Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SUEDZUCKER AG. We currently have 8 research reports from 1 professional analysts.
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Q3: another very good quarter; lifts profit guidance
12 Jan 17
Q3 update: revenues were up 5.1% (in line with consensus), whereas the operating margin was up +290bp yoy and +70bp qoq (100bp better than consensus). The Q3 results were driven by the Sugar segment which improved profitability by 210bp qoq. The company also saw an improvement in profitability in Special products +40bp qoq and Fruits +30bp qoq. CropEnergies’ operating margin was impacted by the costs associated with the restart of a factory in the UK. On the back of the lifted overall profitability of the group, the company upgraded its guidance: FY sales of c. €6.4-6.6bn (no change) and operating profit of €380-410m (vs. 340-390m). Sugar is expected to contribute €90-120m, Special products c. €160m (slightly higher than our expectations), CropEnergies (€70-85m) and an increase in the Fruit segment.
H1: going according to plan
13 Oct 16
Suedzucker’s Q2 and H1 update: in H1 sales were down 3.8% (Q2: -6%). The operating margin improved by 250bp (to 6.5%, Q2: 6.2%). All divisions improved their margins vs. last year (Sugar +370bp, Special products +140bp, CropEnergies +190bp, Fruits +80bp). Sugar profitability in Q2 was positive (2.6%) which is a confirmation of the trend seen in Q1. Net profit for the period was up to €155m (vs. €85.4m last year). As a reminder, the group expects FY sales to be c. €6.4-6.6bn and operating profit €340-390m.
FY looks ok; sees improvement in sugar profitability in FY16/17
20 May 16
Suedzucker released its FY results. The group’s revenues stood at €6.4bn (in line with consensus), whereas operating profit stood at €241m (vs. consensus €229m, a 5% beat). The group’s operating margin improved by 110bp. Net income increased to €181m (vs. €74m). The proposed dividend is €0.30 per share (vs. €0.25 last year). By division, Sugar recorded a slump in sales of 11.5% and a negative operating profit of €79m (weaker than we had expected, but in the range of the guidance given). Special products sales were up +3.9% with a 250bp improvement in the operating margin. CropEnergies sales were down 13.9%, however the operating profit improved significantly (€87m vs. a loss of €11m last year). Fruit recorded +2% in sales and a 40bp contraction in the operating margin. For the FY16/17, the company expects: - revenues of €6.4-6.6bn - operating profit of €250-350m, driven mainly by an improvement in the sugar division’s results - Sugar division: should see stable revenues but improved profitability (positive operating result expected) - Special products: slightly higher revenue and significantly lower operating result (charges linked to the opening of the new starch plant) - CropEnergies: revenues in the €550-620m range, operating profit of €30-70m - Fruit: sales should improve substantially, operating profit should be above €62m.
Still postive about the stock
29 Feb 16
The last few weeks have been a roller-coaster for the sugar market. Firstly, sugar prices plummeted on Brazil's downgrade (Brazil is the biggest sugar exporter), only to surge by the most in the last 22 years just a couple of days later after the International Sugar Organisation increased its forecast for a production deficit in the current crop year amid rising concern about the impact of the El Nino weather pattern on supplies (heavy rains in Brazil and droughts in Thailand and India). These events also have an impact on Suedzucker's share price which, in the absence of news from the company, reflects the news on the international sugar market.
Good Q3 driven by Special products and CropEnergies; FY16/17 outlook disappoints
13 Jan 16
Suedzucker released its Q3 update. Revenue stood at €1.62bn (consensus at €1.66bn) whereas the operating profit was €64m (consensus was €55m) vs €27m last year. By division, Sugar recorded a negative quarter, as expected, with operating profit at -€28m. The special products segment was stronger than expected with operating profit at €53m driven by the good performance of all divisions as well as the positive evolution of ethanol prices. CropEnergies recorded another good quarter supported by strong ethanol prices. The Fruits segment performance was in line with last year (operating profit at €15m), although the revenue was slightly lower than last year due to lower sales of fruit juice concentrates. The company’s EPS increased to €0.23 thanks to the stronger operating profit but also thanks to a one-off gain linked to the acquisition of a 92% stake in Iansa SA, the Chilean market’s leading sugar producer, by ED&F. Suedzucker expects FY15/16 revenues to reach €6.3-6.5bn whereas the operating profit should be in €200-240m range (the upgraded guidance from November was reiterated).
20 Apr 17
Although the last two months have seen a broadly neutral performance from the UK healthcare sector compared to a significantly more volatile 6 months prior, we continue to expect macro-events and increased geo-political risk to result in an overall neutral performance from the sector over the next period. However, company specific news is likely to drive a strong outperformance from selected mid-market companies. We retain our neutral sector stance whilst highlighting those we expect to outperform.
Positioned to perform
08 Mar 17
Stock Spirits (STCK LN, BUY, T/P 240p) preliminary 2016 results were in line with expectations, reconfirming their 11th January 2017 trading statement. Adjusted EBITDA was €51.5m compared with Bloomberg consensus and Whitman Howard estimates of €50.0m. The company are hosting an analyst presentation at 9.00am.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.
Undevilish detail implies more upside to come
09 Mar 17
While Stock Spirits (STCK LN, BUY, T/P 240p) appears in better shape than for some time, further improvements seem likely. Polish vodka market conditions remain competitive. But in our view attention to detail suggests the company is implementing the right brand strategy, appropriate pricing architecture and upgraded its sales function – hence, more upside to come. BUY
Q1 backs FY guidance
20 Apr 17
Q1 update: sales were up 2.3% (cons. 2%) with RIG at 1.3% and pricing of 1%. On a reported basis, sales were up 0.4% (FX:-0.4%, net M&A -1.5%). OG by division: the Americas +0.4% (cons. +2.5%, negative RIG), EMENA +1.7% (cons. +0.5%, RIG driven), AOA 4.5% (cons. +2.5%, RIG and pricing driven), Waters +3.1% (cons. 3.5%, RIG driven), Nestle Nutrition +1.1% (cons. +0.9%, pricing driven), Other Businesses +5.8% (cons. 2.4%, RIG driven). The group confirmed its FY guidance.