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Morgans Analyst Jo Little provides a post reporting review of consumer discretionary stocks

Livewire Equities


Morgans Analyst Jo Little provides a post reporting review of consumer discretionary stocks. Post a raft of downgrades across the consumer discretionary sector in June, there were few major shocks (excl. Breville Group) during reporting season. While most cited improved conditions post the initial budget sticker shock, few were in a position to provide FY15 guidance at this early stage with consumer spending patterns still somewhat difficult to predict. As we expected, those retailers who are predominantly exposed to the housing sector provided the most resilient FY14 results and trading updates. In our coverage, the most impressive combination of result/trading update/guidance came from: Domino's Pizza, Ardent Leisure, Beacon Lighting and Burson Group. No surprises that these are also our preferred 'structural growth' stocks - all taking share in their respective growing markets. It also comes as no surprise that all of these stocks trade healthy multiple premiums. More here: (VIEW LINK)

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