Marks & Spencer Group PLC

MKS: XLON (GBR)
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Marks and Spencer: Food Growth Drives Results Over the Holiday Period

We maintain our GBX 342 fair value estimate after no-moat Marks and Spencer reported its trading statement for the 13 weeks to Dec. 28, 2024, which met our expectations. While results were decent, sales growth undershot the market’s high expectations, causing the stock to drop approximately 6% upon results. We view current shares as fairly valued.

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