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Edison Investment Research

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Equity Bottom-Up

Sanderson Design Group / Equity Bottom-Up

Progress from organic and acquired operations was clearly visible in H118, slightly tempered by subdued UK Brands performance at the period end. Strong dividend growth, prospective cash generation and international developments all send positive signals for future prospects. Save for slightly improved dividend expectations, our headline estimates are unchanged and we believe Walker Greenbank offers investors above-average growth exposure.

Progress from organic and acquired operations was clearly visible in H118, slightly tempered by subdued UK Brands performance at the period end. Strong dividend growth, prospective cash generation and international developments all send positive signals for future prospects. Save for slightly improved dividend expectations, our headline estimates are unchanged and we believe Walker Greenbank offers investors above-average growth exposure.

Our estimates show a good step forward in expected FY18 earnings for Walker Greenbank and H117 pre-close statement comments are consistent with this. Underlying progress is being supplemented by acquisition and positive translation effects against the prior year. The rating has risen following recent share price moves but a premium rating is fully justified in our view.

Our estimates show a good step forward in expected FY18 earnings for Walker Greenbank and H117 pre-close statement comments are consistent with this. Underlying progress is being supplemented by acquisition and positive translation effects against the prior year. The rating has risen following recent share price moves but a premium rating is fully justified in our view.

AGM comments were very much in line with those at the beginning of the year and our estimates are unchanged. Walker Greenbank is on track for a good profit uplift in FY18 derived from organic progress in both divisions and a full year contribution from Clarke & Clarke. Moreover, the business retains significant financial flexibility for further investment. We would expect the share price to regain or exceed the higher levels seen earlier this year in due course.

AGM comments were very much in line with those at the beginning of the year and our estimates are unchanged. Walker Greenbank is on track for a good profit uplift in FY18 derived from organic progress in both divisions and a full year contribution from Clarke & Clarke. Moreover, the business retains significant financial flexibility for further investment. We would expect the share price to regain or exceed the higher levels seen earlier this year in due course.

FY17 was a testing year but management emerges with credit, having restored and improved flood affected fabric printing operations and added another mid-market brand (Clarke & Clarke) to the portfolio. International exposure, acquisition effects and the absence of flood distractions mean that Walker Greenbank is well positioned for good earnings growth. We would expect this momentum to translate to share price performance.

FY17 was a testing year but management emerges with credit, having restored and improved flood affected fabric printing operations and added another mid-market brand (Clarke & Clarke) to the portfolio. International exposure, acquisition effects and the absence of flood distractions mean that Walker Greenbank is well positioned for good earnings growth. We would expect this momentum to translate to share price performance. 

Branding strength, manufacturing restored

Walker Greenbank&rsquo;s pre-close trading statement reinforces market estimates, puts its major flood largely into the history books and enables the market to concentrate on the future. April&rsquo;s FY results announcement could signal the end of a prolonged period of consolidation for the shares.

Walker Greenbank&rsquo;s pre-close trading statement reinforces market estimates, puts its major flood largely into the history books and enables the market to concentrate on the future. April&rsquo;s FY results announcement could signal the end of a prolonged period of consolidation for the shares.

United Kingdom

Sanderson Design Group PLC operates as a luxury interior furnishings company. The Company designs, manufactures, markets, and distributes wallpapers and fabrics together with a wide range of ancillary interior products. Sanderson Design Group serves customers worldwide.

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Sanderson Design Group (SDG LN)

Maintaining a growth focus

Progress from organic and acquired operations was clearly visible in H118, slightly tempered by subdued UK Brands performance at the period end....

Edison Investment Research

Making headway

Our estimates show a good step forward in expected FY18 earnings for Walker Greenbank and H117 pre-close statement comments are consistent with...

Edison Investment Research

Maintaining momentum

AGM comments were very much in line with those at the beginning of the year and our estimates are unchanged. Walker Greenbank is on track for a...

Edison Investment Research

Branding strength, manufacturing restored

FY17 was a testing year but management emerges with credit, having restored and improved flood affected fabric printing operations and added...

Edison Investment Research

Back on course

Walker Greenbank’s pre-close trading statement reinforces market estimates, puts its major flood largely into the history books and enables the...

Edison Investment Research

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