MAKSF - Under New Transformations Marks & Spencer Will Most Likely Recover

• M&S offers its own label businesses, including Food, Clothing & Home, in the United Kingdom and overseas.
• Even after taking into account the EU border costs and the lockdown and restrictions in India, M&S stores and marketplaces reported revenue growth.
• I expect that the Clothing & Home business will continue to surprise investors in the following five years thanks to an increase in the number of online customers.
• The company’s Vangarde store process is close to being implemented across 75% of the estate. If the company continues to improve its operations, FCF growth would increase significantly.
• I included an inventories/sales ratio of 6%-7%, accounts/payables of 10%-11%, and capital expenditures/sales of 3%. I am not using extraordinary assumptions.

For further details see: