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Dr Martens consensus estimates may be too optimistic, says RBC Capital
(Sharecast News) - RBC Capital Markets cut its price target on Dr Martens on Monday to 60p form 70p and reduced its revenue and earnings per share estimates, saying that consensus estimates may be too optimistic. The bank, which rates the shares at 'sector perform', said it expects Dr Martens to deliver FY25 results largely in line with consensus and guidance, after a year of reducing inventories and debt, preserving cash and stabilising the business overall.
"Looking ahead, we anticipate a return to positive revenue growth (+5%) and incremental margin rebuild to 10% in FY26E, however our earnings per share estimates are circa 20% below consensus," it said.
RBC said that given its relatively small size, the longer-term growth prospects for DOCS should remain healthy. This is supported by store roll-out, franchisee conversions, and increasing direct-to-consumer mix, as well as improving the quality and depth of wholesale distribution.
"However, FY26E consensus expectations appear too elevated and risk/reward appears balanced to us at this stage," it said.
At 1100 BST, the shares were down 7.2% at 56.65p.
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