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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).
24 Mar 17
We note the share transaction yesterday, and think the stock will benefit from the increased liquidity. We continue to believe there is good valuation upside to the shares. However, we are terminating coverage of Watkins Jones from this morning and withdrawing our forecasts from the market.
Outperformance in the bag
24 Mar 17
IG Design has had a very good second half trading and has issued a year-end update indicating that numbers will exceed market estimates. We have lifted our FY17 and FY18 numbers by 8-10% at the pre-tax and EPS levels, following an 11% uplift to earnings with the interims. Particularly notable is the comment on strong cash flow, with the group reaching its target of average leverage less than 2.5x EBITDA two years ahead of plan. With the earnings and cash flow momentum, strong balance sheet and progressive dividend, there is good potential for further share price upside.
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
Share & share alike
29 Mar 17
In a key week in a number of respects, some of the optimism that buoyed up markets has dissipated. In the UK, inflation istrending higher and above wage growth, putting pressure on the consumer although retail sales show contrasting signs. Corporate action continues apace. Yesterday there were more than fifty company results – all appear to be at least as expected. We now face a prolonged period of pre-Brexit bargaining. In Share News & Views we have covered Cropper (James)*, ECSC*, Gamma Communications, Goodwin*, Helios*, Manx Telecom, Personal Group and Quarto Group.-