PHILIP DORGAN | PANMURE GORDON
Management has now successfully shifted the seasonality of the business, but a break up looks unlikely in the short run and top line momentum is likely to remain subdued. We think shares currently lack a catalyst.
JOHN STEVENSON | PEEL HUNT
WH Smith delivered Christmas trading in line with subdued like-for-like expectations... Valuation and yield remain attractive, although our “hold” stance continues to reflect medium-term technology fears.
DAVID JEARY | INVESTEC
WH Smith delivered another solid Christmas trading update, with a small improvement in like-for-like sales...our £99m profit before tax forecast remains unchanged, as does our Buy recommendation.