Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CHOCOLADEFABRIKEN LINDT-REG. We currently have 6 research reports from 1 professional analysts.
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FY trading update: strategic goals kept despite challenging environment
17 Jan 17
Sales grew organically by 6% (H2: 7.6%, in line with our forecast and slightly better than consensus of 5.7%) and 6.8% on reported figures (in line with consensus, FX: 0.8%). Excluding Russell Stover, sales grew organically 7.4%. FY OG by region: Europe +7.4%, NAFTA +3.4% and ROW +10.2% (driven by Japan and Brazil). Global Retail recorded double- digit growth.
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.
13 Feb 17
Middlesbrough-based pawnbroker Ramsdens Holdings is set to join AIM on 15 February. Its growth is not coming from its core business but from providing foreign currency, pre-paid travel cards and international payments. The strategy is to increase the group’s online activities and grow the number of branches. In the year to March 2016, group revenues improved from £29.2m to £30m. The accounts of the main subsidiary show that foreign-currency margin rose from £5.36m to £7.59m. This contributes 35% of group gross profit. By contrast, the core business of pawnbroking, precious metal purchases and retail sales fell from £21.3m to £19.8m. Revenues from other financial services were flat at £2.6m. Ramsdens has 127 sites and last year it made an operating profit of £3.19m. In the six months to September 2016, revenues increased from £16.2m to £18.4m and operating profit improved from £2.81m to £3.48m. The placing will raise £15.6m at 86p a share, valuing the company at £26.5m. NorthEdge Capital, which backed a buyout in September 2014, will receive just over £10m from share sales. The NorthEdge stake will fall from 75.6% to 30.7%. The other £5m will go to the company and be used to repay the remaining loan notes and the costs of the flotation. By the end of March 2016, there were still £4m of loan notes outstanding to NorthEdge, with £4.86m paid off during the previous year.
Salient play in a healthy industry
16 Feb 17
PepsiCo’s (PEP US, N/R) full year figures reconfirmed growth expectations for the US FMCG giant in 2017. PepsiCo – which generates one third of its revenue from North American beverages – looks for 3% organic sales growth in 2017. Our own view about UK soft drinks remains positive. Flexibility around sugar, ongoing innovation, potential price support from a sugar tax and further M&A are all consistent with the industry maintaining sales growth and delivering positive share price performances.
New CEO resets targets: cost savings ahead, mid single-digit top-line target by 2020
16 Feb 17
Nestle’s FY and Q4 update: In Q4, sales grew organically +2.9% (weaker than 3.5% expected). In Q4, Zone Americas, EMENA and Others slowed down compared to the previous quarter. Zone AOA (+4.4%), Waters (+5.4%) and Nestle Nutrition performed better than in Q3. On a FY basis, organic sales are up +3.2% (cons. 3.4%) with RIG +2.4% and pricing of 0.8%. On reported figures, sales are up +0.8 (FX: -1.6%). The trading operating margin is up 30bp on constant FX and +20bp on reported figures (in line with consensus). FY17 outlook: top-line growth of 2-4%, stable operating margin as a result of a considerable increase in restructuring costs to drive future profitability. EPS is expected to rise at constant FX and capital efficiency is also expected to rise. For the mid-term, Nestlé targets mid single-digit top-line growth and 200bp in structural cost savings by 2020. The proposed dividend is CHF2.30 (vs. CHF2.25 last year).
PG: Growth Prospects in Healthcare
26 Jan 17
We expect the volatility of the last 3 months to continue, with macro events, particularly the uncertainty brought by President Trump and his focus on pharma pricing and dismantling the Affordable Care Act, likely to keep healthcare in the headlines for the wrong reasons. We believe the more highly valued larger stocks are likely to struggle to break out to new trading levels, but note there remains good value within the smaller end of the sector for stockpickers, with company specific events likely to drive some stocks well ahead of the crowd.
Foundations laid; building starts
15 Feb 17
Last week RM posted a reassuring set of prelims (adj. PBT 4% ahead) that showed continued progress within RM Education (+6% EBIT gr’th) and RM Results (+22% EBIT gr’th) – achievements that shouldn’t be overshadowed by the challenging (but temporary) external market, which is weighing on RM Resources (-9% EBIT). Indeed, combined with Connect Education & Care, we are bullish on the division’s long-term prospects, and as such we raise our target price to 207p and retain our Buy recommendation.