Investment Thesis
Marks & Spencer's (MAKSF) exit from the FTSE 100 in Q4 2019 did little to refresh investor confidence in the brand's shares, which have fallen nearly 80% from their peak in May 2015, as the firm has struggled with stiff competition. Despite being at an all-time low, I believe that M&S's shares have further to fall due to fundamental weaknesses in the group's business model, and several other external factors that are contributing downwards pressure to sales in its key business areas.
Business Overview
M&S has two principal revenue streams: Food