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ANDREW PELLER LTD -A
ANDREW PELLER LTD -A
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.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Q1: a dull quarter
28 Nov 16
Aryzta’s Q1 update: underlying revenue is down 1.2% (cons. +0.4%) and -3.3% on reported figures. By division, Europe recorded a +1.4% OG, North America -4.7% OG (negative impact of contract renewals completed in FY16). The ROW recorded a strong +9.7% (both price- and volume-driven). The FY guidance is maintained: top-line growth is expected to be in the 1-2% range, whereas the EBITA margin should be in the 11.5-12.5% range.
Transformational deal with CDC
04 Aug 16
Zambeef has concluded a major capital raising exercise with the UK’s Developmental Financial Investor (DFI), The Commonwealth Development Corporation (CDC). With US$65m raised through the issuance of ordinary and preference shares, Zambeef is now able to purchase RCL's stake in ZamChick and ZamHatch for cash and pay down a material portion of debt, releasing significant free cash flow from the business. We believe this could be the trigger that allows the shares to re-rate and achieve our target price of 15p (undiluted) or 22p (diluted).