ASOS (ASC)

Sector:

Retailers

Index:

FTSE Small Cap

367.40p
   
  • Change Today:
      0.40p
  • 52 Week High: 446.00p
  • 52 Week Low: 333.40p
  • Currency: UK Pounds
  • Shares Issued: 119.33m
  • Volume: 103,120
  • Market Cap: £438.43m
  • RiskGrade: 234
  • Beta: 0.40

Berenberg hikes Asos target price by 22%

By Benjamin Chiou

Date: Tuesday 01 Oct 2024

LONDON (ShareCast) - (Sharecast News) - Berenberg has hiked its target price for fast fashion retailer Asos by more than a fifth, saying the ecommerce group has the time and scope for a successful turnaround.
The broker reiterated a 'buy' rating, lifting its target for the shares from 490p to 600p.

"A reinforced balance sheet offers management time to continue its product and execution turnaround plan," said analyst Anne Critchlow.

"This strategy is already beginning to bring stability with a lowered and refreshed inventory position on the wholesale side and an improved cost-to-sales ratio, even in the face of top-line pressure."

The analyst pointed out that Asos's recent debt restructuring and the partial sales the Topshop brand asset into a joint venture structure have reduced net debt by around £150m, and the company should have ended the financial year to 31 August with net debt of £312m, down from £320m last year.

Meanwhile, Critchlow highlighted Asos's speed-to-market 'Test and React' sourcing model, which pushes for quicker development of garments, as an "exciting" part of its turnaround plan: "'Test and React' has now reached 10% of ASOS's own-label sales and has enjoyed a minimal mark-down experience due to 'on the money', short-lead-time sourcing for this product."

The broker has hiked its EBITDA estimate for the year just gone to £80m, up from an earlier prediction of £38m and above the top end of company-compiled consensus.

Asos shares were up 0.2% at 429.5p by 1102 BST.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ASOS Market Data

Currency UK Pounds
Share Price 367.40p
Change Today 0.40p
% Change 0.11 %
52 Week High 446.00p
52 Week Low 333.40p
Volume 103,120
Shares Issued 119.33m
Market Cap £438.43m
Beta 0.40
RiskGrade 234

ASOS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
11.57% below the market average11.57% below the market average11.57% below the market average11.57% below the market average11.57% below the market average
17.07% above the sector average17.07% above the sector average17.07% above the sector average17.07% above the sector average17.07% above the sector average
Price Trend
25.54% below the market average25.54% below the market average25.54% below the market average25.54% below the market average25.54% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Income Not Available
Growth
59.24% below the market average59.24% below the market average59.24% below the market average59.24% below the market average59.24% below the market average
57.14% below the sector average57.14% below the sector average57.14% below the sector average57.14% below the sector average57.14% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 10
Sell 4
Strong Sell 1
Total 17
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ASOS Dividends

No dividends found

Trades for 21-Nov-2024

Time Volume / Share Price
16:08 2 @ 368.20p
16:08 1 @ 368.20p
16:38 298 @ 367.40p
16:35 392 @ 367.40p
16:35 107 @ 367.40p

ASOS Key Personnel

CEO José Antonio Ramos Calamonte
CFO Dave Murray

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