If you missed Part 1, it covers the FY26 results, what went wrong, and why the market chose to look through it. You can find it here:
Dear reader,
B&M is one of those companies that is always more interesting than it looks. Part 1 covered a year in which profits fell 26%, the CFO resigned, three profit warnings landed in four months, and the share price was cut in half from its highs. It also covered why, despite all of that, the market responded to the full-year results with a 17% single-day bounce.
The question Part 2 answers is whether that bounce was the beginning of something or the end of it.
Valuation
At 193p, B&M is not obviously cheap. To test what the shares are actually worth, we ran a simple three-scenario model using FY29 as the exit point three years out, enough time for the Back to B&M Basics plan to either prove itself or fail.
