ELTA’s two remaining portfolio holdings
TGI Fridays (74% of ELTA’s NAV): UK nationwide chain of American-styled casual dining restaurants
Exhibit 5: TGI Fridays investment summary
Total cost: £142m (including December 2014 £99m, July 2017 £2m and August 2017 £35m) |
Source: ELTA at end March 2021
Born of the eponymous original casual dining bar and grill in 60s New York, TGI Fridays offers authentic American food, an innovative cocktail list and a high level of service at its 86 restaurants across the UK. Notwithstanding high brand awareness, the business has been renamed Fridays to reinforce the brand’s promise of its well-known ‘Friday Feeling’ experience. Fridays holds exclusive UK rights to use the brand under its agreement with its American parent, from which it was acquired by ELTA in 2014. A new cocktail-led bar and restaurant brand, 63rd+1st, was launched in May. The intended demerger into Hostmore, the newly formed parent company of these brands, and its stock market listing are confirmed to be on track for early Q421.
Hostmore, as we now refer to the hospitality businesses, has seen a pleasing return to pre-pandemic sales levels for the 16 weeks since the resumption of indoor trading on 17 May. This is despite continued COVID-19 restrictions for much of the period and represents a clear outperformance (3.9%) versus the market, as shown by the Coffer CGA Business Tracker. Still recovering dine-in volumes have been offset by a significant growth in delivery, the resilience of which since restaurant reopening confirms a clear shift in consumer behaviour towards hospitality at home. Including the benefit of the VAT reduction (5% against 20% in 2019), Hostmore’s reported like-for-like sales growth was 11.8%, reflecting an acceleration to 15.2% in the seven weeks after the lifting of most legal restrictions on social contact on 19 July.
This is impressive as Fridays is still in the course of strategic transformation under new management, as highlighted in June at Hostmore’s capital markets day. While testimony to the early success of initial key measures to enhance the core Fridays offering and develop additional revenue streams, sales growth is therefore understandably less than that recently reported by Wagamama, The Restaurant Group’s flagship brand and acknowledged by Hostmore management as a fellow winner in UK casual dining, ie 21% in a similar period (15 weeks from 17 May). Fridays’ renaming apart, ‘Famous At Fridays’ (a focus on favourite dishes and classic cocktails) has been introduced at 13 restaurants in larger cities and is now being rolled out across the estate. Ambitious brand extensions via delivery and digital channels requiring minimum investment include delivery predominantly through Deliveroo and Just Eat, as well as its delivery-only dark brand, ‘Jailbreak Chicken,’ a broadening of the ‘Fridays at Home’ offer, eg pre-packaged food and drinks and takeaway at a majority of sites, and a customer loyalty scheme, Stripes, through the Fridays Rewards app (668,000 users at June 2021). Astute estate management has added permanent outside trading space, the size of four restaurants, at sites in the south of England.
Cash generation from June to August has also been strong (£12.5m), with current net debt of £36m against £46m at December 2020 despite cash burn during Q121 lockdown. The consequent rise in liquidity headroom from c £20m reported at March 2021 and a cash-generative model should comfortably allow for planned expansion of about eight sites per year, largely from 2022 (there are two imminent 63rd+1st openings following the brand’s successful launch in May). A cash conversion ratio of 91% from June to August equates to EBITDA of £13.7m, which is 42% of management’s pro forma full-year EBITDA projection of £32.7m based on demand at 2019 levels.
Continued optimism despite sector challenges
Given the difficulty of predicting when trading will return to normal, we support management’s approach of using 2019 sales levels as the base for a pro forma assessment of potential annual profitability.
Management’s confidence in this zero like-for-like growth scenario appears reasonable. First, market conditions were already difficult in 2019 owing to chronic overcapacity in the sector, significant cost pressures, particularly owing to labour costs, and consumer uncertainty on the eve of Brexit. The COVID-19-led reduction in supply and competition (widely estimated to be at least 20%) yields a more benign trading environment, complemented by the growing availability of properties at increasingly lower rents, as confirmed by restaurant operators. Second, there is the expected benefit of Hostmore’s own wide-ranging brand extension initiatives, already largely implemented and bearing early fruit in recent sustained market outperformance, as noted above. In particular, delivery and takeaway show sustained market strength despite the full return of dining in, with sales up 70% on August 2020 when COVID-19 restrictions were in place and now a significant 27% of total restaurant sales, according to the Hospitality at Home Tracker from CGA and Slerp. Wagamama has also reported this channel’s resilience with current sales still more than half those during the peak of the third lockdown in the UK (Q121) and more than double pre-pandemic levels. Industry consensus is that delivery is set to stay as an important incremental business stream, with growth of 20% over the next three years forecast by Lumina Intelligence.
Management’s confidence has been borne out with Hostmore like-for-like sales since 17 May, net of the VAT reduction, on a par with 2019 despite a standing start and persisting restrictions. Although dine-in volumes remain below pre-pandemic levels despite a boost from staycations and pent-up demand on reopening, lingering consumer caution is understandable and may well abate, while average spend has increased as customers treat themselves. The phased normalisation of the VAT rate by April 2022 (up from 5% to 12.5% on 1 October), while influential in practice, does not affect pro forma assumptions, which are net of VAT.
On management’s base assumption of zero like-for-like top-line growth, pro forma EBITDA (pre-IFRS 16 as in 2019) was projected in May 2021 to grow by 28% to £32.7m (see Exhibit 6). This absolute rise of £7.1m from £25.6m in 2019 derives in part from net openings in 2019, that is a full year contribution rather than part-year from five stores opened during 2019 less three removed (one closed in 2019 and two in 2020), which explains the stated £12m rise in pro forma sales despite flat like-for-like assumptions. The bulk of the projected EBITDA gain is due to changes in the cost base, including labour efficiency cost savings (already implemented) and other fixed implemented cost savings (mainly rent reductions). However, we are mindful of the impact of increasing sector challenges, namely inflationary pressures on food and drink and utilities, as well as labour availability leading to rising costs. Management states its confidence in ‘continuing to manage COVID-19-related challenges well’.
£13.7m EBITDA in the 16 weeks from 17 May looks to support management’s pro forma full-year base EBITDA projection of £32.7m. Moreover, it is not unreasonable to foresee annual like-for-like sales growth rates of up to 10% which, with margin gain, could drive a rise in EBITDA of over 60% on 2019 demand levels, according to management’s EBITDA projections (see Exhibit 6).
Exhibit 6: Management’s pro forma scenarios based on 2019 demand levels
|
2019 actual |
0% revenue growth |
5% revenue growth |
10% revenue growth |
Revenue (£m) |
214.8 |
226.8 |
237.9 |
249.3 |
Pre-IFRS 16 EBITDA (£m) |
25.6 |
32.7 |
36.5 |
41.3 |
These growth scenarios take no account of Fridays’ site expansion plans (weighted from 2022, about eight openings a year, which is 9% of the current estate). The noted availability of attractive sites at increasingly cheaper prices should allow this to be achieved satisfactorily.
Assuming 2020 is a trading aberration and using pre-IFRS 16 numbers for easier peer comparison, management’s NAV of Fridays at £146.2m at March 2021 suggests an EV/EBITDA multiple of 5.6x on pro forma zero like-for-like growth on 2019 (see Exhibit 7). On a similar basis, that is pre-COVID-19 reported results, its closest listed competitors Loungers and Fulham Shore, trade on significantly higher multiples (almost 17x and 14x, respectively). For Restaurant Group, we have used the midpoint of its ‘illustrative’ and wide-ranging (£110–125m) EBITDA ‘capability’ on 2019 sales levels, hence some potential downside.
Exhibit 7: Peer comparison of EV/EBITDA rating, assuming return to 2019 sales levels
Pre-IFRS 16 |
Share price |
Management valuation (£m) |
Historical net debt/ (cash) (£m) |
EV (£m) |
Historical EBITDA (£m) |
EV/EBITDA (x) |
Hostmore* |
|
146 (Mar 21) |
36 (Aug 21) |
182 |
Pro forma 32.7 |
5.6 |
|
|
Market cap |
|
|
25.6 |
7.1 |
Loungers** |
287p |
295 |
18 (July 21) |
313 |
18.8 |
16.6 |
Fulham Shore*** |
19p |
118 |
(3) (Aug 21) |
115 |
8.3 |
13.9 |
Restaurant Group* |
115p |
881 |
200 (June 21) |
1,081 |
118§ |
9.2 |
Various Eateries**** |
85p |
76 |
(8) (June 21)† |
68 |
5.3‡ |
12.8 |
Average |
|
|
|
|
|
13.1 |
Source: Company accounts. Note: Priced at 20 September 2021. *Year to December 2019. **Year to April 2020. ***Year to March 2020. ****Year to September 2020. §Midpoint of management’s ‘illustrative’ October 2020 indication of annualised EBITDA post restructuring on 2019 sales. ‡Adjusted run rate EBITDA.
Given the comprehensive restructuring ahead of its September 2020 IPO, we admit a caveat about our computed rating for Various Eateries. Even so, its very listing amid the pandemic endorses the opportunity for well-funded hospitality businesses, and its latest update at end June reported ‘extremely strong’ trading. In summary, the blended average of 13x EV/EBITDA for four of its peers is more than twice that of Hostmore on management’s valuation at March 2021 when conditions were of course markedly less positive than now. The multiple falls to 4x on management’s ‘best-case’, pro forma 10% like-for-like growth trading assumptions.
Hotter Shoes (10% of ELTA’s NAV at 31 March 2021): A digitally led UK shoe manufacturer with a focus on customised comfort
Exhibit 8: Hotter investment summary
Total cost: £118m (including January 2014 £84m, 2017 £5m, 2018 £19m and 2019 £7.5m) |
Source: ELTA at end March 2021
Hotter specialises in the design and manufacture of stylish comfort footwear (with 1.6m pairs manufactured in 2019, making it the UK’s largest shoe manufacturer). It is renowned for its product quality and innovation as well as customer service, epitomised by its pioneering digital Footprint 3D fit technology, use of BASF’s Infinergy foam inserts and over 40 width and size combinations via its Comfort Lab. Hitherto, the target market has been females over 55 with specific fit and comfort needs; while this is a favourable constituency and will continue to be a target, Hotter aims to broaden its proposition significantly by working with partners to sell a range of products (notably active lifestyle, wellbeing and health) and brands to the entire 55+ demographic. Sales are primarily through direct to consumer channels (81% in the half to July 2021) with a limited retail exposure (c 20 outlets). 10% of sales are in the US, where Hotter has a profitable and scalable operation.
The proposed new parent company for Hotter is Unbound Group (to be renamed from Electra as Electra’s only remaining corporate investment following the demerger of Hostmore). Assuming shareholder approval, Unbound is due to move to AIM at the end of 2021.
Hotter’s reshaping as a largely digital ‘direct-to-consumer’ business is continuing to pay off, with 39% year-on-year UK online sales growth in the six months to July 2021, albeit boosted by restrictions on retail because of COVID-19. With its targeted operating model now in place following 2020’s retail de-risking with the closure of 70% of the UK estate, management is actively addressing opportunities in terms of both its core customers (product needs beyond comfort and fit) and a broader offering, initially for example menswear and safety shoes according to industry requirements. An improved digital marketing, personalisation and loyalty scheme, facilitated by a new app in Q121, is allowing enhanced management of a loyal customer base (4.6 million, with 100,000 added annually). The shops have been newly restyled as Technology Centres.
With Hotter’s financial period under review marred by COVID-19 restrictions, it is more meaningful to look at the performance of direct channel sales, which are key to the new operating model, and at management’s various revenue growth assumptions, using FY20 (the year to January 2020) sales levels as a base for a pro forma assessment of potential annual profitability. The aforementioned 39% increase in UK year-on-year direct to consumer sales in the half to July 2021 follows double-digit percentage year-on-year sales growth for most of 2020 after the March lockdown. With management’s base case of 10% annual growth therefore well supported, 20% growth may be closer to the mark, even if flattered by COVID-19 retail constraints. The assumption of flat sales at the retained stores may be cautious, given their selection as optimum sites and recent conversion into Technology Centres. It is also encouraging, in terms of profit, that overall gross margin rose from 53% to 63% in the half to July 2021 and that EBITDA for the seven months from October 2020 exceeded management’s pro forma EBITDA of £5.4m for FY20 by 8%.
Exhibit 9: Management’s pro forma scenarios based on FY20 demand levels
Year-end 31 January (£m) |
2020 actual |
Direct channel revenue growth assumptions |
10% growth |
15% growth |
20% growth |
Direct channels |
41.0 |
45.1 |
47.2 |
49.2 |
% of revenue |
68% |
70% |
71% |
72% |
|
|
|
|
|
Retail and wholesale |
19.5 |
19.5* |
19.5* |
19.5* |
Revenue |
60.5 |
64.6 |
66.7 |
68.8 |
|
|
|
|
|
EBITDA |
5.4 |
7.3 |
8.3 |
9.2 |
Margin |
8.9% |
11.3% |
12.4% |
13.4% |
Source: Hotter accounts. Note: *10% reduction estimated by management to reduce EBITDA by £0.2m.
Management’s valuation of Hotter of £19.2m at March 2021 (more than trebling from £5.8m at September 2020) suggests an EV/EBITDA multiple of 4.3x pro forma 10% direct channel sales growth on FY20, using management forecasts. Notwithstanding residual retail exposure and the risk of executing planned business enhancements, such a rating appears unduly low. Favourable macro trends, specifically the target over-55 demographic with increasing disposable incomes and digital literacy, in addition to a coherent corporate strategy (largely in place) and proven management are grounds for optimism, while there is considerable scope to monetise Hotter’s comprehensive database, which provides direct access to valuable customers and the opportunity to add related products and services.
Exhibit 10: Peer comparison of EV/EBITDA rating, assuming return to FY20 sales levels
|
Valuation* |
Net debt* |
EV |
EBITDA |
EV/EBITDA |
|
£m |
£m |
£m |
£m |
x |
Hotter |
19.2 |
12.0 |
31.22 |
Pro forma 7.3** |
4.3 |
|
|
|
|
Historical 5.4*** |
5.8 |
PE (private equity) EMEA exits (consumer discretionary) in the 15 months to Sept 20 average**** |
11.1 |
Source: ELTA. Notes: *At March 2021. **Base case 10% sales growth scenario. ***Year to January 2020 adjusted for rationalisation of retail estate as a result of August 2020 CVA. ****S&P Global Market Intelligence as of November 2020.
General disclaimer and copyright This report has been commissioned by Electra Private Equity and prepared and issued by Edison, in consideration of a fee payable by Electra Private Equity. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services. Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note. No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors. Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest. Copyright: Copyright 2021 Edison Investment Research Limited (Edison).
Australia Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.
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United States Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. |
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General disclaimer and copyright This report has been commissioned by Electra Private Equity and prepared and issued by Edison, in consideration of a fee payable by Electra Private Equity. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services. Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note. No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors. Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest. Copyright: Copyright 2021 Edison Investment Research Limited (Edison).
Australia Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.
New Zealand The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.
United Kingdom This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document. This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.
United States Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. |
Frankfurt +49 (0)69 78 8076 960 Schumannstrasse 34b 60325 Frankfurt Germany |
London +44 (0)20 3077 5700 280 High Holborn London, WC1V 7EE United Kingdom |
New York +1 646 653 7026 1185 Avenue of the Americas 3rd Floor, New York, NY 10036 United States of America |
Sydney +61 (0)2 8249 8342 Level 4, Office 1205 95 Pitt Street, Sydney NSW 2000, Australia |
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