Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CENTRALE DEL LATTE DI TORINO. We currently have 5 research reports from 1 professional analysts.
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CENTRALE DEL LATTE DI TORINO
CENTRALE DEL LATTE DI TORINO
09 Mar 17
The domestic market remains challenging, and raw material prices are now increasing. FY16 revenues were slightly ahead of our forecast and FY17 seems to have got off to a good start. Centrale del Latte d'Italia (CLI) is due to increase its list prices as of 1 April, which should help it offset the cost inflation. The main event of FY16 – the merger between CLT and CLF which gave rise to the new entity CLI – is still being bedded in, and we expect the integration to continue to make progress.
Integration proceeding to plan
18 Nov 16
The domestic market remains challenging and beset by deflation, and Centrale del Latte d’Italia’s (CLI’s) flat nine-month revenues led to lower profitability as a result of increased brand support costs. The merger between Centrale del Latte di Torino (CLT) and Centrale del Latte di Firenze, Pistoia e Livorno (CLF) completed as expected on 30 September 2016. The new entity has been formed and is now the third largest dairy/cheese player in Italy. We maintain our forecasts and valuation.
11 Oct 16
The merger between Centrale del Latte di Torino (CLT) and Centrale del Latte di Firenze, Pistoia e Livorno (CLF) completed as expected on 30 September 2016. The new entity, Centrale del Latte d’Italia (CLI), has been formed and is now the third largest dairy/cheese player in Italy. Since the two businesses are complementary, it gives scope for synergies as new products can be distributed across both platforms. We maintain our forecasts and valuation, which have taken into account the merger.
05 Aug 16
The domestic market remains tough and is characterised by deflation. Centrale del Latte di Torino’s (CLT) flat H1 revenues led to lower profitability as a result of increased brand support costs. In light of the currently challenging backdrop, management now expects flat continuing revenues for 2016. We cut our forecasts to reflect this and our fair value is reduced to €2.83/share, with no upside to the current market.
13 Jul 16
The merger with Centrale del Latte di Firenze, Pistoia e Livorno (CLF) is set to complete at the end of September: the businesses are highly complementary and the combination will add c 75% to sales, more than double EBITDA, and significantly enhance earnings. The 2016 outlook was subdued and the market in Northern Italy remains tough given the difficult consumer backdrop. We calculate a DCF-based fair value of €3.00 for the combined entity, which offers 8% upside from current levels.
Eyeing Up Opportunity
24 Mar 17
Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.
Small Cap Breakfast
23 Mar 17
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. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.
N+1 Singer - Morning Song 28-03-2017
28 Mar 17
A G Barr (BAG LN) Share buybacks the main news around FY17 finals | Churchill China (CHH LN) An excellent set of 2016 results and more upgrades | Ergomed (ERGO LN) FY results show strong Services growth; Phase III Zoptrex® data ahead | Instem (INS LN) Investment to accelerate growth trajectory | Severfield (SFR LN) Strong H2 drives upgrades; CEO temporarily steps down due to ill health | Summit Therapeutics (SUMM LN) Strengthening the data package: planned extension of PhaseOut DMD | T. Clarke (CTO LN) Strong conclusion to FY16, record order book
Hardman & Co Monthly: March 2017
01 Mar 17
Most major pharmaceutical companies have reported results for 2016 during the last few weeks, providing the opportunity to update our industry statistics. For an industry that requires a long investment cycle, decisions made many years ago have consequences on current financial performance. Being able to look at performance over 20 years highlights how strategic decisions have panned out.
Small Cap Breakfast
21 Mar 17
First Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march. Tufton Oceanic Assets- The Company intends to invest in a diversified portfolio of second hand commercial sea-going vessels where the Investment Manager believes that an attractive opportunity exists in shipping. $150m raise. Admission 3 April.