Deutsche Bank has kept a Buy rating on ASOS (LSE:ASC) and raised its price target to 400p, from 375p.
DB analyst Adam Cochrane says the sale of the Lichfield distribution centre to Marks & Spencer for net proceeds of at least £66m will unlock value from a non‑core asset for the London‑listed online fashion retailer and deliver a c.£85m one‑off pre‑tax benefit in 2H26 after prior write‑downs.
Cochrane highlights that the disposal removes roughly £6m of annual occupancy costs, leaves a pro‑forma net debt position of c.£228m at the half year, should cut year‑end net debt by about £66m assuming broadly flat free cash flow, and could add a further c.£2-4m to PBT through lower interest expense while the mothballed Atlanta logistics facility remains a possible upside.
The bank flags the recognised one‑off PBT benefit in 2H26 and the subsequent year‑end debt read‑down once the sale completes in H2 FY26 as the near‑term proof points.
