At
the
end
of
every
year
I
make
a
list
of
things
I
hadn’t
seen
coming.
For
2023,
Marks
&
Spencer’s
remarkable
turnaround
was
one
of
the
stock
market’s
biggest
surprises.
While
the
retailer’s
revival
has
been
a
long
time
coming,
investors
dramatically
re-appraised
the
company’s
prospects,
with
shares
doubling
in
a
year.
Naturally
some
fund
managers
were
on
board
with
the
M&S
rebound
before
last
year,
and
they
include
those
running
Temple
Bar
and
Edinburgh
investment
trusts,
who
first
bought
the
shares
in
2020
and
2021
respectively.
Where
does
that
leave
investors
as
we
start
2024?
The
prospect
of
a
restored
dividend,
even
though
it’s
1p
per
share,
will
be
enticing
to
some
with
an
income
mindset,
although
there
are
better
payers
out
there.
The
problem,
as
always
with
shares
that
have
had
a
good
run,
is
valuation.
At
around
two
pounds
eighty
a
share,
Marks
and
Spencer
is
trading
around
a
pound
above
its
Morningstar
fair
value
estimate.
The
company’s
financial
year
comes
to
a
close
at
the
end
of
March,
and
it’s
already
guided
that
profits
will
been
skewed
towards
the
first
half
of
the
year.
Ie.
The
period
just
gone.
Fortunately
we
get
a
Christmas
trading
update
on
Janaury
11.
Food
retailers
managed
to
gain
market
share
this
festive
period
and
this
bodes
well
for
Marks
and
Spencer,
whose
food
division
has
outperformed
its
rivals.
Investors
will
also
be
keen
to
know
how
the
company’s
clothing
arm
has
done
in
the
most
recent
trading
period;
and
how
the
store
refreshes
and
new
locations
are
getting
on.
For
Morningstar,
I’m
James
Gard.
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