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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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Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.
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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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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
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The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t
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Ocean Harvest Technology (OHT), based in the UK, produces animal feed additives products using a composite of blended seaweed. Its patented products have been shown to enhance growth rates in livestock, increase feed efficiency and improve egg quality and quantity for laying poultry. As OHT operates in an attractive market, there is significant potential for its proprietary technology to drive volume growth as awareness of its product benefits increases, along with improving financials.
Companies: Ocean Harvest Technology Group Plc
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SP Angel
20th March 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 object
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Hybridan
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