WH Smith: Updating estimates post Q3 and capital raise

研报英文原文证据摘录

WH Smith: Updating estimates post Q3 and capital raise

C A Z E N O V E Europe Equity Research

17 June 2026

WH Smith Overweight

SMWH.L, SMWH LN

Updating estimates post Q3 and capital raise Price (16 Jun 26):421p

▼Price Target (Dec-27):575p

Prior (Dec-27):700p

We update our estimates post WHSmith’s Q3 trading update and capital raise last

week. Our Aug-26/27/28E PBT estimates decrease by -15%/-8%/-6%. We now European Transport & Logistics

forecast Aug-26E PBT at £79m (previously £93m) compared to WHSmith’s Harry J Gowers AC

downgraded guidance of £75-90m. We now forecast a 5% EBIT margin for North (44-20) 7134-7522

America, in-line with WHSmith’s revised guidance. The sharp deceleration in harry.gowers@jpmorgan.com

J.P. Morgan Securities plc

Travel Essentials LFLs, running at -1% over the last seven weeks of the quarter,

from +6% previously, in our view can be explained by the ‘temporary’ negative Specialist Sales contact details:

impact on volumes from the Middle East conflict due to capacity cuts and higher Olivia Petronilho - Specialist Sales -

airfares, combined with some consumer pressure on spend. However, if no European Consumer

recovery is forthcoming as the situation in the Middle East normalises, this will (44-20) 3493-3709

become an area of greater concern for the market, with Travel Essentials olivia.b.petronilho@jpmorgan.com

fundamentally a stronger business than InMotion and Resorts, which have seen Key Changes (FYE Aug)

consistent organic pressure and where estate rationalisation and space exits have Prev Cur Δ

already begun. In the UK, we now forecast H2 LFLs at +1% (versus +2% in Q3 and Adj. EPS - 26E (p) 48.00 39.76 -17.2%

an accelerating trend into the last seven weeks of the quarter) and a c13% EBIT Adj. EPS - 27E (p) 51.72 39.81 -23.0%

Adj.