Briscoe Group BGP

[winner (n)]

Hey Basil - No growth companies get a no growth PE of 8.5 in my book so fair value at 8.5 times 27 cents

so 8.5 times 27 cents is $2.30

Could say the market's love affair with Rod' is worth $2.70 - heaps more than the company performance

[Basil]

Crazy. Key man risk cannot be overlooked either. Rod a LOT older and in worse shape than for example Todd Hunter or James Glasson.

Rod is 75 years old this year. How much more gas is in the tank ?

I asked Todd that same exact question at the Turners annual meeting and he assured me his tank was full and there's nothing else he would rather be doing.

[Basil]

Highlights for the full year ended 25 January 2026:
• Record total sales $798.8 million, +0.93% on last year
• Both Homeware and Sporting Goods segments delivered positive growth, +1.42% and +0.13%
respectively
• Gross profit margin 39.23%, -114 basis points 
(Margin decline for 2nd half of 76 basis points vs 154 basis points for 1st half)
• Online sales as mix of total Group sales 20.04%, (LY 19.69%)
• Total costs only 1.19% increase on last year
• Net profit after tax (NPAT) $59.2 million
• Total inventory $8.9 million below last year
• $50.4 million capital expenditure made during the period
The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $59.2 million for the
year ending 25 January 2026, compared to $60.6 million reported for the previous year.

I am noting that sales declined in real inflation adjusted terms by 2.2% and EPS declined from 27.2 cps to 26.6 cps
PE for a company that had 21.2 cps in EPS 10 years ago is 17.6.  10 year EPS CAGR is 2.3% 

[Dolcile]

It sure makes other stocks... *cough* SKL *cough* HLG *cough* TWR look cheap!

[LaserEyeKiwi]

Highlights for the full year ended 25 January 2026:
• Record total sales $798.8 million, +0.93% on last year
• Both Homeware and Sporting Goods segments delivered positive growth, +1.42% and +0.13%
respectively
• Gross profit margin 39.23%, -114 basis points 
(Margin decline for 2nd half of 76 basis points vs 154 basis points for 1st half)
• Online sales as mix of total Group sales 20.04%, (LY 19.69%)
• Total costs only 1.19% increase on last year
• Net profit after tax (NPAT) $59.2 million
• Total inventory $8.9 million below last year
• $50.4 million capital expenditure made during the period
The directors of Briscoe Group Limited announce a net profit after tax (NPAT) of $59.2 million for the
year ending 25 January 2026, compared to $60.6 million reported for the previous year.

I am noting that sales declined in real inflation adjusted terms by 2.2% and EPS declined from 27.2 cps to 26.6 cps
PE for a company that had 21.2 cps in EPS 10 years ago is 17.6.  10 year EPS CAGR is 2.3% 

I really don't understand why it has such a high earnings multiple. Duke even mentioned in an interview last year that Australia might be the option for future growth. While I don't have any problems with that ambition, it was implying they maxed out in NZ.

[winner (n)]

Lest we forget

How Rod Duke will take Briscoes to $1b turnover and $100m profit

Big increase from current $800m sales and $60m profit

Maintain current PE and share price could get close to 10 bucks


https://www.nbr.co.nz/rich-list-2026/how-rod-duke-will-take-briscoe-to-1b-turnover-and-100m-profit/