Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AUTOGRILL SPA. We currently have 3 research reports from 1 professional analysts.
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Airport contracts support the growth of the group
02 Aug 16
Autogrill published H1 16 results in line with its guidance: Sales grew 4.6% to €2,057m supported by 2.4% lfl growth and a 3% net gain on contracts; EBIT increased by 13.8% at constant FX and excluding the €14.9m capital gain of the French railways business disposal to Elior in June; Net profit rose to €16.8m (vs €-15.6m in H1 15 and €25m in FY15).
Some light at the end of the Italian motorway tunnel
23 Nov 15
Autogrill showed strong Q3 15 results, in line with consensus but beating our forecasts. The group benefited from the strength of the US dollar against the euro, the robust airport traffic in the US and an early pick-up in traffic on Italian motorways. On a 9-month basis, sales were 10.6% up reported vs 1.1% at constant exchange rate (CER). In Q3, group revenues came in 11.6% higher than last year (+3.5% at CER), confirming the positive trend seen in Q2 (+10.2%). Airports remained the growth driver (sales +19.6%, +6.3% at CER) boosted by US airports, followed by the motorway channel (+5.8% reported, +1.9% at CER) backed by the strong motorway traffic in North America and the early signs of recovery in Italian motorways. Railway stations were weaker (+3.7% reported, -5.3% at CER), attributable to a challenging French market (scaling down of the perimeter). EBITDA outpaced sales growth, showing a 15.2% rise (+6.5% at CER) with the EBITDA margin improving from 13.3% to 13.8%, resulting from cost reductions and higher sales. Net profit was 17.5% up (+11.5% at CER). The FY15 guidance issued in May was reiterated (sales €4.3-4.4bn, EBITDA €370-380m).
Lfl performance improves in line with macro; momentum likely on Q3 expectations
19 Aug 15
Displaying similar trends as Q1, reported Q2 revenue (+10.2%) continued to benefit from a stronger dollar, revenue at constant FX was down 0.5%. The decline in the Italian motorway channel (due to the exit from unprofitable contracts) and transfer of four of the last US retail contracts to World Duty Free pulled down an otherwise improving organic growth of 0.6% (Q1: -0.1%). Encouraging trends were reported for the first 30 weeks as organic growth progressed to 1.8% (+12.5% at current FX), thanks to a good July which benefited from an acceleration in US airports as well as favourable weather conditions and a pick-up in traffic in Italy. On the margin front, as seen earlier in Q1, the favourable mix in the US, higher average spend in North America as well as efficiency gains and high-margin contracts in Italy continued to drive EBITDA margin expansion (+50bps to 9.2%). Lower purchase costs of certain food categories were an added positive in this quarter. In terms of outlook, Autogrill reiterated its FY15 guidance of revenue (excluding other operating income) of €4.3-4.4bn and EBITDA of €370-380m.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.