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Nothing too exciting to sink your teeth into in Carlsberg’s Q3 publication. Volumes came out below consensus in all segments. Pricing has been paramount to offset volumes and meet expectations. Looking forward, the company is facing weak consumer confidence in Europe while the economic situation in China has a knock-on effect on other economies in the region. The FY 23 outlook has been confirmed.
Companies: Carlsberg (CARL-B:CPH)Carlsberg AS Class B (CARL.B:CSE)
AlphaValue
Pricing and cost management took center stage in the H1 results. Organic volume growth turned out to be positive, driven by a robust performance from Asia, while the consumer situation in Europe remained more challenging. Given the consensus of +5.1% growth in the organic operating result, the increase to the guidance did not come as a big surprise. Despite easy comps for H2, Carlsberg remains cautious due to the lack of visibility on the Chinese situation and the challenging environm
Strong quarter animated by a sales beat and narrowed FY23 EBIT guidance, but none of this came as a surprise, especially given a consensus already in the high end of the previous outlook.
No surprise in the FY22 results, which are “okay”, but the FY23 is slightly disappointing and should lead to negative revisions by consensus. Negative read-across for other brewers.
The first half beat expectations, possibly owing to the fact that the consensus has yet to be reviewed since the guidance upgrade last week. In any case, the H1 was very good although the H2 looks trickier. We continue to note the very good management of the group. Finally, the real news of the day was the announcement of the new ESG targets.
No big surprises in this report given the recent guidance update. The slight Q1 beat, however, reassured, driven by the strong on-trade reopening in Western Europe. Let’s keep an eye on China.
Carlsberg had accustomed us to better results, but we can’t judge them negatively, as they remain good overall and continue to reflect the group’s good financial health. Cautious next FY guidance, as usual.
Very strong publication which demonstrates, once again, the robustness of Carlsberg (vs. peers) even in the volatile market. Although the group says it is confident about inflation this year, comments for 2022 would be welcome during tomorrow’s conference call to give a clearer picture of the brewer’s future.
Another strong release, with slight beats on the top and bottom-lines, as well as upgraded FY21 guidance. The group continues to deliver.
Although most of the positives seem to be priced in, the share should continue to be ahead given the new performance of today. We can’t find anything to complain about.
Carlsberg demonstrated its resilience thanks to its off-trade exposure, China’s growth, and management’s ability to manage costs well. The FY21 guidance appears slightly cautious, but the group usually under promises, while over delivers. New quarterly share buy-back programme.
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FY23 results are much in line with overall expectations, helped by a much stronger H2 production and higher purchases of independent crops helping to fill the group’s rising mill capacity. A marginally higher than expected average CPO price mill-gate price of $729/tonne drove the revenue outperformance, but the change in production mix impacted gross margins while slightly higher than anticipated interest, tax and minority charges resulted in EBIT, PBT (Adj.) and EPS (Adj.) just below our foreca
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Cavendish
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
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Hardman & Co
Weaker Q4 on sales and margins While sales continued on a positive trend, there was some slowdown in Q4, mainly in pharma technologies (slower increase of utilisation capacity than expected) and in consumer healthcare (tougher comparison). Group sales in Q4 grew 4% YOY vs 20% at 9M. Specialty pharma remained strong, helped by the osteoarticular business, particularly in Sweden and Poland. EBITDA margin decreased 80bp on lower gross margin, while EBIT came down 23% on a EUR1.3m impairment. Net d
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BNP Paribas Exane - Sponsored Research
Cyclical weakness in Carr’s Group’s Speciality Agriculture business has affected the company’s fortunes of late. However, the new management team, a strong net cash balance sheet and a record order book in the Engineering division offer optimism. Operational progress, particularly a reversal of fortunes in Speciality Agriculture, should rebuild confidence and a reduction in the current discount to our view of the underlying value.
Companies: Carr's Group PLC
Edison
NICL's FY23 results showed good progress made as the Packaged business continued to drive growth through product innovation and geographic expansion. Inflationary pressures were largely mitigated and the benefits from the restructuring of the Out of Home (OoH) business are starting to come through, leading to improved profitability. Free cash flow generation was very strong in the year, resulting in an improved net cash position of £67.0m (vs £56.3m at end-FY22). Given the high levels of cash on
Companies: Nichols plc
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Shore Capital
We release new FY24 and FY25 forecasts, post the completion of the two packages of land in East Kalimantan on 27 November. Their impact is marginally earnings negative in FY24E with the acquisition benefits flowing from FY26E and we expect FCF and profits to accelerate over the next five years, at least driven by scale benefits and better management of the maturing plantations. Finally, we believe the land value will rise steadily in-line with yield improvements. We have increased our mill gate
1st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje
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Hybridan
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