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Research Tree provides access to ongoing research coverage, media content and regulatory news on ORIFLAME HOLDING AG. We currently have 6 research reports from 1 professional analysts.
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ORIFLAME HOLDING AG
ORIFLAME HOLDING AG
Considerable profitability improvement in Q4
16 Feb 17
Oriflame maintained its pace of growth within a challenging context. Sales were up 5% to €355.1m in Q4, underpinned by positive market dynamics in Latin America and Asia mitigating the depressed momentum in other regions. Sales in Latin America surged by 12% and by 23% in Asia & Turkey, although, other regions reported sales declines. Margins have gained further ground thanks to a significant improvement in Asia & Turkey where operating profit was up by 39% to €27.6m. Group EBITDA soared by 23.4% to €49m in Q4. The operating margin increased by 30bp to 11.8% bringing the operating profit to €42m. Net profit amounted to €25.2m. Full-year sales were up 3% to €1,249m, boosted by the favourable momentum experienced in skin care and wellness products. By geography, sales in Latin America rose 9% to €148.6m. The activity boomed in Asia & Turkey where sales ramped up by 25% to €434.3m. Sales in Europe and Africa were flat at €329.4m, although CIS posted a 16% drop in sales. Profitability was consolidated considerably. The EBITDA margin was up to 11.9% vs. 9.7% a year earlier and EBITDA came to €148.2m. The operating profit jumped 19% to €119.2m. Net profit soared to €66.7m. The financial position remains strong with an operating cash flow of €113.1m. Investments amounted to €13.2m. The company decided to raise the ordinary dividend to €1 vs. €0.4 in 2015 and to add an exceptional dividend of €0.5. The first quarter has shown promising signs of growth with sales to date growing by c.11% at local currency. The company maintains auspicious long-term guidance with targeted yearly sales growth of 11% (at local currency) and an operating margin of 15% (9.5% currently).
Pretty margin growth
11 Nov 16
Oriflame’s seasonal effect continues, with Q3 sales up 6% yoy and down 10% qoq to €278.9m. Asia, Turkey and Latin America experienced favourable momentum while the market conditions were challenging in the other regions. The positive performance was boosted by the improvement in productivity and increase in prices which offset the slumping number of active consultants (-5% to 2.6m in Q3). Margins have consolidated significantly in the quarter with an EBITDA margin surging 150bp to 11%, generating an EBITDA of €30.8m (+22.7%). The operating profit edged up 32% to reach €25.2m. Net profit has more than doubled to €12.7m. The ytd performance was 3% with consolidated sales of €894.3m. The aggregated operating profit amounted to €77.2m, i.e. a jump of 33%. Net profit was up 64% to €41.5m in the nine months. Cash flow from operating activities slipped to €51.4m compared to €53.5m a year earlier. Capex came to €7.3m. A dividend of €0.4 will be distributed in two equal instalments.
At least the decline has stopped at CER
25 May 16
Q1 16 sales grew by 10% in local currencies, but declined by 1% as reported. Operating profit grew by 23% to €21.1m (vs €23m in Q1 14 and €48m in Q1 12); the operating margin was 6.9% (vs 5.6% in Q1 15 but 12% in Q1 12), impacted by -370bp from currencies. Operating cash flow decreased by 11% to €21.45m (7% of sales).
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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
13 Feb 17
Surface Transforms* (SCE): H1 results confirm operational progress (CORP) | Premaitha Health* (NIPT): European diagnostics partnership (CORP) | Lok'nStore* (LOK): Filling existing stores, developing new ones (CORP) | Victoria* (VCP): Entry into the European flooring market (CORP) | eg solutions* (EGS): Exceptional H2 performance (CORP)
Share & share alike
14 Feb 17
The rally in the last fortnight, highlighted in the table, reflects a continued flow of positive updates and economic news. The FTSE 250, Small cap and Fledgling indices have reached record highs. We are in the lull ahead of results for those companies with a December year end, a welter of economic data regarding the UK economy, the State of the Union address in the US on 28 February and the UK Budget on Wednesday 8 March. We will learn at that stage the latest forecasts from the Office of Budget Responsibility. As highlighted previously, the reaction to corporate updates will continue to set the tone.