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Research Tree provides access to ongoing research coverage, media content and regulatory news on EBRO FOODS SA. We currently have 6 research reports from 1 professional analysts.
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EBRO FOODS SA
EBRO FOODS SA
Q3: recovery in Pasta segment continues
27 Oct 16
Ebro released its Q3 update: sales are up +1.2% and the EBITDA margin is up 200bp yoy and up 30bp on a qoq basis. By division, Rice recorded +0.8% in sales and a 210bp EBITDA margin progression. Pasta recorded +1.8% in sales and a +170bp progression in margins (+130bp on a qoq basis which is very encouraging). For the FY, the group expects a turnover of €2.47bn (slightly lower than our forecast), a €340.7m EBITDA (in line with our forecast) and net profit of €167.6m.
Q2: Another solid quarter
29 Jul 16
Ebro released its H1 update. Revenue grew by 2% (-1.1% in Q2) whereas the EBITDA progressed by 1.7%. The EBITDA margin was up 170bp due to improved profitability of the Pasta segment. By division, the Rice business sales were slightly down in Q2 whereas the EBITDA margin was 180bp higher (and stable on a quarter after quarter basis). In Pasta, sales grew by 5% while the EBITDA margin improved to 12% on the back of a better North America performance. The company warned that the favourable trends in the raw material environment could reverse, therefore the second half of the year might be weaker.
Q1: good start to the year
28 Apr 16
Ebro released its Q1 update. Net sales grew +2.7%, whereas the EBITDA margin was up +140bp. By division, Rice recorded +2.5% growth in net sales and +170bp in the EBITDA margin, driven by good underlying volume trends in Europe and North America. Pasta recorded +3.3% growth in net sales and +200bp in the EBITDA margin, driven by the strong performance of Garofalo as well as a more stable pricing environment in North America and business initiatives to align with current consumer trends in the US (gluten free, low calorie, ancient grains). Advertising spend for period was up 8.2%. Net profit for the period was up +43% thanks to the disposal of a business in Puerto Rico.
Q4 was better than expected
25 Feb 16
Ebro released its FY results. The group's revenue was up 16%, EBITDA was up +9.6%, whereas the EBITDA margin contracted by 70bp. The advertising ratio grew to 3.5% of sales vs. 3.4% a year earlier. By division, Rice's FY revenue was up +13% (+8.6% in Q4) whereas the EBITDA margin increased by 60bp. The strong performance of the division was driven by the very strong results in North America (good category growth, market share gains and raw material cost reductions). In Europe, the performance was affected by rising promotional activity and the consolidation process. Ebro increased its innovation and advertising activity in order to respond to the more challenging European environment. Pasta’s revenue was up 19% (15.5% in Q4), whereas the EBITDA margin contracted by 210bp (to 12.1%) due to significantly higher durum wheat prices. In the US, the company's performance has been impacted by the rise in durum wheat prices as well as a -3% category decline linked to low carbohydrate diet trends. To relaunch its sales, Ebro started to readjust its portfolio to new trends: gluten-free pasta, use of quinoa and low-calorie pastas. In Europe, the company outperformed the market by growing 3.8% vs. a category decrease of 1.5%. The FY net profit was practically flat (-0.8%). Net debt was up +5%.
Q3 update: US pasta lags
29 Oct 15
Ebro released its Q3 update. Sales grew by 11.7% in Q3, EBITDA progressed by 10% (with 10% FX effect) whereas the EBITDA margin contracted by 15bp. By division, Rice's revenue was up +13.5% but the EBITDA margin contracted by 20bp vs. Q2 15, due to higher raw material costs. Pasta's revenue was up by 10.2% with an EBITDA improvement of 50bp vs. Q2 15. Despite a better Q3, the EBITDA margin for the Pasta segment is still 90bp below its 9M 14 level (and will probably finish FY15 with a 240bp gap vs. the FY14 EBITDA margin level) due to the difficult situation in the US where the “low carbohydrate” fashion has pushed the overall Pasta market down by 3.4% and -20% for wholegrain pastas. Net profit for 9M is down 3.8% due to absence of one-off gains such as the divestment of Deoleo. For FY15, Ebro guides for total sales of €2.44bn, EBITDA of €302m and net profit of €142m.
H1 update: quarterly improvment in margins
29 Jul 15
Ebro reported its H1 results. Revenue grew by 20.9% whereas the EBITDA progressed by 8% (positive FX effect of 8%). The EBITDA margin was lower by 140bp yoy. By division, the Rice business delivered sales growth of +15.2% whereas the EBITDA margin was 90bp higher. In Pasta, sales grew by 27% while the EBITDA margin was down by 400bp (challenging North America). Profit before taxes dropped by 14% (no more one-off gains linked to the sale of Deoleo’s stake). Net debt increased to €510m (€405.6m in December 2014) due to FX effects (most of Ebro's debt is dollar denominated) as well as the purchase of RiceSelect.
Panmure Morning Note 19-01-2017
19 Jan 17
Today’s H1FY17 pre-close is more than just solid; it demonstrates FIF’s resilience. As flagged at September’s FY16 results and, as demonstrated by both November’s reassuring AGM trading statement and today’s encouraging H1FY17’s pre-close, FIF is both well-prepared and well-equipped to offset considerable input cost pressures and maintain its progress on multiple levels, whilst the scope for accretive M&A in a highly fragmented market remains an added attraction. We maintain our BUY.
Agriculture starts FY2017 ahead of expectations
10 Jan 17
Carr’s Group’s (CARR LN, HOLD, T/P 175p) issued a statement today which confirmed that the company continues to trade in line with the Board’s expectations for the current financial year. The announcement refers to 18- week period which ended on 7th January and is the first pre-AGM statement since the disposal of the flour milling business for £36m.
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.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
Successful Christmas trading leads to...........forecast upgrades
17 Jan 17
On the back of a very strong Q3 trading period, with revenues up by over 70% and volumes by 56%, the Board now anticipates that Distil’s FY17 results “will be ahead of current market expectations”. We are consequently raising our revenue forecasts for the next three years, which also see improvements to our bottom line PBT projections. Brand marketing spend growth of 88% in Q3 was running ahead of revenue growth, reflecting the ongoing brand investment across the product portfolio. This dilutes the impact of operational leverage, but still sees our previous PBT loss of c £120K educe by to thirds to £40K. A strong Q4 performance could potentially see Distil achieve breakeven, but we prefer to err on the side of prudence at this stage.
FY trading update: strategic goals kept despite challenging environment
17 Jan 17
Sales grew organically by 6% (H2: 7.6%, in line with our forecast and slightly better than consensus of 5.7%) and 6.8% on reported figures (in line with consensus, FX: 0.8%). Excluding Russell Stover, sales grew organically 7.4%. FY OG by region: Europe +7.4%, NAFTA +3.4% and ROW +10.2% (driven by Japan and Brazil). Global Retail recorded double- digit growth.