2025-06-10-花旗集团-玛莎百货（MKS）_玛莎百货（MKS.L）_玛莎百货恢复部分畅销时尚系列的在线订单_10页_290kb

Flash report: Marks & Spencer Q1 2025 Update

Key Theme: Update on M&S Online Operations

Marks & Spencer (MKS.L) has recommenced online orders for selected 'best-selling' fashion ranges, initially available for delivery to England, Scotland, and Wales. The company anticipates adding more product ranges daily and plans to restore delivery to Northern Ireland and Click and Collect services in the coming weeks.

Valuation:

• Target Price (TP): £3.70
• Expected Share Price Return (12M): 2.8%
• Expected Dividend Yield: 1.9%
• Expected Total Return: 4.7% (Based on TP)
• Market Cap (GB): £7,402M
• Market Cap (US): US$10,030M

Key Risks:

• Cyclical consumer demand
• Supply chain disruption
• FX risk
• Legislative changes
• IT systems security/failure and reputational risk