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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
The Crown Joules
15 Feb 17
We believe that own-brand retailers that operate a balanced multi-channel proposition will be well placed to prosper in a competitive apparel market going forward. Joules is one company in particular which we believe will outperform the sector given its loyal and growing customer base, distinctive brand and strong track record of opening profitable space. We initiate coverage on the shares with a buy recommendation and price target of 249p, implying upside of 16.9% over the prevailing market price.
N+1 Singer - Carpetright - Recovery has just begun
17 Feb 17
With UK LFLs up 6.8% in Jan against tough comparatives, and Europe LFLs up 5.4% in Q3, the first clear evidence is now visible that the transformation strategy is gaining momentum. Given some uncertainties, market forecasts are yet to reflect this, but upgrades seem likely as further initiatives are rolled out. Despite a recent bounce from its all time low, the valuation is still very low on consensus assumptions, where risk now appears to be shifting to the upside. With scope for re-rating too, our 300p target price has the scope to grow to 500p over 18 months. We re-initiate with a Buy.
Panmure Morning Note 19-01-2017
19 Jan 17
Pets at Home have released a Q3 trading update this morning that will disappoint the market. Group like-for-like revenue growth was just +0.1% through 3Q16 as subdued trading across the Merchandise business weighed on continued strong growth in Veterinary Services. Profit outlook for FY17 remains in line with expectations. Suspect the shares will come under pressure.