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The H1 results (in line with expectations) were led by New Category growth (up by +50%) and the partial recovery from the pandemic impact. We see the outlook as good, with annual sales revised upwards and even though margins may be challenged by increased New Category investments. This is definitely good for the long term, but could be (unfairly) misinterpreted by the market at the moment.
Companies: British American Tobacco p.l.c.
Companies: Ted Baker PLC
Reckitt Q2/H1 21 numbers missed estimates. Q2 sales declined 1%, hurt by slowing Hygiene growth (+7.8%) and weaknesses in Health (-5.6%) and Nutrition (-9.7%). H1 sales were up 1.5%, driven by Hygiene (+18.1%). The adjusted operating profit margin (-290bp to 21.6%) was hurt by steep rise in input prices.
FY 21 guidance (0-2% growth, 40-90bp margin contraction) was re-iterated (ex-IFCN China incremental margin offset by cost inflation). We will cut our estimates to factor in the soft growth/marg
Companies: Reckitt Benckiser Group plc
The trading update confirms H2 trading and the FY outlook is in line with expectations, with a good first-half performance and significant investment in new facilities and capabilities. Revenue growth was constrained by continuing pandemic, supply chain and Brexit effects, though with some recent signs of improvement. IHT opportunities are progressing well, including with its EV OEM, with APCBs seeing solid growth but with an increase in demand and order book, it plans to introduce a second shif
Companies: Trackwise Designs Plc
Trackwise Designs expects H121 group revenues to increase 71% year-on-year to £4.1m, reflecting the acquisition of Stevenage Circuits (SCL) in March 2020 and a 130% jump in IHT revenues to £0.6m. Management expects adjusted EBITDA to quadruple to £0.45m and adjusted operating loss to narrow from £0.4m to £0.1m. We leave our estimates unchanged.
A new partnership with Alshaya Group in the Middle East, building on Debenhams established store presence in the region, the launch of a new local Debenhams eCommerce platform and providing a new route to market for the Group’s existing portfolio of brands.
Companies: boohoo group Plc
Q2 results were roughly in line with expectations. With little surprise, the FY21 margin outlook was cut given the price uncertainties of the raw materials. This is the first bad signal for the sector.
Companies: Unilever PLC
boohoo Group has announced solid Q1 FY22 trading with Group revenue +32% YOY ahead of ZC forecasts (+25%) and consensus expectations (+28%), driven by strong momentum in key markets of the UK (+50% YOY) and USA (+43% YOY) despite tough PY comps (Q1 FY21 +45% YOY).
In a positive Q1 trading update discoverIE has confirmed that the strong order growth reported in H2 2021 has continued. The order book at June 2021 was £220m, 50% higher organically than last year and 30% higher organically than two years ago. Q1 was ahead of the Board’s expectations with sales +21% ahead of Q1 2021 at CER (+16% yoy organically and +10% organically compared with two years ago). By region, China and Germany have produced the strongest growth. Organic growth was similar in both d
Companies: discoverIE Group PLC
Sosandar’s FY21 results have been well-trailed with revenue growth of 35% to £12.2m and a reduction in EBITDA losses to £2.9m (PY: £7.7m). The accelerated growth seen in Q4’21 has continued into Q1’22, with sales increasing 256% YoY and the gross margin expanding 200bps QoQ. With restrictions easing, we envisage a continuation of growth in FY22 coupled with a reduction in EBITDA losses (breakeven in H2). May’s £5.8m (gross) ABB has provided the working capital to support a significant increase i
Companies: Sosandar Plc
Reckitt reported strong Q1 21 revenue, trumping estimates by 1.6%. Q1 revenue was up 4.1% on a lfl basis, to £3.51bn, attributable to 28.5% growth in Hygiene, which offset the weakness in Health (-13%) and Nutrition (-7.4%). E-commerce maintained momentum with 24% growth.
FY21 outlook was unchanged: 0-2% top-line growth with 40-90bp margin contraction yoy.
We will raise our estimates to factor in the strong Q1 showing and re-iterate our positive stance on the stock.
Reckitt reported largely in line Q4/FY 20 results. Q4 revenue was up by 10.2%, driven by Hygiene (+25.7%). The FY adjusted EBIT came in at £3.3bn with the margin at 23.6%. The final dividend remained unchanged at 101.6p. E-commerce sales were up by over 56% (~12% of revenue). The firm confirmed M&A developments which realign its portfolio towards faster-growing markets.
FY21 growth is expected at 0-2% with a 40-90bp margin contraction. We do not expect any major change to our estimates.
Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoi
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
boohoo Group has announced results for the 12 months ended 28 February 2021, reporting a strong finish to the year, with performance ahead of ZC’s forecasts, driven by strong momentum in both the UK and USA in the final months of the year. Profit generation has been robust, despite significant cost headwinds resulting from COVID and the impact of a number of dilutive acquisitions made over the year. The shares have traded sideways in recent months, despite the Group’s continued strong trading pe