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).
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.
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
Conviction List Q1 2017
05 Jan 17
Since its inception in 2010, the Conviction List has outperformed the market in 11 of 19 periods and a reinvested Conviction List would have returned 260% against a Small Companies index that would have returned 194%. Our Conviction List returned 0.4% over the last quarter; this was set against the benchmark UK Small Companies index that returned 4.0% over the same period.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)