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.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
N+1 Singer - Morning Song 30-03-2017
30 Mar 17
accesso Technology (ACSO LN) Acquisition | Findel (FDL LN) Update on customer redress programme | Hargreaves Services (HSP LN) Blindwells planning approval | Severfield (SFR LN) Upgrading forecasts and reiterating positive view | Summit Therapeutics (SUMM LN) FY results in line; full 24-week PhaseOut DMD data expected in Q1 ’18 | Tribal Group (TRB LN) 2016 delivered and more; future looking bright
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.