Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ARYZTA AG. We currently have 6 research reports from 1 professional analysts.
|28Nov16 06:00||GNW||First-Quarter Revenue Update|
|17Nov16 06:05||GNW||ARYZTA AG Chairman's Letter Re AGM|
|06Oct16 01:00||GNW||ARYZTA AG Capital Markets Day|
|03Oct16 06:00||GNW||ARYZTA AG Annual Report and Accounts 2016|
|26Sep16 06:00||GNW||Full Year 2016 Results|
|22Sep16 04:46||GNW||Announcement by ARYZTA AG regarding new Chairman of the Board and Board Renewal|
Frequency of research reports
Research reports on
Q1: a dull quarter
28 Nov 16
Aryzta’s Q1 update: underlying revenue is down 1.2% (cons. +0.4%) and -3.3% on reported figures. By division, Europe recorded a +1.4% OG, North America -4.7% OG (negative impact of contract renewals completed in FY16). The ROW recorded a strong +9.7% (both price- and volume-driven). The FY guidance is maintained: top-line growth is expected to be in the 1-2% range, whereas the EBITA margin should be in the 11.5-12.5% range.
FY outlook is not very exciting
26 Sep 16
Aryzta reported its FY results. Sales grew organically by +0.5% (+0.8% in Q4, 3.4% for FY if we exclude the contract renewals in North America) and +1.5% on reported figures. Underlying growth by region: Europe 4.0%, North America -3.1%, ROW +6.1%. The EBITA margin contracted 100bp to 12.5% (margins were weaker in all divisions, half of the group’s margin decline relates to increased investment in brand marketing). The JV contributed positively to the results (Picard improved margins). For FY17, the group expects that the negative impact of contract renewals in the US and loss volumes in Switzerland will weigh on the results. Top-line growth is expected to be in the 1-2% range whereas the EBITA margin should be in the 11.5-12.5% range (potential decline linked to contract renewals). The underlying fully-diluted EPS is expected to achieve 358 cents (vs. 350.3cents in FY16, up. c. 2%). Free cash should be in a range of €225-275m. The proposed dividend is CHF0.5731.
Q3 brings nothing special
06 Jun 16
Aryzta released its Q3 update. Underlying growth stood at 0.9% (vs. 0.8% in Q2) with volumes down 0.3% and pricing at +1.2%. On reported figures, sales were down 2.4% (-2.3% FX and -1% net acquisitions). Underlying growth by region: Europe 3.9% (vs. 3.8% in Q2), North America -2.3% (vs. -2.4% in Q2), ROW +7.5% (vs. +5.7% in Q2).
Erratic revenue development for another 18 months
14 Mar 16
Aryzta released its H1 results. Underlying growth stood at 0.2% (+0.8% in Q2). On reported figures, sales rose by 5.5% (FX: +5%, net acquisitions +0.3%). Underlying growth by region in Q2: Europe: 3.9%, North America -2.4%, and ROW 5.6%. In H1, the EBITDA margin contracted by 30bp (-30bp for Europe, -40bp for North America and flat for the ROW). The group informed that currently the momentum in revenue growth is lagging 18-24 months prior expectations. Management expects “erratic revenue development” for another 18 months as it commissions and optimises its capacity. Consequently, consumer insourcing in Europe and contract renewals in North America will have a c. -3% impact on the top line. Consequently, the short-term guidance should be seen as less relevant.
Q1 update: Stronger European performance wiped out by ongoing weakness in North America
07 Dec 15
Aryzta released its Q1 sales update. Organic growth stood at -0.4% (negative for the fifth consecutive quarter) with FX at 5.8% and net acquisitions at 0.7%. On reported figures, sales progressed by 6.1%. By division, Europe recorded a very strong +5.5% OG driven by the bakery network. North America continues to perform poorly with a -5.6% OG (negative for the fifth consecutive quarter) due to the lapping impact of SKU rationalisation and some supply chain contract renewals. The ROW recorded a 2.2% OG (improvement vs. -4.4% in Q4). The company guides for over €200m FCF in FY16 and an underlying fully diluted EPS of 365-385 cents.
28 Sep 15
Aryzta released its FY update. Revenue stood at €3.82bn (in line with consensus) up by 12.6% for continuing business, down by 20.6% on reported figures due to the deconsolidation of Origin Enterprises. The OG from continuing operations stood at -2.2%, acquisitions & disposals were at +7.1% (Cloverhill and Pineridge in North America) whereas FX added +7.7% to revenues. OG by region: Food Europe 1%, Food North America -6.2%, Food ROW 3.3%. On a quarterly basis, the OG in Q4 was negative for all divisions: Europe -2.6%, North America -6.5% ROW-4.4%. FY EBITA stood at €514m (below consensus of €535m). The total EBITA margin was up due to the disposal of the Origin Activity but on a continuous basis it contracted by c.80bp to 13.5% (Europe -160bp, North America -30bp, ROW +10bp). The proposed dividend is CHF0.6555. The group admits that FY15 has been disappointing and the management focus is currently on OG. Aryzta guides for FY16 underlying fully-diluted EPS in the range of €3.65-3.85 and expansion of free cash generation to over €200m.
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
04 Nov 16
Breaking with convention, this Quarter we take the temperature of the expanding non-listed casual dining and bar operator sector. Looking at the top 50 operators, it appears that the £80bn market for eating and drinking out in the UK is alive and well. The AlixPartners Growth Company Index (October 2016) shows that 2-year profit CAGR has improved over the last few years, and recent surveys from Greene King, Coffer Peach and Deloitte highlight elevated spend on out-of-home occasions.
Small Cap Breakfast
25 Nov 16
i3 Energy Investment—According to its investor Glenwick (GWIK.L) i3 will seek an AIM admission once its license has been approved by the UK Oil & Gas Authority Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.