Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KUONI REISEN HLDG-REG(CAT B). We currently have 4 research reports from 1 professional analysts.
Frequency of research reports
Research reports on
KUONI REISEN HLDG-REG(CAT B)
KUONI REISEN HLDG-REG(CAT B)
Kuoni is taken private by EQT
02 Feb 16
Kuoni announced today that the private equity house EQT has launched a cash public tender offer for all publicly held registered shares of Kuoni for a price of CHF370 per registered B share. The offer represents a premium 34% to the current 60-day average share price and a 60% premium to the average share price since the 5 January when Kuoni confirmed early-stage discussions with potential bidders. Should the deal be completed, Kuoni should be delisted between Q2 and Q3 2016.
Speculations of a potential takeover of Kuoni
05 Jan 16
The press announced yesterday that the Swedish buy-out firm, EQT Partners AB, could be a potential bidder to takeover Kuoni. For several weeks, rumours have emerged about a potential buy-out of Kuoni by private equity investors (including BC Partners, Permira Advisers and Partners Group). This morning the board has admitted that the group has received preliminary approaches from third parties as regards potentially taking Kuoni Group and its businesses private. The board highlighted that talks with potential bidders were only at an early stage and there is no certainty that an offer would be made. Representatives of EQT declined to comment. The stock, which is worth CHF1.15bn, has gained 1.9% this morning following the group’s press release.
Brand new management and extensive restructuring announced
13 Nov 15
Kuoni unveiled weak 9m 15 results, below consensus and our expectations. One-off impacts of the disposal of the European TO operations and unfavourable FX are behind the loss of CHF293m (from CHF52.5m net profit in 9m 14). Still, Kuoni posted 7.6% sales growth LFL in 9m 15, on the back of robust VFS Global (+26.2%) and GTD (+10.6%) but the strengthening of the Swiss franc was highly penalising (-7.7% impact on 9m 15 sales) as well as the struggling GTS division (-1.1% LFL in 9m 15 sales). Within the business, the Destination Management Specialists declined sharply (-10% in sales in 9m, -CHF14.1m EBIT loss in 9m), affected by weak demand from Russia (Middle East and Africa were the most impacted) while the Group Travel business reported 4.6% organic growth in sales, boosted by China and Taiwan. Marketing initiatives made at the GTD division (higher personnel costs and investments in technology), and which came to an end as planned, proved successful as reflected in the improved gross profit in the key summer season. The GTS division however was hit by the collapse in Japanese demand (increase in the consumer tax rate in FY14, the devaluation of the yen) which is largely behind the widened EBIT loss of CHF36.2m (-CHF6m in 9m-14). As a result, EBITA dropped from CHF88.4m to CHF56.3m while EBIT collapsed by 69% from CHF66.4m to CHF20.5m. The latter was also penalised by higher costs invested in the growth strategy of GTD and VFS Global but also the CHF16.4m of impairments related to the GTS restructuring programme. Also, a time-bound contract with the South African authorities has impacted EBIT generated by VFS Global in Q3 15.
A penalising exposure to difficult Asian markets
02 Sep 15
Kuoni announced mitigating organic trends in H1 15, while it was hammered by the conversion into Swiss francs. Revenue grew by 6.8% LFL in H1 15 which was more than offset by the appreciation of the Swiss franc (-7.4%). The VFS Global division (visa processing services) experienced the highest LFL growth (+28.8% vs 14.5% in H1 14) with a 23% rise in EBITA yoy. A temporary contract with the South African authorities in FY14 and H1 15 has contributed to this growth. Global Travel Distribution (GTD) showed 10.9% LFL growth, boosted by the Asia/Pacific region and China in particular but showed a significant drop in earnings (EBIT at CHF3.2m vs CHF15.1m in H1 14) penalised by marketing and IT-related initiatives. The GTS division was weak (-4.4% in LFL sales) despite a strong growth seen in China and Taiwan. This was attributable to declining Japanese demand caused by the increase in the consumer tax rate in FY14 and the devaluation of the yen which made travel more expensive. We recall that Asia/Pacific accounts for 81% of Global Travel Services revenues (source market) with a major part coming from Japan and China, while Europe stood as the most popular destination for holidaymakers (93% of sales). Gross profit came in 3.5% below last year's level, which is explained by tough comps (proceeds from the sale of a property in Zurich in FY14) and higher costs incurred in the GTD and VFS Global strategy, all impacting reported EBITA (-63% yoy). Reported net income from continuing operations slipped to CHF5.9m (vs CHF28.4m last year).
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
N+1 Singer - Marston's - Delivering growth and standing out from the pack
30 Nov 16
Marston’s is our solitary positive stock pick in the sub-sector. Recent finals reflected a year of further strategic, LFL and earnings progress. We believe it is operationally in a strong shape to make further solid progress in FY17, not least as it does not have the acquisition integration or turnaround issues confronting GNK, MAB and RTN. Moreover, it is relatively better positioned to manage the cost headwinds. We forecast 11% TSR returns in FY17 and feel the shares with a 5.5% historical yield and 12% FCF yield (FY17e) are oversold. We are buyers with a revised 12m TP of 150p.
N+1 Singer - Morning Song 29-11-2016
29 Nov 16
Vp has reported another impressive set of interims, confirming strong growth in most markets and a positive outlook. Recent acquisitions are bedding in well and the full year outturn is set to exceed previous expectations (5%/6% EPS upgrades in FY17/FY18). The recent Capital Markets Day provided a reminder of Vp’s qualities (specialist focus, high returns, strong cash generation) and its growth potential, which in our view are not reflected in a modest <11x P/E rating. We firmly believe the shares are due a re-rating and see intrinsic value in excess of 800p.