Mark Walker of Tollymore Investment Partners presented his investment thesis on Next plc (UK: NXT) at Wide-Moat Investing Summit 2021.
Next plc is a soundly financed, simple business with modest cash flow volatility. The company has a strong track record and is strongly positioned to capture profitable growth avenues. Next plc benefits from solid stewardship, and the shares offer a 7-8% FCF yield.
Next plc is a multi-brand, multi-geography, omnichannel retail business with a forty-year heritage of innovation and expansion. The most exciting developments at the company have come in the last two years in the form of a marketplace model and an “operating system” for brands. Next Finance serves as a sales enabler and is highly profitable in its own right.
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About the instructor:
Mark Walker serves as managing partner of Tollymore Investment Partners, a private investment partnership for long term investors. Previously, he was a global equity investor at Seven Pillars Capital Management, a long term value-oriented investment firm based in London. Mark has fifteen years of investment research and financial analysis experience. He joined Seven Pillars from RWC Partners, where he was part of a two-person team managing a long term global equity fund. Prior to that Mark worked as an investment research analyst on the sell-side for Goldman Sachs and Redburn Partners.