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.
Sugar profitability is back; very good start to the year
07 Jul 16
Suedzucker released its Q1 update. The revenues are flat (-1.2%) whereas operating profit grew to €110m (vs. €76m consensus and vs. €57m last year). The operating margin for the period stood at 6.8% (vs. 3.5% last year). By division, Sugar reported -2.5% in sales, whereas the operating profit returned to positive territory of €22m. Special products posted +2.7% in sales and a +180bp progression in the operating margin to 10.1%. CropEnergies’ sales decreased significantly (-17.7%, impact of a shutdown of bioethanol factory in Wilton), however in terms of profitability, the segment delivered a very good 12.8% operating margin. Fruit’s sales rose +5% whereas profitability improved by +180bp. The company maintains its FY guidance: revenues of €6.4-6.6bn and a €250-350m operating profit.
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).
Naturally sparkling trading statement
24 Jan 17
Fever Tree (FEVR LN, HOLD, T/P 1080p) released a second half trading statement today which beat both our own and market (source: Bloomberg) expectations. The company looks for H2 revenue to advance by 75% compared with 69% in the first half of the year. For the year as a whole, the company expects revenue to be of the order of £102.2m (+73%) compared with £94m consensus.
Panmure Morning Note 19-01-2017
19 Jan 17
Today’s H1FY17 pre-close is more than just solid; it demonstrates FIF’s resilience. As flagged at September’s FY16 results and, as demonstrated by both November’s reassuring AGM trading statement and today’s encouraging H1FY17’s pre-close, FIF is both well-prepared and well-equipped to offset considerable input cost pressures and maintain its progress on multiple levels, whilst the scope for accretive M&A in a highly fragmented market remains an added attraction. We maintain our BUY.
Agriculture starts FY2017 ahead of expectations
10 Jan 17
Carr’s Group’s (CARR LN, HOLD, T/P 175p) issued a statement today which confirmed that the company continues to trade in line with the Board’s expectations for the current financial year. The announcement refers to 18- week period which ended on 7th January and is the first pre-AGM statement since the disposal of the flour milling business for £36m.
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
Small Cap Breakfast
24 Jan 17
Impact healthcare REIT— Intends to float on the main market. Seeks to raise £160m to acquire a portfolio of up to 58 care homes. Expected Admission 7 March. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
FY trading update: strategic goals kept despite challenging environment
17 Jan 17
Sales grew organically by 6% (H2: 7.6%, in line with our forecast and slightly better than consensus of 5.7%) and 6.8% on reported figures (in line with consensus, FX: 0.8%). Excluding Russell Stover, sales grew organically 7.4%. FY OG by region: Europe +7.4%, NAFTA +3.4% and ROW +10.2% (driven by Japan and Brazil). Global Retail recorded double- digit growth.