Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CHOCOLADEFABRIKEN LINDT-REG. We currently have 5 research reports from 1 professional analysts.
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Russell Stover portfolio adjustments drag OG but bottom line remains solid
22 Jul 16
L&S released its H1 update. Organic sales stood at 4.4% (cons. 5.3%) and were up +6.6% on reported figures. Weaker than expected OG is linked to adjustments to the Russell Stover portfolio (SKU reduction that does not fit into the strategy, coupled with price increases and decreasing promotional activity). Excluding Russell Stover, organic sales were up 6.6%. OG by region: 5.7%, NAFTA +0.8% (+6.6% excluding the effect of Russell Stover) and ROW +10.2%. The EBIT margin increased by 20bp (better than expected) booking a CHF98.4m operating profit in H1 (in line with expectations). The FY guidance is maintained: 6-8% organic growth and an increase in EBIT of 20-40bp.
Aims to boost its Global Retail Network by 2020
08 Mar 16
L&S has released its FY accounts. As a reminder, at the time of the trading statement, the group reported 7.1% organic sales growth (4.8% in H2). On a FY basis, operating profit stood at CHF518.8m (slightly above consensus and our estimates). The operating margin rose 20bp (10bp better than expected). Net profit increased by 11.2%, and the proposed dividend is up 10.3% to CHF800. For FY16, the group confirms its mid- to long-term guidance: 6-8% organic growth and an increase in EBIT of 20-40bp.
FY trading update: H2 OG disappoints
14 Jan 16
FY trading update. Organic sales growth stood at 7.1% (only 4.8% OG in H2). On the reported figures, sales progressed by 7.9% (negative FX effect stood at 5.6%, in local currencies sales progressed by 13.5%) to CHF 3.65bn. By region, Europe OG was at 5.6%, NAFTA achieved 7.9% OG, whereas ROW OG stood at 11.4%. The group expects the FY operating profit margin to be at least the same level as last year. More details with the full financial statement on 8 March.
18 Aug 15
L&S released its H1 results. As a reminder at its H1 trading update, the company reported 9.4% OG (6.4% in volume and 3% in price/mix) excluding Russell Stover's results. Total sales (including Russell Stover) increased by 17.4% to CHF1,409m with a -7.5% FX effect. Russell Stover's integration added 15.5% to the results. The group grew organically in all regions: Europe 6.9%, NAFTA 10.3% (excl. Russell Stover) and ROW 18.9%. On reported figures, Europe's sales declined by 4.9%, NAFTA's was up by 69.2% (and by 14.9% excluding Russell Stover) whereas ROW delivered 13.3%. EBIT stood at CHF90.6m (in line with our estimates). The EBIT margin was flat yoy with Europe +120bp, NAFTA +20bp and ROW down by 30bp. The group's net income reached CHF65m (+16.5% yoy). L&S confirmed its FY outlook: 6-8% sales OG and 20-40bp EBIT margin expansion once the Russell Stover integration is accomplished.
H1 trading update: impressive numbers in spite of strong FX headwinds
15 Jul 15
H1 trading update: the company reported 9.4% OG excluding Russell Stover's results. Total sales (including Russell Stover) increased by 17.4% to CHF1,409m (-7.5% FX effect). The company confirmed its mid long-term outlook: 6-8% sales OG and 20-40bp EBIT margin expansion once the Russell Stover integration is accomplished.
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*.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
New packing facility; Highly significant for underpinning future growth
06 Dec 16
HFG has announced plans to expand its packing capability in Australia, by constructing (at an expected investment cost of A$115m financed through bank facilities) a new meat processing facility in Queensland, in order to supply Woolworths, the leading grocery retailer in Australia. This is a highly significant development as the new Queensland plant, alongside HFG’s two existing dedicated retail packed meat facilities in Melbourne and Bunbury (both operated as a joint venture with Woolworths) should mean that HFG supplies the bulk of Woolworth’s c.1,000 stores with their red meat needs over time. In short, this development should underpin growth at HFG for many years to come from 2020 onwards, which, in turn, should result in a higher and more stable earnings stream over time, supporting a continued rerating of HFG’s valuation multiple, in our view. We reiterate our BUY.