Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FERONIA INC. We currently have 4 research reports from 1 professional analysts.
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VSA Agri Monthly: June 2015
30 Jun 15
The International Grains Council (IGC) recently trimmed its forecast for the 2015/16 wheat harvest by 4Mt to 711Mt, -1% YoY (USDA forecast: 722Mt). The IGC now expects global ending stocks to fall by 2.0Mt YoY to 196Mt, -2% YoY (USDA: 202Mt). The downgrade has been attributed to increased concerns about the weather in some wheat producing countries. In light of this situation, the benchmark US wheat contract touched US$5.86 a bushel in the futures market, its highest level for five months and an increase of almost 20% in the last two weeks. However, UK wheat pricing has remained subdued as high levels of on-farm stocks, and expectations of another large crop this year, prevent significant price appreciation at this point.
VSA Agri Monthly: May 2015
28 May 15
After last year’s anticipated arrival, and subsequent no-show, it looks like the El Niño phenomenon may finally appear this year. Depending on its severity, this can bring wet conditions in the Americas with drought conditions in Australia and South-East Asia. This would benefit palm oil prices, although the physical impact on production would After last year’s anticipated arrival, and subsequent no-show, it looks like the El Niño phenomenon may finally appear this year. Depending on its severity, this can bring wet conditions in the Americas with drought conditions in Australia and South-East Asia. This would benefit palm oil prices, although the physical impact on production would be lagged. A more immediate impact is likely to be seen with West African cocoa. The benchmark US cocoa price has increased c10% this month as fears of an El Niño have increased, along with the concerns about the level of production in Ghana, the world’s second largest producer. At the start of the year, we forecast that the benchmark US cocoa contract would surpass its 2014 high of US$3,371/t. It is currently trading at US$3,150/t, just c7% shy of this level.be lagged.
13 Feb 17
Middlesbrough-based pawnbroker Ramsdens Holdings is set to join AIM on 15 February. Its growth is not coming from its core business but from providing foreign currency, pre-paid travel cards and international payments. The strategy is to increase the group’s online activities and grow the number of branches. In the year to March 2016, group revenues improved from £29.2m to £30m. The accounts of the main subsidiary show that foreign-currency margin rose from £5.36m to £7.59m. This contributes 35% of group gross profit. By contrast, the core business of pawnbroking, precious metal purchases and retail sales fell from £21.3m to £19.8m. Revenues from other financial services were flat at £2.6m. Ramsdens has 127 sites and last year it made an operating profit of £3.19m. In the six months to September 2016, revenues increased from £16.2m to £18.4m and operating profit improved from £2.81m to £3.48m. The placing will raise £15.6m at 86p a share, valuing the company at £26.5m. NorthEdge Capital, which backed a buyout in September 2014, will receive just over £10m from share sales. The NorthEdge stake will fall from 75.6% to 30.7%. The other £5m will go to the company and be used to repay the remaining loan notes and the costs of the flotation. By the end of March 2016, there were still £4m of loan notes outstanding to NorthEdge, with £4.86m paid off during the previous year.
Salient play in a healthy industry
16 Feb 17
PepsiCo’s (PEP US, N/R) full year figures reconfirmed growth expectations for the US FMCG giant in 2017. PepsiCo – which generates one third of its revenue from North American beverages – looks for 3% organic sales growth in 2017. Our own view about UK soft drinks remains positive. Flexibility around sugar, ongoing innovation, potential price support from a sugar tax and further M&A are all consistent with the industry maintaining sales growth and delivering positive share price performances.
New CEO resets targets: cost savings ahead, mid single-digit top-line target by 2020
16 Feb 17
Nestle’s FY and Q4 update: In Q4, sales grew organically +2.9% (weaker than 3.5% expected). In Q4, Zone Americas, EMENA and Others slowed down compared to the previous quarter. Zone AOA (+4.4%), Waters (+5.4%) and Nestle Nutrition performed better than in Q3. On a FY basis, organic sales are up +3.2% (cons. 3.4%) with RIG +2.4% and pricing of 0.8%. On reported figures, sales are up +0.8 (FX: -1.6%). The trading operating margin is up 30bp on constant FX and +20bp on reported figures (in line with consensus). FY17 outlook: top-line growth of 2-4%, stable operating margin as a result of a considerable increase in restructuring costs to drive future profitability. EPS is expected to rise at constant FX and capital efficiency is also expected to rise. For the mid-term, Nestlé targets mid single-digit top-line growth and 200bp in structural cost savings by 2020. The proposed dividend is CHF2.30 (vs. CHF2.25 last year).
Foundations laid; building starts
15 Feb 17
Last week RM posted a reassuring set of prelims (adj. PBT 4% ahead) that showed continued progress within RM Education (+6% EBIT gr’th) and RM Results (+22% EBIT gr’th) – achievements that shouldn’t be overshadowed by the challenging (but temporary) external market, which is weighing on RM Resources (-9% EBIT). Indeed, combined with Connect Education & Care, we are bullish on the division’s long-term prospects, and as such we raise our target price to 207p and retain our Buy recommendation.
The Quest for Dividends
01 Feb 17
The Dow Jones Index has just breached the 20,000 mark, the first time in its 131- year history that it has done so, whilst the FTSE-100 Index has also been at record levels in recent weeks. The election of the controversial Donald Trump as the new US President, and more specifically the impact of his planned expansionist economic policies, have boosted stock markets, both in the US and in the UK.