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LASSONDE INDS INC-CLASS A
LASSONDE INDS INC-CLASS A
23 May 17
Cranswick’s (CWK LN, HOLD, T/P 2460p) preliminary FY2017 results slightly beat Bloomberg and Whitman Howard estimates at the revenue level with £1,245m of revenue. This represented a 22.5% increased on FY2016, which was equivalent to 12.7% like-for-like. So far, the current year is reported to have started positively.
24 May 17
Solid AGM trading update; FY17 and new expansionary moves on track
Today’s rock solid AGM trading update is supportive of our view that FY17 is set to deliver another good year of underlying financial and operational progress, building on FY16’s significant profit growth performance. Longer-term progress also looks assured given the encouraging news from HFG’s recent geographic expansionary moves in Australia and Portugal. To reflect HFG’s continued momentum on multiple levels and our view that HFG warrants, at least, a FY17 10x EV/EBITDA multiple, we raise our Target Price to 825p (from 805p), and maintain our BUY.
Companies: Hilton Food
26 May 17
Making gains in a competitive space
Cranswick has posted yet another year of strong growth. The business is witnessing growth in all its categories and strong innovation is keeping its offering relevant and desirable. Management has guided towards significant capex investment in 2017 to continue increasing capacity to match its growth prospects.
24 May 17
VSA Morning Agri Comment
African forestry and agriculture business Obtala Limited (OBT LN)# has conditionally acquired (subject to due diligence) the forestry business WoodBois International ApS (WBI) for US$14.8m.
Companies: CARR WYN OBT PETS
05 Apr 17
Acquisition of Brighter Foods
RGD has acquired Brighter Foods. We raise FY18E Group PBT by 71%, adj. undiluted EPS by 60% and our price target from 47p to 75p.
Companies: Real Good Food
25 May 17
Small Cap Breakfast
I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 26 May admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in late May. Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. AEW UK Long Lease REIT—Intention to Float. Up to £150m raise. Admission early June. UK specialist and alternative property Alfa Financial Software –Intention to float. Mission-critical software platform purpose-built for asset finance enterprises. Vendor sale of 25% plus. FYDec16 rev £73.3m (CAGR of 24% from 2012). Adjusted EBIT £32.8m. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. PRS REIT—Private rental sector REIT raising up to £250m. Admission due 31 May
Companies: SAR ARIX AGQ OMIP FCR EMH LDSG YNGN GTLY OGN
23 May 17
At its investor seminar, Danone decided to adjust its 2020 guidance. The company now expects: • 4-5% LFL sales growth (at least 5% previously) : - At least +5% LFL sales growth for Essential Dairy & Plant-based (EDP) NORAM (which includes North American Fresh dairy business and Whitewave’s former North American business) - At least + 5% LFL sales growth for Specialized Nutrition (Early Life Nutrition: 7-10% previously & Medical Nutrition: 6-8% previously) - At least +5% LFL sales growth for Waters (7-10% previously) - 3%-4% LFL sales growth for Essential Dairy & Plant-based (EDP) International (which includes Fresh dairy products in the rest of the world and WhiteWave’s former business in Europe, Latin America and China) •a recurring operating margin of over 16% in 2020 (13.77% in FY16) driven by: - Protein program (cost efficiency) aiming for €1 billion savings by 2020, with at least €300 million net of reinvestment translating into margin expansion by 2020 (15% of cost efficiencies coming from professional services (warehousing), 25% from logistics, 30% from sales & marketing and 30% from manufacturing). - $300 million of synergies from the WhiteWave acquisition (50% coming from SG&A, 30% from procurement and 20% from the supply chain) - more discipline and stricter resource allocation
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
15 May 17
AGM statement prompts forecast upgrade
Fever Tree (FEVR LN, HOLD, T/P 1700p) announced in its AGM statement that this year’s financial performance should be comfortably ahead of current market expectations. We adjust our numbers accordingly to raise our 2017 revenue number from £118m to £128m and fully diluted EPS from 25.2p to 28.0p. We raise our price target from 1250p to 1700p, which is roughly where the shares currently trade.
Companies: Fevertree Drinks
23 May 17
AGM trading statement – guidance reconfirmed
Stock Spirits (STCK LN, BUY, T/P 240p) released a AGM trading statement this morning. Full year guidance unchanged and in line with current market expectations. The company updated to some extent on the restructuring process and distribution agreements
Companies: Stock Spirits
24 Mar 17
Eyeing Up Opportunity
Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.
Companies: Produce Investments
23 May 17
Greencore’s (GNC LN, BUY, T/P 310p) interim FY2017 results were ahead of expectations at both revenue and EBITDA level while being in line for EPS. The relevant numbers were £1,010m vs Bloomberg consensus of £961m. £79.1m vs £77.0m and 6.3p vs 6.5p, respectively.
26 Jan 17
PG: Growth Prospects in Healthcare
We expect the volatility of the last 3 months to continue, with macro events, particularly the uncertainty brought by President Trump and his focus on pharma pricing and dismantling the Affordable Care Act, likely to keep healthcare in the headlines for the wrong reasons. We believe the more highly valued larger stocks are likely to struggle to break out to new trading levels, but note there remains good value within the smaller end of the sector for stockpickers, with company specific events likely to drive some stocks well ahead of the crowd.
Companies: ABC AMS AGY ANCR BTG CTH CSRT DPH EKF FARN HCM HZD IMM MXCT MTPH PLI SCLP SPHR VLG VER
18 May 17
Northland Capital Partners Morning Report
VENTURE LIFE GROUP (VLG.L) | FEEDBACK PLC (FDBK.L) | CLONTARF ENERGY (CLON.L)
Companies: VLG FDBK CLON
28 Apr 17
VSA Morning Agri Comment
REA Holdings (REA), the Indonesian palm oil producer, has released annual results for the period ended 31 December 2016 (FY 2016). Revenue: US$79.3m, -12.4% YoY (FY 2015: US$90.5m); FactSetconsensus was US$83.7m : Loss before Tax ; US$9.3m (FY 2015: loss of US$12.2m*); FactSet consensus was a loss of US$11.5m ; Own Fresh Fruit Bunches (FFB) Harvested: 468,371t, -22.0% YoY (FY 2015: 600,741t) ; Third Party FFB Harvested: 98,052t, -29.3% YoY (FY 2015: 138,657t) ; Crude Palm Oil (CPO) Produced: 127,697t, -21.1% YoY (FY 2015:161,844t) ; CPO Extraction Rate: 22.8% (FY 2015: 22.2%) ; Newly Planted Land: 5,758ha (FY 2015: 2,251ha) ; No dividend declared (FY 2015: Nil)
Companies: R.E.A Holdings