Disruptive Technology

Fashion players’ forecast update: ‘The Times They Are A-Changin'

Ratings

Ratings and price correct at time of issue

Company Rating Date Previous Rating Date Closing Price
AO World plc NEUTRAL 22/09/21 N/A N/A 46.0p
ASOS plc NEUTRAL 29/09/21 N/A N/A 597p
Auto Trader Group plc NEUTRAL 24/01/22 N/A N/A 525p
Auto1 Group SE NEUTRAL 09/02/22 N/A N/A 695c
Baltic Classifieds Group plc NEUTRAL 09/08/22 N/A N/A 136.0p
boohoo group plc OUTPERFORM 22/09/21 N/A N/A 42.0p
Carvana Co NEUTRAL 09/02/22 N/A N/A 1377c
Cazoo Group NEUTRAL 08/09/21 N/A N/A 2844c
Darktrace plc NEUTRAL 11/08/22 N/A N/A 343.6p
Deliveroo plc OUTPERFORM 18/01/22 N/A N/A 88.2p
Delivery Hero OUTPERFORM 18/01/22 N/A N/A 3326c
DoorDash Inc NEUTRAL 18/01/22 N/A N/A 4650c
GB Group plc OUTPERFORM 11/08/22 N/A N/A 372p
HelloFresh SE OUTPERFORM 09/02/22 N/A N/A 2090c
In the Style Group plc NEUTRAL 09/08/22 Outperform 22/09/21 13.8p
Just Eat Takeaway.com OUTPERFORM 18/01/22 N/A N/A 1736c
Kainos Group plc NEUTRAL 06/09/22 N/A N/A 1265p
Made.com Group plc OUTPERFORM 30/08/22 Neutral 26/07/22 0.5p
Marks Electrical Group plc NEUTRAL 26/07/22 N/A N/A 68.0p
Moonpig Group plc NEUTRAL 06/10/21 N/A N/A 137p
musicMagpie plc NEUTRAL 29/09/21 N/A N/A 10.2p
Naked Wines plc NEUTRAL 06/10/21 N/A N/A 103p
On the Beach Group plc NEUTRAL 06/10/21 N/A N/A 108p
OnTheMarket plc NEUTRAL 09/08/22 N/A N/A 69.0p
Purplebricks Group plc NEUTRAL 24/01/22 N/A N/A 10.9p
Rightmove plc OUTPERFORM 24/01/22 N/A N/A 492p
Sosandar plc OUTPERFORM 26/07/22 N/A N/A 18.5p
Trustpilot Group plc NEUTRAL 06/09/22 N/A N/A 97.3p
Virgin Wines UK plc NEUTRAL 26/07/22 N/A N/A 56.5p

DAVY VIEW

The cost-of-living crisis made for a tough reporting cycle for both ASOS (ASC) and Boohoo Group (BOO), and we therefore reduce expectations materially for FY23, FY24 and FY25. ASC renews its focus with a new CEO; we expect some market share gains but factor in a £100-130m inventory impairment for its change in model to focus on the ‘fresh fish’ of fashion. BOO has less low hanging fruit to grab; we increase our admin costs to reflect H123’s higher costs, including the higher interest expense.

Download full report with analyst certification and important disclosures

Nov 4 2022, 07:00 GMT

Download