Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Marshalls: Concrete Foundations Supporting Growth

By Edison ETFsNov 05, 2015 06:32
Marshalls: Concrete Foundations Supporting Growth
By Edison   |  Nov 05, 2015 06:32
Saved. See Saved Items.
This article has already been saved in your Saved Items

Concrete foundations supporting growth

Differentiation is key
Marshalls (L:MSLH) is a B2B supplier of landscaping products with a leading premium brand in both commercial/public sector (two-thirds of revenue) and domestic/residential market segments. Differentiation through product range, customer support and service are key drivers of market position and Marshalls innovates in each of these areas to reinforce its competitive strengths. New and faster-to-install systems, earlier engagement with project specifiers and homeowners and balancing third-party distribution with direct-to-site delivery (using its own vehicle fleet) are all examples of this. Marshalls’ marketing approach targets specifiers, installers and merchants as well as end customers to reinforce brand preference, pulling through products and supporting price and margin. It uses a highly-developed bespoke CRM platform through which identified leads in both market segments are rigorously tracked, maintaining robust margin discipline at project and group levels.

Significant recovery expected, but could be greater
Consensus estimates already factor in a significant profit recovery for Marshalls, with EBIT returning to 2007 levels by 2017 and a 2014-17 EPS CAGR of c 27%. Operational gearing from increasing in volume is an obvious driver here. We note that FY17 revenue estimates are over £50m (or c 14%) above 2007 levels, which suggests more conservative margin expectations. A stronger commercial and pricing environment together with a growing contribution from specialist activities (such as street furniture and mortar) now under the Marshalls brand umbrella could also contribute to margin expansion. Additionally, with a conservatively geared balance sheet, Marshalls could boost growth through complementary acquisitions.

To Read the Entire Report Please Click on the pdf File Below

Marshalls: Concrete Foundations Supporting Growth

Related Articles

Marshalls: Concrete Foundations Supporting Growth

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email