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The challenge brought by SHP's private label to AVI’s biscuit brands shows that AVI may not have innovated their value biscuits brand as much as their premium brand. We determine whether AVI’s new footwear brand, GX & Co. has the right pedigree to compete in the niche comfort footwear market and find the brand targets an appropriate market with the right pricing strategy,however, we caution that the brand is still under-exposed and caution the deep discounting in footwear retail. -
A snapshot of Grand Parade's FY19 results. -
Key points from our pre-close period meeting with LEW management. -
Following the release of MSM’s 1H19 results, we update our forecasts, Target Price and recommendation. We also adjust our forecasts for the impact of IFRS 16. -
A snapshot of SUR's FY19 results.
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A snapshot of Aspen's FY19 results.
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A snapshot of AVI’s FY19 results.
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We believe WHL’s Australian divisions have become increasingly intertwined as evidenced by CRG increasingly using David Jones as a channel to the market. We believe investors should evaluate the performance of these units as one consolidated segment, this approach would allow investors to assess the risk posed by faltering performance of one division, on both units. We evaluate various scenarios for the future performance of the combined WHL Australia segment and assess the impact on its debt servicing. We highlight the sensitivity of this business to turnover growth levels, noting circumstances in which a breach of the debt covenants could occur. -
A snapshot of Libstar’s 1H19 results.
