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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.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Carlsberg. We currently have 69 research reports from 4 professional analysts.
Companies: A.G. BARR p.l.c.
Shore Capital
Ocean Harvest Technology (OHT) report FY2023 results in-line with expectations. Product revenues of €3.0m grew at 21% versus FY2022A despite an (expected) H2 2023A decline of 7%, and was a function of lower margin single seaweed sales, which can be volatile. H2 2023 OceanFeed blended sales of €1.3m grew at 21% versus H2 2022. The H2 2023 gross margin of 39.5% supported this and showed a sharp acceleration versus the 35.3% seen in H2 2022. 15 new customers were added across FY2023, and with a ver
Companies: Ocean Harvest Technology Group Plc
Cavendish
Companies: Anpario plc
We are reiterating our Buy rating and $0.25 price target for Starco Brands with the company announcing 4Q23 (December) results after the close on Monday. We believe 2024, with a full compliment of unique, value-added brands which leverage Starco's aerosol and marketing infrastructure in hand, and a laser focus on adding key categories and new relationships, is shaping up as another year of material progress for Starco. We believe there are also continued margin expansion opportunities from both
Companies: ELF EL STCB EPC COTY IPAR DGE IPAR EL UNILEVER EPC STCB ELF COTY
Small Cap Consumer Research LLC
AG Barr’s (BAG’s) FY23 results highlighted the strength of the brand portfolio as group volumes (+2.4%) outperformed the UK soft drinks category decline of 2.9%. Key brands IRN-BRU (33% of FY24 revenue) and Rubicon (19% of FY24 revenue) grew 8% and 15%, respectively, as flavour innovation and format mix helped to drive volume growth. Management anticipates margin enhancement initiatives to yield a 100bp operating margin uplift in FY25, aided by greater in-sourcing and other efficiency gains. M&A
Edison
Companies: Wynnstay Group plc (WYN:LON)SDX Energy PLC (SDX:LON)
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 (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: Greencore Group Plc
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
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
Companies: M.P. Evans Group PLC
Greggs (GRG) enjoyed a stronger-than-expected end to FY23 with sales ahead of our estimates and consensus forecasts, enabling GRG to meet its profit expectations for the year. GRG’s strong revenue growth and an improved profit performance in FY23 means it has fared better than many other consumer-facing names during the year. With lower inflationary pressures, the company enters FY24 in a better place with respect to its selling price versus cost inflation than at the start of FY23, when it was
Companies: Greggs plc
Companies: Genus plc
Liberum
Today's news & views, plus announcements from SNN, DOM, GRI, FTSA, WINE
Companies: Naked Wines plc
Capital Access Group
Better than expected to date: The January trading update season has been better than expected, with the ratio of upgrades to downgrades running at 26:16 out of the 101 trading updates that we have analysed. It’s a surprisingly positive start to the New Year which reflects (1) realistic expectations captured in consensus forecasts, (2) consumers’ determination to enjoy Christmas and protect important areas of personal expenditure and (3) a reduction in supply as competitors exit.
Companies: MORE LGRS MPE MRK MTC RBG MEX ZAM
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