Research, Charts & Company Announcements
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AUSTRALIAN VINTAGE LTD
AUSTRALIAN VINTAGE LTD
Increasing price target from 815p to 835p
08 Dec 16
Following our 2 November 2016 note “The valuation genie is out of the bottle”, a great deal of new information has been disclosed about MPE (particularly on the non-core assets), while the company has re-based the dividend, announced a special dividend and announced the sale of major associate PT Agro Muko for US$100m. We now take all this new information into account and update our forecasts accordingly. As a result, we are increasing our price target from 815p/share to 835p/share.
New packing facility; Highly significant for underpinning future growth
06 Dec 16
HFG has announced plans to expand its packing capability in Australia, by constructing (at an expected investment cost of A$115m financed through bank facilities) a new meat processing facility in Queensland, in order to supply Woolworths, the leading grocery retailer in Australia. This is a highly significant development as the new Queensland plant, alongside HFG’s two existing dedicated retail packed meat facilities in Melbourne and Bunbury (both operated as a joint venture with Woolworths) should mean that HFG supplies the bulk of Woolworth’s c.1,000 stores with their red meat needs over time. In short, this development should underpin growth at HFG for many years to come from 2020 onwards, which, in turn, should result in a higher and more stable earnings stream over time, supporting a continued rerating of HFG’s valuation multiple, in our view. We reiterate our BUY.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m