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Marks & Spencer Group

M&S is a FTSE-100 listed company, recently avoiding being dropped, and, is a key player in the UK clothing market with about a 9% share of the womenswear market and a 26% share of the lingerie market. The company is focused on offering customers a quality product while retaining its value proposition. M&S also occupies a niche position at the higher end of the UK food retail industry, although it boasts only about a 4% share of the total UK grocery market, some way behind the Big 4 supermarket chains, but not far behind John Lewis' Waitrose, its closest competitor. (10 Dec 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 
Focused

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.
Focused

Marks & Spencer plc: F1H19 – Food to Go?

Earnings Note: 07 Nov 2018, 11:24 AM ET - Marks & Spencer announced F1H19 results which demonstrated that the road to recovery is long. 
Focused

Marks & Spencer PLC: Break Up Make Up

Worth Watching: 05 Nov 2018, 5:58 AM ET - Marks & Spencer PLC (MARSPE: Baa3/BBB-/BBB-), where we hold an Underperform opinion relative to IG/fallen angel sterling issuing UK retailers, hasn't commented on a Sunday newspaper report that there is speculation that it might be looking at a ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Next F1H19: Less Conservative Gear(ing) Pre-Brexit

Earnings Note: 25 Sep 2018, 10:42 PM ET - Strong summer trading resulted in a small upward revision of full year profit guidance but for credit investors, a mild negative came in the form of debt at the Retail business as the company increased shareholder rewards. 
Focused

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 
Focused

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.
Focused

Marks & Spencer Group: FY2018 - Lack of Sparkle

Worth Watching: 23 May 2018, 1:31 PM ET - Marks & Spencer Group (MARSPE: Baa3/BBB-/BBB-), where we hold an Underperform recommendation relative to our investment grade/fallen angel UK retail sterling issuers, reported preliminary results this morning for the year to 31 Mar 2018 (FY2018) ..

Euro IG Strategy: Picks and Pans (May 2018)

Strategy Analysis: 21 May 2018, 10:34 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

Next plc Summary FY2018: The Tough Gets Going

Earnings Note: 23 Mar 2018, 1:06 PM ET - Next reported its summary FY2018 results, delivering an acceptable performance in tough operating conditions.  

Euro IG Strategy: Picks and Pans (February 2018)

Strategy Analysis: 04 Feb 2018, 10:28 PM ET - In this piece we summarise our sector recommendations, and provide a few names within each sector that our sector analysts like and dislike, their picks and pans. 

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

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