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SalMar once again demonstrated its stellar operational performance with a significant earnings beat. The proposed NOK 13 DPS to be paid in Q4/20 as well as the 2021 volume guidance were also supportive. We have implemented our new price assumptions, and our EPS estimates are down by a modest 2% and 3% for 2020 and 2021 respectively. SalMar’s valuation reflects its stellar performance in our view, and we stick to our Hold rating and our NOK 525 TP.
Companies: SalMar ASA
Arctic Securities
Q3/20 EBIT of NOK647m (Arctic: NOK 515m, Cons.: NOK 485m) Reiterates 2020 volume guiding of 152’t (Norway) and 12’t (Iceland) Introduces 2021 volume guiding of 163’t (Norway) and 14’t (Iceland) Estimates to be revised marginally lower due to new price assumptions
SalMar will release its Q3/20 results on Thursday 12 November, and we now expect an EBIT of NOK 515m (594) – above consensus at NOK 423m. Due to its stellar operating performance relative to peers, it has been our top pick so far in 2020. However, following the strong share price outperformance, we now downgrade the stock to Hold (Buy), but stick to our NOK 525 target price.
SalMar once again outperformed expectations and is the only company during the Q2/20 reporting season with a positive earnings trend. We have only fine-tuned our estimates, but raise our target price to NOK 525 (500). Premium multiples are justified, in our view, as the company both has industry leading operational performance and growth projects supporting volume and earnings growth in the years ahead. We stick to our Buy rating.
Q2/20 EBIT of NOK 882m (Arctic NOK 865m, Cons.: NOK 757m) FY/20 volume guiding reiterated at 152’t Cost guiding for Q3/20: Stable Central Norway, slightly higher in North 2020 estimates more or less unchanged
SalMar will release its Q2/20 results on Thursday 27 August. We have implemented the harvest volumes announced on 6 July, as well as average prices for the quarter – some NOK 4.4/kg above our previous assumption. We now expect an EBIT of NOK 865m (672) for the quarter vs consensus at NOK 646m. We still expect SalMar will deliver strong operating performance relative to its peers in Q2/20 and we stick to our Buy rating as well as our NOK 500 target price.
SalMar reported a Q1/20 EBIT of NOK 1,065m – in line with our estimate while 7% above consensus. The outperformance vs peers was significant in the quarter as the company steered clear of winter wounds. We have only fine-tuned our estimates and they hence hold up well relative to peers. We find such outperformance likely also in the next few quarters, and we upgrade the stock to Buy (Hold) and raise our target price to NOK 500 (420).
Q1 EBIT of NOK 1,065m (Arctic: NOK 1,065m, Cons.: NOK 998m) FY/20 volume guiding reiterated at 152’t (152) Guides for lower costs Q/Q in Q2/20 Minor estimate changes expected – high quality set to continue
SalMar just announced the proposed FY/19 dividend is cancelled Both due to uncertain effects of the corona virus in the value chain.. ..as well as to ensure strategic investments such as offshore farming Negative, and could also imply risk of others following
SalMar delivered Q4 results significantly below expectations following an early harvest in Central Norway, impacting both realized prices and costs. The company expects stable costs going into Q1/20 – above our previous assumptions, and we have lowered our 2020 estimates by 8%. The DPS of NOK 21 represents a yield of 5.0% - one of the best in the sector. We stick to our Buy rating while lowering our target price to NOK 460 (500) following our earnings revision.
Research Tree provides access to ongoing research coverage, media content and regulatory news on SalMar ASA. We currently have 0 research reports from 2 professional analysts.
MP Evans is one of the most efficient producers of sustainable palm oil in Indonesia with a proven track record of developing valuable plantations and, more recently, buying plantations at excellent prices. The 2022 spike in the CPO price created a surge in FCF which has supported the execution of its development strategy, evidenced by the two acquisitions in 2023 and the commissioning of a sixth mill in February 2023. MP Evans is at the start of a ten-year cash flow window where maintenance cap
Companies: M.P. Evans Group PLC
Cavendish
Companies: MPE TRI VNET BVXP HVO
The second full year of Greggs’ five-year growth plan to double revenue by FY26 should be marked down as very successful, especially so given the challenging external environment. Unlike many consumer-facing companies, high selling price inflation was accompanied by volume growth, leading to good market share gains. The consumer is responding well to new initiatives to grow revenue in new dayparts and digital channels. Profitability was well-managed with better recovery of input cost inflation t
Companies: Greggs plc
Edison
Companies: Premier Foods plc
Shore Capital
Companies: Genus plc
Liberum
Carr’s Group has announced an updated strategy that offers the potential for value realisation and creation from a number of avenues. These include: value realisation of the Engineering Division; the ability to significantly reduce central costs; and longer-term value creation in the Agriculture Division as a focused business with recovery potential and a strategy to leverage its strong market positions for growth.
Companies: Carr's Group PLC
Companies: Wynnstay Group plc (WYN:LON)SDX Energy PLC (SDX:LON)
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Hardman & Co
Companies: Wynnstay Group plc
We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico with the company announcing 1Q24 (March) results after the close on Thursday. We believe, with momentum returning at the Betterware division, JAFRA remaining on a new product and marketing focus, the United States market becoming a larger emphasis and BWMX continuing to offer a compelling (and secure) dividend yield of 8.5%, BWMX remains well positioned to reward investors on multiple levels, and we r
Companies: NUS MED NUS BWMX MED DDMX
Small Cap Consumer Research LLC
NICL's FY23 results showed good progress made as the Packaged business continued to drive growth through product innovation and geographic expansion. Inflationary pressures were largely mitigated and the benefits from the restructuring of the Out of Home (OoH) business are starting to come through, leading to improved profitability. Free cash flow generation was very strong in the year, resulting in an improved net cash position of £67.0m (vs £56.3m at end-FY22). Given the high levels of cash on
Companies: Nichols plc
Companies: Anpario plc
Companies: Cake Box Holdings Plc
11 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object
Companies: NICL DELT COG ABDP PYC W7L WSBN KIBO CRTA
Hybridan
Nichols’s trading update signals an in-line FY19 outcome driven by UK market share gains and good international progress. The main news today is the recent 50% excise tax on non-carbonated drinks in Saudi Arabia/UAE. This is a headwind going into FY20 which at this juncture is extremely difficult to quantify given c.80% of in-country sales of Vimto in the Middle East are made during the one month of Ramadan. Our analysis shows a potential c.£2.5-£4m PBT hit. Given the uncertainty we prudently fa
Singer Capital Markets
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