ASOS PLC

ASC: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 8,798.00	Ylpx	Hdfxpqc

Asos: Topshop Sale Should Boost Liquidity; Shares Cheap

Jelena Sokolova

Sep 5, 2024

We are maintaining our fair value estimate for no-moat Asos following the group's decision to offload a majority stake in the Topshop and Topman brands, which we take positively. The shares remain deeply undervalued, trading at 0.3 times forward revenue and 7 times EBITDA.

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