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.
|13Dec16 06:00||GNW||Announcement by ARYZTA AG regarding Schuldschein issuance|
|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.
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
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.
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*.
19 Dec 16
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