Dr. Martens (DOCS)

Down
Share Price:
484.80p
Market Cap:
4,848.00m
Change Today:
-13.80p
Sector:
Personal Goods

Peel Hunt starts coverage of Dr Martens at 'hold'

By Michele Maatouk

Date: Wednesday 10 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Broker Peel Hunt initiated coverage of Dr Martens on Wednesday with a 'hold' rating and 475p price target, as it said the company embodies everything it looks for in a brand.
"Dr Martens is in our sweet spot of compelling consumer brands with a defined unique selling points, attractive return on capital employed strong cash generation and good runway for growth," Peel said.

"DM generates attractive underlying margins (c27% EBITDA), resulting in strong levels of cash conversion."

The broker added that DM has a well-established international platform, with good prospects, underpinning mid-teens earnings per share growth and a yield.

Peel said it would be a buyer of the shares on weakness, but at around 32x price-to-earnings ratio, a lot of the positives are already priced in, hence the initiation at 'hold'.

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Dr. Martens Market Data

Currency UK Pounds
Price 484.80p
Change Today -13.80p
52 Week High 514.80p
52 Week Low 442.00p
Volume 575,478
Shares Issued 1,000.00m
Market Cap 4,848.00m

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