Ulta Beauty Croissance future
Future contrôle des critères 2/6
Ulta Beauty devrait augmenter ses bénéfices et son chiffre d'affaires de 6.2% et de 5.5% par an respectivement. Le BPA devrait croître de de 9.6% par an. Le rendement des capitaux propres devrait être 31.6% dans 3 ans.
Informations clés
6.2%
Taux de croissance des bénéfices
9.59%
Taux de croissance du BPA
| Specialty Retail croissance des bénéfices | 10.1% |
| Taux de croissance des recettes | 5.5% |
| Rendement futur des capitaux propres | 31.58% |
| Couverture par les analystes | Good |
| Dernière mise à jour | 13 May 2026 |
Mises à jour récentes de la croissance future
Recent updates
Mise à jour du récit • May 16
ULTA: Earnings Flywheel And Unleashed Strategy Will Drive Future Upside
Ulta Beauty's analyst price target is unchanged at $810, as analysts balance recent target cuts in the $475 to $799 range with support from those who see an improving earnings flywheel, solid category trends, and ongoing margin and profit expectations. These are reflected in a steady fair value and modest tweaks to growth, discount rate, and future P/E assumptions.
Mise à jour du récit • Apr 30
ULTA: Unleashed Plan And AI Personalization Will Support Bullish Outlook
Ulta Beauty's analyst price target has been updated modestly higher, with fair value moving from about $673.50 to $681.50 as analysts factor in slightly adjusted growth, margin, and P/E assumptions following a mix of target raises and trims tied to recent earnings, guidance, and views on the "Unleashed" growth plan. Analyst Commentary Street research around Ulta Beauty is mixed, with many firms still positive on the long term setup while trimming price targets after recent quarterly results and guidance.Seeking Alpha • Apr 17
The Pros And Cons Of Investing In Ulta Beauty Now
Summary Ulta Beauty delivered notable Q4 financial performance, emphasizing robust comparable sales growth and attractive capital allocation. Macroeconomic headwinds, however, exist. Consumer confidence levels remain at historic lows, while energy prices remain elevated. The current valuation may not reflect all the risks and uncertainties ahead, and therefore I believe the current market price is not attractive for value investors. I maintain my hold rating. Read the full article on Seeking AlphaMise à jour du récit • Apr 16
ULTA: Middle East Expansion And EPS Guidance Will Support Bullish Outlook
Ulta Beauty's analyst fair value estimate has been trimmed by about $10.88 to $673.50 as analysts factor in slightly lower revenue growth assumptions, a modestly higher discount rate, and a lower future P/E multiple, while still modeling a small improvement in profit margins. Analyst Commentary Street research around Ulta Beauty has been active, with several firms updating price targets and ratings following recent results and guidance.Mise à jour du récit • Apr 02
ULTA: International Expansion And Loyalty Flywheel Will Support Higher Earnings Power
The analyst fair value estimate for Ulta Beauty has been raised from $790 to $810. This reflects updated views on slightly lower revenue growth assumptions, modestly higher profit margins, a lower discount rate, and Street research that highlights both recent price target adjustments and ongoing support for the company's competitive position and earnings outlook.
Mise à jour du récit • Mar 19
ULTA: Mixed Margin Signals And New Initiatives Will Shape Future Upside Potential
The updated analyst price target for Ulta Beauty edges higher to about $504 from about $485, as analysts factor in slightly lower modeled revenue growth, a modestly higher profit margin profile, and a small adjustment in the future P/E and discount rate following recent research updates that balance mixed post earnings reactions with ongoing support for the business model. Analyst Commentary Recent Street research on Ulta Beauty reflects a mixed backdrop, with many firms adjusting models and price targets after the latest quarterly update and forward guidance.Mise à jour du récit • Mar 04
ULTA: Fair Outlook Balances Middle East Expansion With Ongoing Demand Uncertainty
Ulta Beauty's analyst-derived fair value estimate has shifted from about $675 to roughly $684, with analysts pointing to updated assumptions around discount rates, revenue growth, profit margins, and forward P/E multiples following a series of recent price target increases and rating actions across the Street. Analyst Commentary Recent research activity around Ulta Beauty has been active, with several firms updating price targets and ratings as they refresh their models on revenue growth, profitability, and sector positioning in specialty beauty retail.Mise à jour du récit • Feb 18
ULTA: International Expansion And Retail Execution Will Support A Higher Multiple
The analyst fair value estimate for Ulta Beauty has been raised from $725 to $790, as analysts factor in updated assumptions for growth, margins, discount rate, and future P/E following a series of higher price targets and rating actions across the Street. Analyst Commentary Recent Street research on Ulta Beauty has tilted firmly positive, with a cluster of higher price targets and fresh or reaffirmed positive ratings framing the stock as a key specialty beauty name for many institutional desks.Mise à jour du récit • Feb 04
ULTA: Earnings Momentum And Middle East Expansion Will Face Spending Uncertainty
Analysts have lifted their fair value estimate for Ulta Beauty from about $603 to roughly $675, citing updated assumptions for slightly higher revenue, modestly stronger profit margins, and a higher future P/E multiple reflected across a series of recent price target increases and rating actions. Analyst Commentary The recent wave of research updates on Ulta Beauty clusters around higher price targets and a mix of upbeat and more measured views on execution and competitive risk.Mise à jour du récit • Jan 21
ULTA: Rising Sector Optimism Will Likely Mask Mounting Margin Investment Risk
Our analyst price target for Ulta Beauty has been lifted from US$477.51 to US$485.43 as analysts factor in stronger top line expectations, a slightly higher future P/E assumption, and broadly supportive recent research that highlights sector optimism and Ulta's execution, even though it requires ongoing investment to address competitive pressures. Analyst Commentary Recent Street research around Ulta Beauty has centered on higher price targets and refreshed views on the core beauty retail story, with several firms updating their models after company meetings, store visits, and broader sector reviews.Mise à jour du récit • Jan 06
ULTA: Inventory Discipline And Macro Tailwinds Will Support A Higher Multiple
Narrative Update: Ulta Beauty Analysts have lifted their implied fair value estimate for Ulta Beauty from about US$468 to roughly US$725, citing higher assumed revenue growth, slightly stronger profit margins, a richer future P/E multiple, and a sector view that highlights inventory discipline and potential macro support from lower interest rates and gas prices. Analyst Commentary Bullish analysts are framing the recent fair value re-rating for Ulta Beauty within a wider positive view on specialty retail, pointing to supportive sector trends and company specific execution as key drivers behind higher implied values.Mise à jour du récit • Dec 20
ULTA: Margin Recovery Hopes Will Likely Prove Overly Optimistic
Analysts have raised their price target on Ulta Beauty by roughly $62 to approximately $478 per share, citing sustained earnings outperformance, improving growth and margin expectations, and strategic expansion via the Space NK acquisition, despite recent share underperformance. Analyst Commentary While the latest upgrade and higher price targets reflect growing confidence in Ulta Beauty's strategy and earnings power, some bearish analysts remain cautious on the stock's risk reward profile.Mise à jour du récit • Dec 05
ULTA Will Navigate Earnings Momentum And New Markets Amid Spending Uncertainty
Analysts have lifted their price target for Ulta Beauty by about $29 to roughly $603 per share, citing continued earnings outperformance, improving revenue growth and margins, and confidence in the growth potential from its Space NK acquisition despite broader consumer spending concerns. Analyst Commentary Bullish analysts highlight that the upgraded rating reflects growing confidence in Ulta Beauty's ability to sustain earnings outperformance, even as the stock has lagged broader market benchmarks in recent months.Mise à jour du récit • Aug 27
Launching Beyoncé's Hair Care And Enhancing Digital Capabilities Will Deepen Guest Engagement In Future
Ulta Beauty's consensus analyst price target has been raised from $518.41 to $545.36, reflecting sustained top-line momentum, operational improvements, and strategic initiatives such as digital enhancements and brand partnerships, though further upside is seen as contingent on continued fundamental execution given elevated expectations. Analyst Commentary Bullish analysts point to sustained top-line momentum, improving fundamentals, and positive comparable sales trends, with multiple forecasting near-term earnings beats and raised FY25 guidance.Article d’analyse • Jul 15
We Like Ulta Beauty's (NASDAQ:ULTA) Returns And Here's How They're Trending
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Article d’analyse • Jun 19
Risks To Shareholder Returns Are Elevated At These Prices For Ulta Beauty, Inc. (NASDAQ:ULTA)
With a median price-to-earnings (or "P/E") ratio of close to 18x in the United States, you could be forgiven for...Seeking Alpha • Mar 02
Ulta Beauty: Getting More Attractive With Each Visit, Just Like Its Customers
Summary Ulta Beauty's resilient operating performance, even during downturns, and consistent profitability make it a high-quality investment in a competitive, discretionary industry. The company's organic growth, international expansion, and strong customer loyalty drive future growth potential, despite competition from Sephora. Ulta's aggressive share buybacks and low valuation multiples suggest substantial value accretion for shareholders, aligning management interests with investors. Trading at a steep discount to historical valuation metrics, Ulta Beauty presents an attractive investment opportunity with a clean balance sheet and shareholder-friendly management. Read the full article on Seeking AlphaSeeking Alpha • Jan 28
Ulta Beauty: More Headwinds Ahead As Growth Stalls & Balance Sheet Deteriorates
Summary ULTA continues to underperform in comparable/ net sales performance compared to ELF and LVMH owned Sephora, despite the recently raised FY2024 guidance. This is worsened by the rather aggressive store expansions, as ULTA reports impacted Free Cash Flow generation and deteriorating balance sheet. While the ongoing share retirement has been a net positive for long-term shareholders, the company's maturing growth profile is undeniable indeed. As a result, we believe that ULTA remains expensive at current levels, as the recovery from the November 2024 bottoms occurs overly fast and furious. This is on top of the higher short interest volume by +89% on a YoY basis and the near-term uncertainties surrounding the change of its top management. Read the full article on Seeking AlphaSeeking Alpha • Dec 23
Ulta Beauty Looks Ready To Shine (Technical Analysis)
Summary Ulta Beauty is a buy due to bullish price action, including higher highs and lows, and trading above its 30-week EMA for three weeks. Momentum is positive, with the Percentage Price Oscillator (PPO) indicating both short-term and long-term bullish trends. Volume analysis suggests institutional investors are accumulating ULTA, and relative strength shows recent outperformance against the S&P 500. Stop loss recommended below the 30-week EMA or $370 support level, with a price target of $560, higher than the article's $490 target. Read the full article on Seeking AlphaSeeking Alpha • Nov 25
Ulta Beauty: What To Think Of Berkshire's Short Holding Period
Summary Ulta Beauty's stock has declined as Berkshire Hathaway sold its stake, raising concerns for other investors. Recent results show weakening consumer demand and flat to negative sales growth projections for 2024. Despite recent weakness, Ulta's two-year comparable sales are still strong, but future growth may be limited due to U.S. market saturation. Ulta continues robust share repurchases, with a new $2 billion program authorized, but top-line headwinds challenge its current valuation. Read the full article on Seeking AlphaSeeking Alpha • Nov 12
I'm Finally Buying Ulta Beauty's Bold Transition Phase (Rating Upgrade)
Summary I have upgraded Ulta Beauty stock to a Buy rating due to promising store expansion plans and undervaluation by the market. ULTA's shift towards aggressive store expansion, including geographical growth into Mexico, is expected to boost future growth beyond conservative management targets. Despite current market pessimism, I believe Ulta can overachieve 4-6% revenue growth, making its shares undervalued by approximately 14-15%. Risks include discretionary spending cyclicity, competition from Sephora and Amazon, and elevated inventory levels, but Ulta's strategic shifts offer significant growth potential. Read the full article on Seeking AlphaSeeking Alpha • Oct 21
Ulta Beauty: Investor Day Unveils Long-Term Value
Summary Ulta Beauty projects double-digit EPS growth by 2026, despite weak guidance for FY2024 and FY2025 and a period of increased investments. The long-term vision includes over 1,800 stores in the USA and expansion into Mexico in 2025 to establish a franchising model. Investments in store expansion are expected to yield +20% returns, with 70% of capital expenditures focused on store presence, up from 50%. Investors should focus on ULTA's long-term potential instead of FY2024, leveraging the market's impatience for short-term gains. Read the full article on Seeking AlphaSeeking Alpha • Oct 11
Ulta Beauty: A Compelling Investment In An Expensive Market
Summary I'm initiating Ulta Beauty at a buy rating with a $448 price target, or ~25% upside from current levels. The stock is down more than 25% this year on self-inflicted problems, including an ERP mess that has been since resolved and an ongoing price war between retailers. Still, the company's renewed focus on its e-commerce channel and social media marketing, plus recent acceleration in online sales, can help get Ulta back on the right path. The stock is cheap at ~14x next year's earnings. Use the dip here as a buying opportunity. Read the full article on Seeking AlphaSeeking Alpha • Sep 18
Bottom Fishing Ulta Beauty With Buffett (Technical Analysis)
Summary Warren Buffett's interest in Ulta Beauty suggests potential undervaluation, attracting attention from bottom fishers despite our focus on momentum investing. Bottom fishing is highly regarded on Wall St. for its difficulty, as it involves identifying winners that the market hates. Our SID scoring system tracks ULTA for a potential shift from a Sell to a Hold signal, indicating upward momentum. We monitor ULTA daily, awaiting the SID signal change, but it hasn't done that yet. Read the full article on Seeking AlphaSeeking Alpha • Sep 06
The Fading Allure Of Ulta (Rating Downgrade)
Summary Ulta's recent financial performance shows increased inventory (10%) alongside falling comp sales and profits, indicating unsuccessful attempts to gain market share through pricing strategies. Online competitors like Amazon and Walmart are emerging as significant threats in the beauty product market, offering lower prices and a wider range of products. Ulta lacks differentiation in in-store services compared to Sephora, which offers more polished beauty consultations that effectively increase sales conversion. We believe management is too conservative and slow to act, resulting in Ulta lacking effective differentiation. Consequently, the company has limited upside potential in both the short-term and long term. Read the full article on Seeking Alpha
Nouveau récit • Sep 02
Expanding Beauty Empire Fuels Revenue Growth Amid Evolving Challenges
Ulta Beauty's expansion and new store formats project a confident growth strategy aimed at increasing its market presence and attracting more customers.Seeking Alpha • Aug 30
Ulta Beauty's Ugly Day
Summary Ulta Beauty, Inc.'s Q2 2024 results disappointed, with revenue and earnings below analyst expectations, leading to a 7% stock drop at one point during the day. Despite challenges, Ulta Beauty remains a strong, growing business with no debt, $414 million in cash, and an ongoing $2 billion share buyback program. The company's valuation is attractive, and management's confidence in share buybacks highlights the stock's perceived undervaluation, making it a compelling investment opportunity. I maintain a “buy” rating for Ulta Beauty, given its robust cash flows, growth prospects, and strategic capital allocation despite recent setbacks. Read the full article on Seeking AlphaSeeking Alpha • Aug 15
Ulta Beauty: No Change In Fundamental Prospects Despite Berkshire Hathaway's Position
Summary Ulta Beauty stock rose over 10% after Warren Buffett's Berkshire Hathaway initiated a position, but shares are still down 35% from their peak. The company's growth prospects have deteriorated, and a fundamental turnaround is needed, possibly through a takeover by Berkshire Hathaway. ULTA stock's current valuation is at extremely low levels, reflecting expectations for downward revisions to guidance and a challenging consumer backdrop. Read the full article on Seeking AlphaSeeking Alpha • Jul 21
Ulta Beauty: Still Struggling To Capture Demand, Move Inventory
Summary Ulta Beauty's revenue growth slowed in Q1 FY24, particularly in the cosmetics segment, facing competitive pressure in the prestige beauty market. Inventory levels at Ulta Beauty remain high, impacting the company's ability to generate free cash and move inventory off its books. Markets now appear to be pricing in 4.4% CAGR growth rates for Ulta's free cash, closer to my estimates and down from the 5.5% they were pricing in last quarter. Ulta's valuation suggests marginal downside, with the stock expected to be range-bound for a few months, despite challenges in demand and inventory management. Read the full article on Seeking AlphaSeeking Alpha • Jun 19
Ulta Beauty: Rising Inventories Are Another Major Red Flag
Summary Ulta Beauty has been a poor performer in 2024, losing market share and struggling with profitability. Despite its decline, some believe Ulta is undervalued due to its past success as a high-growth stock. Investors should carefully consider the reasons behind Ulta's struggles before deciding if it is a good investment opportunity. Read the full article on Seeking AlphaSeeking Alpha • May 28
Ulta Beauty: Great Business, Greater Opportunity
Summary Beauty is one of the most dependable industries, and Ulta Beauty, Inc. is not going anywhere. Any short-term pain is temporary and should not affect the long-term earnings power of the business. Ulta Beauty, Inc. is a classic value stock. This is a company with massive free cash flow, cash reserves, zero debt, $2B stock buyback in place, and has grown revenue by 18.4% over the past seventeen years. I value Ulta Beauty in two ways, as well as list crucial risks to consider. Read the full article on Seeking AlphaSeeking Alpha • May 20
Ulta Beauty: The Arrival In Mexico Came At The Best Time
Summary Ulta operates beauty and personal care products stores as one of the undisputed leaders, but only has a presence in the U.S. Management has commented on the start of international expansion in 2025, starting with Mexico. At a P/E of 15 and considering the quality of the business, I found it difficult not to consider ULTA an investment opportunity. Read the full article on Seeking AlphaPrévisions de croissance des bénéfices et des revenus
| Date | Recettes | Les revenus | Flux de trésorerie disponible | Cash from Op | Moy. Nombre d'analystes |
|---|---|---|---|---|---|
| 1/31/2029 | 14,699 | 1,401 | 1,185 | 1,641 | 11 |
| 1/31/2028 | 13,966 | 1,335 | 1,186 | 1,637 | 25 |
| 1/31/2027 | 13,231 | 1,244 | 1,069 | 1,435 | 25 |
| 1/31/2026 | 12,393 | 1,153 | 1,068 | 1,503 | N/A |
| 11/1/2025 | 11,982 | 1,190 | 1,042 | 1,359 | N/A |
| 8/2/2025 | 11,655 | 1,201 | 952 | 1,296 | N/A |
| 5/3/2025 | 11,418 | 1,193 | 1,037 | 1,399 | N/A |
| 2/1/2025 | 11,296 | 1,201 | 964 | 1,339 | N/A |
| 11/2/2024 | 11,362 | 1,202 | 996 | 1,420 | N/A |
| 8/3/2024 | 11,321 | 1,210 | 990 | 1,406 | N/A |
| 5/4/2024 | 11,299 | 1,257 | 914 | 1,331 | N/A |
| 2/3/2024 | 11,207 | 1,291 | 1,041 | 1,476 | N/A |
| 10/28/2023 | 10,880 | 1,237 | 847 | 1,267 | N/A |
| 7/29/2023 | 10,730 | 1,262 | 974 | 1,370 | N/A |
| 4/29/2023 | 10,497 | 1,258 | 1,010 | 1,361 | N/A |
| 1/28/2023 | 10,209 | 1,242 | 1,170 | 1,482 | N/A |
| 10/29/2022 | 9,711 | 1,191 | 950 | 1,218 | N/A |
| 7/30/2022 | 9,368 | 1,132 | 963 | 1,199 | N/A |
| 4/30/2022 | 9,038 | 1,087 | 947 | 1,156 | N/A |
| 1/29/2022 | 8,631 | 986 | 887 | 1,059 | N/A |
| 10/30/2021 | 8,100 | 868 | 823 | 966 | N/A |
| 7/31/2021 | 7,656 | 727 | 1,064 | 1,196 | N/A |
| 5/1/2021 | 6,917 | 485 | 1,020 | 1,165 | N/A |
| 1/30/2021 | 6,152 | 176 | 658 | 810 | N/A |
| 10/31/2020 | 6,259 | 227 | 629 | 803 | N/A |
| 8/1/2020 | 6,390 | 282 | 446 | 670 | N/A |
| 5/2/2020 | 6,828 | 435 | 537 | 805 | N/A |
| 2/1/2020 | 7,398 | 706 | 803 | 1,101 | N/A |
| 11/2/2019 | 7,217 | 698 | N/A | 971 | N/A |
| 8/3/2019 | 7,094 | 699 | N/A | 1,015 | N/A |
| 5/4/2019 | 6,916 | 686 | N/A | 951 | N/A |
| 2/2/2019 | 6,717 | 659 | N/A | 956 | N/A |
| 11/3/2018 | 6,529 | 652 | N/A | 992 | N/A |
| 8/4/2018 | 6,312 | 626 | N/A | 947 | N/A |
| 5/5/2018 | 6,113 | 591 | N/A | 881 | N/A |
| 2/3/2018 | 5,885 | 555 | N/A | 779 | N/A |
| 10/28/2017 | 5,527 | 487 | N/A | 640 | N/A |
| 7/29/2017 | 5,317 | 470 | N/A | 635 | N/A |
| 4/29/2017 | 5,096 | 446 | N/A | 643 | N/A |
| 1/28/2017 | 4,855 | 410 | N/A | 634 | N/A |
| 10/29/2016 | 4,542 | 377 | N/A | 550 | N/A |
| 7/30/2016 | 4,322 | 361 | N/A | 470 | N/A |
| 4/30/2016 | 4,130 | 345 | N/A | 475 | N/A |
| 1/30/2016 | 3,924 | 320 | N/A | 376 | N/A |
| 10/31/2015 | 3,703 | 299 | N/A | 399 | N/A |
| 8/1/2015 | 3,538 | 288 | N/A | 389 | N/A |
Prévisions de croissance des analystes
Taux de revenus par rapport au taux d'épargne: La croissance des bénéfices prévue de ULTA ( 6.2% par an) est supérieure au taux d'épargne ( 3.5% ).
Bénéfices vs marché: Les bénéfices de ULTA ( 6.2% par an) devraient croître plus lentement que le marché US ( 16.8% par an).
Croissance élevée des bénéfices: Les bénéfices de ULTA devraient augmenter, mais pas de manière significative.
Chiffre d'affaires vs marché: Le chiffre d'affaires de ULTA ( 5.5% par an) devrait croître plus lentement que le marché de US ( 11.6% par an).
Croissance élevée des revenus: Le chiffre d'affaires de ULTA ( 5.5% par an) devrait croître plus lentement que 20% par an.
Prévisions de croissance du bénéfice par action
Rendement futur des capitaux propres
ROE futur: Le retour sur capitaux propres de ULTA devrait être élevé dans 3 ans ( 31.6 %)
Découvrir les entreprises en croissance
Analyse de l'entreprise et données financières
| Données | Dernière mise à jour (heure UTC) |
|---|---|
| Analyse de l'entreprise | 2026/05/20 09:10 |
| Cours de l'action en fin de journée | 2026/05/20 00:00 |
| Les revenus | 2026/01/31 |
| Revenus annuels | 2026/01/31 |
Sources de données
Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.
| Paquet | Données | Cadre temporel | Exemple de source américaine * |
|---|---|---|---|
| Finances de l'entreprise | 10 ans |
| |
| Estimations consensuelles des analystes | +3 ans |
|
|
| Prix du marché | 30 ans |
| |
| Propriété | 10 ans |
| |
| Gestion | 10 ans |
| |
| Principaux développements | 10 ans |
|
* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.
Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.
Modèle d'analyse et flocon de neige
Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.
Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.
Indicateurs de l'industrie et du secteur
Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.
Sources des analystes
Ulta Beauty, Inc. est couverte par 35 analystes. 25 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.
| Analyste | Institution |
|---|---|
| Deborah Ciervo | Argus Research Company |
| Mark Altschwager | Baird |
| Adrienne Yih-Tennant | Barclays |