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.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m