Focusrite (TUNE)

Sector:

Leisure Products

Index:

FTSE AIM 100

 385.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 595.00
  • 52 Week Low: 285.00
  • Currency: UK Pounds
  • Shares Issued: 59.21m
  • Volume: 13,655
  • Market Cap: £227.96m

Berenberg initiates coverage on Focusrite at 'buy'

By Iain Gilbert

Date: Thursday 12 Jan 2023

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg initiated coverage on audio-products company Focusrite with a 'buy' rating and 1,100.0p target price on Thursday, citing a number of near-term tailwinds and M&A optionality.
Berenberg said Focusrite had differentiated itself in recent years to address the content-creation and sound-reproduction markets, servicing both amateurs and professionals, which differentiated it from competitors who tend to specialise in niches.

"This has allowed the business to grow at almost twice the pace of the overall market. With a total addressable market of circa £5.0bn, we believe there is plenty of headroom for Focusrite to continue taking market share, even in a more challenging macroeconomic environment," said Berenberg.

The German bank pointed out that near-term headwinds that affected the group in 2022, including supply chain pressures, spiralling freight costs, and component shortages, resulted in a 240 basis point reduction in gross margin. However, in 2023, Berenberg expects these headwinds to reverse, to the benefit of both the top line and gross margin.

Berenberg also highlighted that with a £40.0m revolving credit facility, the business was well placed to undertake further M&A, with acquisitions likely to remain "a key driver of growth".

"At present, the shares trade close to one-third of their peak valuation, despite significant tailwinds this fiscal year. We believe that, as the company demonstrates its earnings power and resilience, this multiple will move upwards," said Berenberg.









Reporting by Iain Gilbert at Sharecast.com

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Focusrite Market Data

Currency UK Pounds
Share Price 385.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 595.00
52 Week Low 285.00
Volume 13,655
Shares Issued 59.21m
Market Cap £227.96m

Focusrite Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
26.1% below the market average26.1% below the market average26.1% below the market average26.1% below the market average26.1% below the market average
77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average77.78% above the sector average
Price Trend
71.73% below the market average71.73% below the market average71.73% below the market average71.73% below the market average71.73% below the market average
81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average81.82% below the sector average
Income
71.83% below the market average71.83% below the market average71.83% below the market average71.83% below the market average71.83% below the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Growth
72.9% below the market average72.9% below the market average72.9% below the market average72.9% below the market average72.9% below the market average
55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average55.56% below the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Focusrite Dividends

  Latest Previous
  Interim Final
Ex-Div 09-May-24 28-Dec-23
Paid 10-Jun-24 31-Jan-24
Amount 2.10p 4.50p

Trades for 19-Jul-2024

Time Volume / Share Price
15:12 1 @ 390.00p
15:07 52 @ 384.90p
13:54 11 @ 380.00p
13:17 97 @ 384.90p
13:12 240 @ 380.00p

Focusrite Key Personnel

CEO Timothy Paul Carrol

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