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|03/10/2016 11:09:11||London Stock Exchange||Voting Rights and Share Capital|
|01/09/2016 14:30:50||London Stock Exchange||Voting Rights and Share Capital|
|04/08/2016 07:00:18||London Stock Exchange||Half-year Report|
|02/08/2016 12:19:07||London Stock Exchange||Voting Rights and Share Capital|
|07/07/2016 11:40:29||London Stock Exchange||Block Listing Six Monthly Return|
|04/07/2016 12:56:00||London Stock Exchange||Voting Rights and Share Capital|
|01/06/2016 11:15:31||London Stock Exchange||Voting Rights and Share Capital|
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Solid Q2; trading margin expands further
04 Aug 16
Kerry Group released its H1 update. Volumes were up +3.2% (cons. +3.3%, Q2: 3.5%) with Taste & Nutrition up +3.5% (cons. 3.6%) and Consumer Foods +2.3% (cons. +2.2%). Pricing stood at -2.2%. T&N volumes by region: Americas +3.5%, EMEA +0.3%, Asia Pacific +9.5% (all divisions performed better in Q2). The reported revenue was up +0.3% with -3.7% FX headwinds. The trading margin was up +70bp with T&N +70bp, CF +30bp. The proposed interim dividend is 16.8 cents (+12%). FY guidance remained unchanged bu,t taking into account the increased currency headwinds of c.-5% at current exchange rates, the group expects growth in adjusted EPS in 2016 to be towards the middle to lower end of the 6% to 10% range of 320-332 cents per share.
Q1 looks ok
27 Apr 16
Kerry Group released its Q1 trading statement. The volumes were up +2.9% (cons +4.3%, AV expected +3.5%) with Taste & Nutrition +3.1% (cons +4.8%) and Consumer Foods +2.1% (cons +3.0%). T&N volumes by region: Americas +3.1%, EMEA +0.2%, Asia Pacific +8.7%. The reported revenue was up +0.9% (cons +3.6%) with -2.3% FX headwinds. The trading margin was up +50 bps (cons: +40 bps) with T&N +40 bps, CF +20 bps. The group maintained its FY guidance.
Strong Q4 and solid FY16 outlook
23 Feb 16
Kerry Group released its Q4 and FY results. The FY volumes increased by +3.8% (cons +3.3%) and +5.6% in Q4. Pricing was down 2.2% on a full-year basis (cons -2.7%, weaker raw material costs of c.-4.5%) and -0.4% in Q4. FY acquisitions and disposals stood at -2.5% whereas FX was at +7%. On reported figures, sales were up +6.1%. By division, Taste and Nutrition grew +4% in volumes (+5.8% in Q4, an impressive result with Americas up +5.9%, EMEA +1.2% and Asia Pacific +16.7%) whereas pricing was 2.3% lower. Consumer Foods volumes grew +3% in volumes (+4.2% in Q4) with -1.9% in pricing. For the full year, the trading margin rose +40bp for Taste and Nutrition and +20bp for Consumer foods. For the whole group, the operating margin was up 40bp to 15.1% driven by operating leverage, improved mix of products, as well as benefits from the Kerry 1 programme and non-core disposals. The attributable net profit was up +9.5% and the proposed total dividend is 50 cents (+11.1%). For FY16, the company expects to achieve 6-10% growth in adjusted EPS.
Solid Q3 with volume acceleration and strong acquisition pipline
03 Nov 15
Kerry Group released its 9M trading statement. Total volumes grew +3.2% (cons. +3.1%, 4.2% in Q3) with pricing down 2.8% (cons. -2.6%, -3% in Q3) due to lower raw material prices (-6% approx.). FX had a favourable impact of +7.7% on revenue whereas net acquisitions were at -3.8%. By division, Taste & Nutrition (previously I&F) grew 4.2% in volumes in Q3 (+3.9% for Americas, +1% for EMEA and 9.3% for Asia Pacific) with pricing at -3.1%. Consumer Foods reported a 4% increase in volumes and -2% in pricing in Q3 (strong volume growth in Q3). The 9M and Q3 EBITA margin progressed by 40bp (40bp for Taste and Nutrition and 20bp for Consumer Foods). FY15 guidance of 6-9% growth in adjusted EPS has been maintained.
Solid H1; acquisition pipeline is backed
06 Aug 15
Kerry Group reported its H1 results. Sales were up by 4.6% (+2.7% in volumes and -2.7% in pricing) with the trading margin progressing by 40bp. I&F's revenue was up by 8.7% (3% in volumes -2.8% in pricing) whereas Consumer Foods recorded -6.5% on reported figures (1.9% in volumes, -2.6% in pricing, with a disposals effect of -12.6%). I&F's trading margin rose by 40bp whereas CF's margin was up by 20bp. FX tailwinds stood at 8.4% whereas acquisitions and disposals had a -3.8% impact. The overall volume growth in Q2 stood at 2.9% vs. 2.5% in Q1. Softer pricing is linked to lower raw material prices. The full-year guidance was slightly increased: the group expects to achieve 6-9% growth in adjusted EPS (vs.5-8% previously) based on a better underlying performance and currency rates.
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STABER acquisition strengthens engineering IP
26 Oct 16
Carr’s Group has acquired STABER GmbH for a net consideration of €6.75m (£6.0m). This brings key IP used in the Engineering division’s remote handling products in house. We make minor adjustments to our FY18 PBT and EPS estimates and reiterate our indicative valuation of 161p.
Panmure Morning Note 19-09-2016
19 Sep 16
FIF has delivered FY16 results slightly ahead of expectations. The results attest to FIF’s evolution, over the seven years of the current executive management team’s tenure, into the UK’s leading speciality baked goods manufacturer achieved through a consistent and unrelenting focus around: (1) customer/ consumer needs; (2) new product innovation; and (3) investment in a high quality asset base to drive low cost/efficiency and support operational excellence. The shares have been very strong recently (c.10% in the last month, thereby delivering +20% outperformance relative to the wider stockmarket over the past year) and have pushed beyond our 127p TP. Combining this with the lack of an upgrade to our FY17E PBTA, the shares may therefore pause for breath. We remain however very positive on FIF given: (1) its dominant scale to capture the available long-term growth opportunities; (2) its valuation discount (c.15%) to its small/mid cap peers; and (3) the likely M&A momentum/ optionality as an added investment attraction. We therefore raise our TP to 150p (from 127p), thereby retaining our BUY.
VSA Agri Monthly: July 2015
31 Jul 15
With Australian cattle prices reaching all-time highs and the country agreeing health protocols for the export of live cattle to China, there has been a rash of recent deals in the Australian cattle sector. Has this made it more likely that MP Evans (MPE LN) will finally dispose of its 34.37% stake in the 200,000 head North Australian Pastoral Company (NAPCo)? This month saw Chinese billionaire Xingfa Ma acquire two cattle stations in Australian’s Northern Territory with a combined 40,000 head of cattle in a A$47m deal. This would suggest an adjusted read-across valuation of approximately A$80m for MPE’s NAPCo stake. Although no transaction has yet been announced, the price range for the rumoured acquisition of the 185,000-head S Kidman & Co business, mooted in April, valued MPE’s NAPCo stake on an adjusted read-across basis of up to A$70m.
VSA Agri Monthly
28 Jun 16
VSA Agri Thought for the Month It is hard to forecast the precise impact on UK farming from the recent Brexit vote but we would highlight a few areas: Subsidies: Annual subsides of c£3bn are currently paid to UK farmers. Farming Minister George Eustice has previously said that support would be maintained following a Brexit vote. Farmers will be anxious to see this happen. However, money may be saved through a cap on the maximum payout for the largest farms. Regulation: How will regulations change as we exit the EU Common Agricultural Policy? Farmers will look for regulations to be simplified and more tailored to the UK. Exports: A weaker currency should increase the attractiveness of UK farming exports, offset by any increased cost from raw material imports and any newly imposed trade tariffs. Labour: UK farming is heavily reliant on seasonal agricultural workers, many from other EU states. The UK government has previously looked to encourage the employment of more UK workers on-farm but how will things change for those bringing in workers from abroad?
VSA Agri Monthly
28 Jul 16
VSA Agri Thought for the Month Leading Brexiteer Andrea Leadsom was appointed Secretary of State for the Department of Environment, Food and Rural Affairs (DEFRA) this month. Perhaps one of the most unenviable jobs in the new UK government, given the importance of EU subsidies to the country’s farming sector. Agra Europe estimated last year that up to 90% of UK farms would not survive without them. Given that the EU Common Agricultural Policy has long been criticised by environmentalists and free-market proponents alike, leaving the scheme is likely to be viewed positively by many. But what comes next? We believe we are likely to see some sort of reduction of subsidies (particularly for the largest farms and most uneconomic activities) as well as greater exposure to foreign imports through additional free trade agreements. We feel a focus on technology and a push for “efficiency” will also be high on the agenda, which could provide a boost to AgTech companies developing products in this area.