Sage: Update Post Xero Call
Our analyst reiterates our Strong Buy recommendation on Sage following a call with Xero IR.
Auto1 Group: Fieldwork Shows Incremental Negative
Fieldwork in Germany on Wirkaufendeinauto and Auto1 locations around Dusseldorf. Incrementally negative conclusion.
Auto1 Group: Losses Could be Significantly Worse
More financials after Q3’21 suggest larger losses than expected for 2022. Reiterate short idea.
Yara: Stars Aligned, Finally
Initiating on Yara after watching the fertiliser cycle for years. We think 2019 will be a good year for the company.
Auto1 Group: We are TAM Sceptics
Hot IPO having a reality check. Emerging concerns on competitive environment and capital-intensity of business model. High valuation seems premature relative to loss-making business.
Shein: Growing Threat to Boohoo and ASOS
We take a closer look at Boohoo and ASOS’s rapidly rising competitor, Shein.
Boohoo Group: Visit to Leicester
Jack Stonehouse is in Leicester, reporting on Boohoo’s suppliers and progress on Boohoo’s new factory.
Sage: Short-Term Pain, Long-Term Gain
Despite Sage’s FY’20 results, we see a buying opportunity for a company that is sticking to its transformation strategy and making the right long-term decisions.
Boohoo: Testing Times
We had some laboratory tests run on Boohoo clothing and summarise our findings while discussing our current corporate governance concerns.
Wirecard: Lemon Squash
We drop our coverage and believe there will be little, if anything, for liquidators to salvage from the business.
