Frasers Group Plc. £FRAS - A Valuation on 9th July 2021

A speciality retailer with an eccentric boss. They are reinvesting in their estate while expanding. Once they have integrated the new businesses into their logistics chain, margins will improve.

Frasers Group retails sports and leisure clothing, footwear, equipment, and apparel through department stores, shops, and online in the United Kingdom and international markets.

The company operates through five segments:

• UK Sports Retail — 56.6% of revenue — Core sports retail stores in the UK, plus all the group's sports retail online businesses, gyms, GAME UK stores and online operations, and retail stores in Northern Ireland.

• Premium Lifestyle — 16.9% of revenue — Premium retail businesses Flannels, Cruise, van mildert, Jack Wills, House of Fraser and Sofa.com, along with related websites and online operations.

• European Retail — 18.6% of revenue — All the groups sports retail stores and operations in Europe, including distribution centres in Belgium and Austria and GAME Spain stores.

• Rest of World Retail — 4.1% of revenue — US-based retail activities and Asia retail and e-commerce.

• Wholesale & Licensing — 3.8% of revenue — Internationally recognised brands such as Everlast, Karrimor, L…