Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on DEOLEO SA. We currently have 4 research reports from 1 professional analysts.
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Another poor year recorded; capital increase cannot be excluded
12 Apr 16
Deoleo recorded another very poor quarter and the full-year results came in below our expectations. Although FY net sales were up +5.7%, the EBITDA margin contracted by 65% to 2.5%. The company’s performance continues to be impacted by the high prices of raw materials in Spain, coupled with promotional pressures in the market. On a FY basis, the Spanish unit recorded a slump in sales of -17.6% and a negative margin of 5.9% (vs. 5.04% in FY14). The group expects EBITDA to be positive as from the start of the year. In Southern Europe, Deoleo also recorded a very poor year with sales down 21.8% and the EBITDA margin contracting to 2.67% (vs. 8.25% in FY14). Performance was also impacted by high raw material prices. International markets recorded -16% in sales whereas the EBITDA margin slumped to 2.39% (vs. 12.03%). North America remains the only bright spot for the group with sales up 30%, nevertheless the high price of raw materials undermined the margins which contracted by c. 330bp to 14.08%. Consequently, the group recorded a loss in net profit of €61.3m (we were expecting a loss of €20m). The group expects a recovery in 2016, but with negative momentum to continue in Q1 16.
Very poor H1 results
10 Aug 15
Deoleo released its H1 results. Sales were up by 12.3%. Revenue by unit: North America (+18.6%), International markets (+8%), Southern Europe (14.95%) and Spain (+18.65%). EBITDA halved (€22.7m vs. €41.88m yoy) and the EBITDA margin was down by 610bp. EBITDA by unit: North America (+38.1%, +210bp), International markets (-16.27%, -280bp), Southern Europe (-48.22%, -420bp) and Spain (-58.77%, -410bp). Net debt rose to €542m (due to higher raw material prices). The company reported a net loss for the period of €-15.6m (€-6.29m in Q1).
New Product Development Enhances the Mix
17 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) announces preliminary 2016 results on Tuesday 21st March. We forecast revenue to increase 72.6% to £102.2m in line with the 24th January trading update, and adjusted diluted EPS to continue its positive momentum to 25.2p (23.7p FY2015). Current consensus appears to be 24.0p (Source: Bloomberg).
21 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) preliminary 2016 results this morning included in line EBITDA and diluted EPS. The company reported £35.8m of EBITDA – marginally ahead of our own £35.6m estimate and in front of £34.9m consensus forecast. Adjusted diluted EPS was 23.7p (+104%), consistent with our estimate (23.7p) but slightly below the 24.0p predicted by consensus (source: Bloomberg). Fever Tree holds an analyst presentation at 9.30am.
Panmure Morning Note 20-03-2017
20 Mar 17
Today’s H1FY17 results are in line with our and consensus expectations, and we are therefore maintaining our FY17 and FY18 PBT estimates. We regard this as a resilient performance given the turbulent backdrop. We leave our BUY rating and 150p TP unchanged to reflect our positive view on FIF’s long-term prospects predicated on; (1) FIF’s broad-based business spread across channel, customer and product providing diversification of opportunity and risk; (2) FIF is wellpositioned in the fast-growing areas (e.g. artisan breads, celebration cakes, “food-to-go”/foodservice) of the UK bakery market; and (3) FIF’s market leading position and size to deliver scale advantage to develop its stated growth opportunities (including targeted accretive acquisitions), further supported by FIF’s sound financial position (H1FY17 net debt/EBITDA of 0.8x).
N+1 Singer - Morning Song 16-03-2017
16 Mar 17
Brady (BRY LN) Building a platform for superior growth and margin | Devro (DVO LN) We see 3 key sentiment drivers for FY17 | EMIS Group (EMIS LN) In line prelims, investment in patient a short term drag | M&C Saatchi (SAA LN) 9.3% LFL revenue growth, 3% profit beat, dividend +15% | Northgate (NTG LN) Strategy refresh expected in June | Oxford BioMedica (OXB LN) Full year results; anticipate CTL019 launch later this year
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
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.