)

Net Assets

364.8

660.4

757.0

823.8

894.9

CASH FLOW

Operating Cash Flow

271.9

320.1

438.4

477.2

621.8

Net Interest

(13.4)

(31.0)

(25.0)

(23.9)

(29.5)

Tax

(10.8)

(17.7)

(18.4)

(22.6)

(31.2)

Capex

(4.8)

(8.6)

(3.8)

(11.0)

(10.0)

Acquisitions/disposals

(104.3)

(226.0)

(7.5)

(134.0)

0.0

Investment in content rights and TV programmes

(280.8)

(218.5)

(408.1)

(473.0)

(530.0)

Proceeds on issue of shares

0.0

194.6

0.0

53.2

0.0

Dividends

(2.9)

(4.0)

(8.3)

(10.0)

(11.0)

Net Cash Flow

(145.1)

8.9

(32.7)

(144.1)

10.0

Opening net debt/(cash)

165.1

314.2

299.0

339.7

484.0

Movements in exchangeable notes

0.0

0.0

0.0

0.0

0.0

Other including forex

(4.0)

6.3

(8.0)

(0.1)

0.0

Closing IFRS debt/(cash)

314.2

299.0

339.7

484.0

473.9

ANALYSIS OF NET DEBT

Production finance

89.3

118.0

152.3

183.8

204.3

Net debt

224.9

181.0

187.4

300.2

269.7

Gearing

2.1

1.4

1.2

1.7

1.4

Source: Company accounts, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Entertainment One and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Entertainment One and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Findel — Online performance, terrestrial valuation

In a retail environment dominated by customers switching to online shopping habits, Findel is reaping the benefits of the trend. Q3 results confirm underlying market share growth typical of online retail peers. However, its P/E rating remains on a par with terrestrial high street chains.

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