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Matalan

Matalan was founded in 1985 by John Hargreaves to compete in the UK value sector and appeal to families on a budget. It was the 7th largest clothing retailer in the UK by volume market share in 2016 (Kantar). Almost all its sales are own label. It competes in 4 segments: womenswear, kidswear, menswear and homeware. Matalan tends to operate in smaller retail parks in out-of-town centre locations. It has 221 outlets which average some 30,000 sq. ft. Matalan has an extensive customer directory and store card programme. Matalan has a seasonal profile performing well in late spring and early summer and over Christmas. eCommerce is not yet significant enough to be reported separately. Matalan has embarked upon various strategic plans to optimize use of its capacity. In FY16, it closed 8 stores and took related write-offs for SportingPro, a short-lived attempt to penetrate the sporting segment. The current focus is Matalan Direct, a homeware. Its first physical store opened in Yorkshire in 2016. Further investment in the venture is anticipated. Homeware is now 15% of total sales. (16 Nov 2017)

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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. 

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.

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.
Focused

Matalan F2Q18/19: Star Of The Show

Earnings Note: 08 Oct 2018, 10:24 PM ET - Matalan upstaged its peers with a very solid set of 2Q18 numbers despite FX headwinds and the Summer hit from heat, football and the pain on the high street. A positive start to September trading bodes well for the 3Q18 outlook. 

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. 
Focused

Matalan F1Q19: Beach Ready?

Earnings Note: 12 Jul 2018, 9:50 PM ET - A robust 1Q despite the snow, helped take the FX sting out of the Fy19 prognosis although the magnitude of the impact in the second half will likely knock recent progress in EBITDA growth. Underlying growth levers remain in place though.

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. 

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? 

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

Matalan FY17/18: Where is the Love?

Earnings Note: 04 Jun 2018, 9:34 PM ET - A strong 4Q17/18 finishing off a good FY17/18 puts c.8.5% and c.11% YTW into a decent light although with £37 mn of FX headwinds to absorb, FY18/19 is still a bit of an ask. Nevertheless Matalan is outperforming. How well can it hold up?

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.  
Focused

Matalan £480 mn New Issue: Third Time Lucky?

HY Note: 17 Jan 2018, 9:47 AM ET - Matalan returns to market for the third time to refinance its capital structure taking advantage of an upswing in its operating fortunes albeit still far below the heights of the first deal in 2010. We assess the new issue. 

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.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

2017 Euro Conference: HY Retail Transcript

Transcript: 12 Dec 2017, 4:05 PM ET - Case studies shine a light on causes of distress in the European HY Retail space.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

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