Equities Update: Fresnillo, Pets at Home, Sage, Dr Martens…

Fresnillo production on track as silver surge pushes miner into uncharted territory

Mark Crouch, market analyst for eToro, says: “Fresnillo reported silver production in line with guidance, while gold output exceeded the upper end of its full-year range. At $115 silver, however, details once scrutinised at $30 are being swept aside. Fresnillo now finds itself in a position it has never occupied before.

“What began as an investment based on patience, has very quickly turned into a mania. Fresnillo shares surged almost five-fold in 2025 as the move in gold and silver prices has been nothing short of historic, enough to leave even the most optimistic precious-metal bulls pinching themselves.

“Driven not only by traditional industrial uses, electrification, solar capacity, defence systems and advanced electronics. But at the same time, monetary demand has reasserted itself, with gold’s surge spilling explosively into silver.

“In such uncharted territory, investors look back to 2011 for guidance. But then bond prices were rising. Today, they are falling, sharply in places like Japan, signalling growing unease around fiat currencies. Add low oil prices to the mix, and it becomes tempting to reach for a dangerous phrase, it’s different this time. Which has rarely been the case.”

Fetching gains a slow grind for Pets at Home

Adam Vettese, market analyst for eToro, says: “Pets at Home’s Q3 update is a case of ‘steady as she goes’ rather than fireworks, with modest group revenue growth of 0.8% to £472m. This shows how the vet business is pulling its weight with strong expansion, while retail inches up but stores remain soft amid cautious pet owners.

“Positives are clear in the reiterated full year profit guidance, vet fees and network scaling are offsetting discretionary weakness, backed by ongoing share buybacks that signal undervaluation confidence. The integrated model, blending retail, vets and loyalty data, remains a unique moat in a strong pet sector.

“Yet the sub 1% top line lacks punch, exposing reliance on margins and mix, with CMA scrutiny on vets a nagging risk. Shares hover just above 200p after a 25% slide since the second half of last year. Short term significant upside will likely be capped absent a retail rebound or regulatory green light.”

Dr Martens treading carefully as turnaround plans in motion

Adam Vettese, market analyst for eToro, says: “Dr Martens’ Q3 update shows the bootmaker lacing up for a turnaround, but it’s a slow jog not a sprint. Group revenue dipped 3.1% in the festive quarter amid a deliberate pullback on discounts, leaving full year outlook broadly flat, prioritising profit quality over volume chases. Some positive signs are there with full price direct to consumer up 2% year to date with Americas holding firm at 2% growth, wholesale up 9.5%, and smart moves like shifting Vietnam production to blunt Trump tariffs. Yet Europe’s weak demand and reliance on new categories like Buzz and Zebzag mean execution risks loom large.

“This is a battered brand with mid-teens margin potential, trading cheap after prior stumbles, but demanding patience for the consumer-first pivot to deliver. Shares ran out of steam around the 100p mark towards the back end of last year and could face a range bound path near term, with upside hinging on margin beats and tariff navigation.”