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QRTEA

Qurate Retail

$21.94

0.32 (1.48%)

09:15
10/17/18
10/17
09:15
10/17/18
09:15

Qurate Retail announces long-term iniatitives

Qurate Retail Group announced a series of initiatives designed to better position its HSN and QVC US businesses and accelerate the company's digital transformation, building on the integration strategy following the HSNi acquisition in December 2017. Initiatives include: combining the HSN and QVC US business units into a new business unit that will be referred to as QXH; streamlining operations, principally at HSN; approximately 350 positions will be eliminated by year-end 2018; integrating the HSN and QVC US fulfillment networks. The first phase includes opening a new fulfillment center in Bethlehem, PA in 2019 as well as anticipated closures of fulfillment centers in Lancaster, PA, Roanoke, VA, and Greeneville, TN in 2020. Approximately 1,725 positions will be eliminated in these centers upon closure, partially offset by the anticipated hiring of 1,200 - 1,500 positions at the new Bethlehem facility. Additionally, QRG will evolve toward a leased vs. owned model for many of its fulfillment facilities. Taken together, HSN and QVC US generated $8.5B in revenue in 2017. Team members impacted by these reductions and closures will receive support to aid in their transition. The initiatives are expected to deliver an additional $120M-$125M of synergies from the HSNi acquisition, bringing total estimated run-rate operating synergies to $320M-$345M by 2022. Incremental one-time costs include: $40M-$45M severance and restructuring expense in Q3; $30M startup and dual running costs of new facilities over the course of 2019-2021 and $200M one-time net capital investment through 2022 for new fulfillment centers, automation, and technology investments, net of anticipated proceeds from sale of existing facilities.

  • 09

    Nov

  • 14

    Nov

QRTEA Qurate Retail
$21.94

0.32 (1.48%)

06/19/18
SBSH
06/19/18
NO CHANGE
Target $18
SBSH
Sell
Qurate Retail price target lowered to $18 from $25 at Citi
Citi analyst Jason Bazinet lowered his price target for Qurate Retail to $18 after shifting his valuation framework from 10 times 2019 levered free cash flow to 8.5 times 2019 enterprise value to EBITDA. Media has shifted from price-to-earnings to EV/EBITDA, but Retail still trades on P/E, Bazinet tells investors in a research note. He believes this raises the potential that Qurate shifts to EV/EBITDA too. The analyst maintains a Sell rating on the shares.
05/22/18
RILY
05/22/18
NO CHANGE
Target $30
RILY
Buy
Qurate Retail price target lowered to $30 from $33 at B. Riley FBR
B. Riley FBR analyst Barton Crockett lowered his price target for Qurate Retail Group to $30 to reflect higher expenses and a "sluggish HSN." The analyst notes that his new target still represents over 30% upside from current share levels. He keeps a Buy rating on Qurate Retail into tomorrow's analyst day.
04/24/18
FBNS
04/24/18
UPGRADE
FBNS
Outperform
FBN sees 28% upside in Qurate Retail, upgrades to Outperform
FBN Securities analyst Robert Routh upgraded Qurate Retail Group to Outperform from Sector Perform with a value per share estimate of $32.41, representing 28.41% upside from current levels. Recent tax law changes should result in Qurate generating more free cash flow annually on a going-forward basis, Routh tells investors in a research note. Further, the expected annual cost savings from the integration of HSNi are likely to be realized faster than previously anticipated, the analyst adds. He sees the shares performing well into and after the May 22 investor day.
04/24/18
FBNS
04/24/18
UPGRADE
FBNS
Outperform
Qurate Retail upgraded to Outperform from Sector Perform at FBN Securities

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