Buy
|
Original-Research: Mister Spex SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Mister Spex SE
“SpexFocus” strategy shows first successes Mister Spex’ Q1-25 results have demonstrated that its transformation program, which was launched in August 2024, bears fruit: While net revenue declined as expected by 13% yoy to EUR 44.7m, mainly due to strategic store closures in international markets, the company was able to increase profitability: The gross margin improved by 441 basis points yoy to 56.4%, supported by the reduction of discounts in general and the continued expansion of SpexPro, Mister Spex’s private label for premium eyewear lenses introduced in September 2024. Management explained in the conference call that the share of its premium SpexPro lenses amounts to ~35% of sold prescription glasses in stores – a great success. In addition, like-for-like sales in the German offline business grew by 13% yoy. Its new subscription model should provide recurring revenues in the future. We leave our estimates and the DCF-based EUR 5.00 TP unchanged and confirm our Buy recommendation. You can download the research here: http://www.more-ir.de/d/32534.pdf For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||
2134276 09.05.2025 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.