JEAN ROCHE | PANMURE GORDON
The cash conversion ratio is an impressive 107 per cent, and bolsters our view that the company will be able to make another generous capital return in two-three years’ time, of perhaps £80m-90m, following £65.8m returned last November.
MARK PHOTIADES | N+1 SINGER
We also see the development of multi-channel as a significant growth opportunity. As Dunelm continues to expand, the web is now the national “shop window” and has now become the largest store with customers on average spending twice as much online compared to in store
FREDDIE GEORGE | CANTOR FITZGERALD
The company has a clear niche in a category, where competition is fragmented and has, we believe, also a great opportunity to improve gross margins (currently around 50 per cent) by growing own label, direct sourcing and developing a multi-channel platform.