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Brewin's Guy Foster slaps 'outperform' rating on England football team

by Dylan Lobo on Jun 12, 2014 at 12:21

Brewin's Guy Foster slaps 'outperform' rating on England football team

With the World Cup hours away Brewin Dolphin head of research Guy Foster has slapped an outperform rating on the England Football Team (EFT).

In a detailed note on EFT, Foster (pictured) outlines the rationale behind the move: 'Expectations are very low in the coming period. This is partly due to a harsh macro climate, although the impact of this is probably overstated,' he explains.  

'Forecasters are also struggling to assign appropriate value to new units. Strong performance against Honduras and confident statements from CEO Roy Hodgson indicate that the team has the ability to gain market share from its rivals, despite competitive pressures building from well-established market leaders.'

Foster goes on to assess the EFT on the following metrics:

Macro environment

'Investors have anchored on the heat as a key driver of differential performance. This is with some justification as a key area of competition will take place in Manaus at what could be 60-70% humidity.

'Management have, however, taken appropriate preparatory measures to strengthen operations against these conditions which afflict all competitors from European markets. We expect them to monitor liquidity closely.'

Competitive environment

'England will be a lean and efficient entity comprising high performing units that have spent the last FY (footballing year) operating in the most competitive domestic market in years.

'That level of intensity will be maintained during Group stage matches with Italy and Uruguay. They should not suffer from fluctuating performance levels.'

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