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    MUL   GB0006094303

MULBERRY GROUP PLC

(MUL)
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Commodity stocks boost FTSE 100, Mulberry soars on strong earnings

11/24/2021 | 05:22am EST

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

* Brewin Dolphin down after warning on market volatility

* Tech co IQE slumps on cut profit forecast

* Mulberry's sales rise to pre-pandemic levels

* FTSE 100 up 0.3%, FTSE 250 off 0.1%

Nov 24 (Reuters) - UK's FTSE 100 rose for a third consecutive day on Wednesday, led by energy majors and miners, while leather bag company Mulberry jumped on strong earnings as demand for its luxury products returned to pre-pandemic levels.

The commodity-heavy FTSE 100 gained 0.3% after hitting one-week highs earlier in the session.

BP and Royal Dutch Shell rose over 1% each with crude prices inching up as investors questioned the effectiveness of a U.S.-led release of oil from strategic reserves.

Miners added 0.5%, supported by higher copper prices after China's latest announcement it will relax its fiscal policy and support the debt-laden property sector eased some concerns about Chinese demand.

The FTSE 100 index has added 13.1% this year, but continues to underperform its European peers with supply chain worries and inflationary pressures capping its gains.

"The valuations on UK stocks continue to be very cheap relative to both global and U.S. markets," said Oliver Blackbourn, portfolio manager at Janus Henderson Investors.

"It's the ESG factor. People can see the inflationary benefits of owning materials and energy stocks and if you're worried about higher interest rates, UK has a lot of financials, but that is not something you want from an ESG perspective."

Mulberry soared 19.5%, as per prices on Google Finance, after reporting demand for its luxury products was back at pre-pandemic levels with sales in the UK and Asia powering a 34% surge in first-half revenue.

The domestically focused mid-cap index fell 0.1% weighed by weakness in healthcare and consumer discretionary stocks.

Among decliners, IQE Plc, which makes semiconductor wafers for chips, slumped 24.3% after it forecast lower annual profit margin and revenue.

Asset manager Brewin Dolphin slid 6.1% after warning of market volatility ahead, as government support measures unwind and consumer demand falls back into normal levels.

Genetics company Genus sank 10.8% after the company cut its profit guidance on downturn in China.

(Reporting by Bansari Mayur Kamdar and Amal S in Bengaluru; editing by Uttaresh.V, Shinjini Ganguli and Krishna Chandra Eluri)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -4.81% 363.85 Delayed Quote.15.66%
BREWIN DOLPHIN HOLDINGS PLC -6.37% 316 Delayed Quote.-8.78%
GENUS PLC -4.31% 3638 Delayed Quote.-23.01%
IQE PLC -4.26% 29.25 Delayed Quote.-11.58%
MULBERRY GROUP PLC 0.00% 300 Delayed Quote.-6.25%
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Analyst Recommendations on MULBERRY GROUP PLC
More recommendations
Financials
Sales 2021 115 M 155 M 155 M
Net income 2021 4,77 M 6,44 M 6,44 M
Net Debt 2021 66,7 M 90,0 M 90,0 M
P/E ratio 2021 32,9x
Yield 2021 -
Capitalization 177 M 238 M 238 M
EV / Sales 2020 1,28x
EV / Sales 2021 1,95x
Nbr of Employees 998
Free-Float -
Chart MULBERRY GROUP PLC
Duration : Period :
Mulberry Group plc Technical Analysis Chart | MUL | GB0006094303 | MarketScreener
Technical analysis trends MULBERRY GROUP PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Last Close Price 3,00 GBX
Average target price 315,00 GBX
Spread / Average Target 10 400%
Managers and Directors
Thierry Patrick Andretta Chief Executive Officer & Executive Director
Charles Francis Anderson Group Finance Director & Director
Godfrey Pawle Davis Non-Executive Chairman
Christophe Olivier Cornu Independent Non-Executive Director
Julie Gilhart Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
MULBERRY GROUP PLC-6.25%240
LVMH MOËT HENNESSY LOUIS VUITTON SE-4.10%398 366
LULULEMON ATHLETICA INC.-20.04%40 472
LI NING COMPANY LIMITED-6.91%27 354
V.F. CORPORATION-7.13%26 709
MONCLER S.P.A.-9.50%17 715