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9M update: sales were down 11% with the EBITDA margin contracting to 2.8%. The net loss for the period stood at €-63m.
By region, Southern Europe recorded a sales contraction of 8% and the EBITDA margin was at 4.6% (-60bp). Northern Europe’s sales were down 14%, whereas the EBITDA margin stood at 1.9%. North America recorded -12% in sales with the EBITDA margin at 5% (vs. 17% a year earlier). The International businesses’ revenues were down 6% and the margin stood at 11.2% (-110bp).
Companies: Deoleo, S.A.
H1 update: sales were down 9.4%, whereas EBITDA contracted by 35.5% to 4.2%. The net loss for the period stood at €-49m (impacted by the impairment of intangible assets of €37.4m and the EBITDA contraction).
By region, Southern Europe recorded a 5% contraction in sales, whereas the EBITDA margin dropped by 120bp. Northern Europe recorded 19% in sales and the EBITDA margin progressed by 70bp. North America was very weak with sales down 8% and a margin contraction to 7.5% (vs. 19.5% yoy). The Int
9M update: sales were down 1.2% with the EBITDA margin standing at 5.2%. The net loss for the period stood at €-5m.
By region, Southern Europe recorded +2% sales progression and the EBITDA margin at 5.2%. Northern Europe continues its weak performance with sales down 19% and an EBITDA margin contraction to -0.9%. North America recorded -5% in sales with the margin at 17%. The International businesses’ revenues were up +3% and the margin stood at 12.4%. The increase in general restructuring cost
H1 update: sales are up 1.5%, whereas the EBITDA stood at 5.9%. The net loss for period stood at €-5m.
By region, Southern Europe recorded a good +3.5% sales progression and EBITDA margin expansion to 5.6%. Northern Europe had a very weak performance with sales -13% and an EBITDA margin contraction to 0.7%. North America performed well with sales -3.9% but a margin progression of 240bp to 19.5%. The International business also ran well with revenues up +6.8% and margin expansion to 13.9%. The i
Deoleo’s H1 update: Vegetable oil sales were down 17.5%, whereas the EBITDA margin contracted to 5% (vs. 5.7% last year). The net loss for the period widened to -€19.8m (vs. -€9.8m in Q1 16). Net debt stood at €543.5m vs. €548.4m in Q1.
Deoleo released its Q1 update. Sales were down 16%, whereas the EBITDA margin contracted 70bp to 5.7%. The loss for the period stood at €9.8m. Net debt grew by +4.4% to €548.4m due to the seasonal effect of the crop campaign.
Deoleo recorded another very poor quarter and the full-year results came in below our expectations. Although FY net sales were up +5.7%, the EBITDA margin contracted by 65% to 2.5%.
The company’s performance continues to be impacted by the high prices of raw materials in Spain, coupled with promotional pressures in the market. On a FY basis, the Spanish unit recorded a slump in sales of -17.6% and a negative margin of 5.9% (vs. 5.04% in FY14). The group expects EBITDA to be positive as from th
Deoleo released its H1 results. Sales were up by 12.3%. Revenue by unit: North America (+18.6%), International markets (+8%), Southern Europe (14.95%) and Spain (+18.65%).
EBITDA halved (€22.7m vs. €41.88m yoy) and the EBITDA margin was down by 610bp. EBITDA by unit: North America (+38.1%, +210bp), International markets (-16.27%, -280bp), Southern Europe (-48.22%, -420bp) and Spain (-58.77%, -410bp).
Net debt rose to €542m (due to higher raw material prices). The company reported a net lo
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Companies: Wynnstay Group plc
Companies: MPE TRX QXT
MP Evans has delivered another strong year driven by an excellent crop and production performance and the continuing strength of the CPO price. However, profits are a tad below our top-of-range forecasts due to higher-than-expected cost pressures, namely fertiliser and the cost of buying in fresh fruit bunches (FFB), but cashflow and the dividend is better than forecast. Current trading is encouraging with production performance and the CPO price ahead of our assumptions. FY22 cashflow performan
Companies: M.P. Evans Group PLC
Chapel Down is a market leader, which is asset backed and offers multiple years of high growth. This is evidenced by FY22 finals with adj. PBT +22% to £1.7m. A generational shift to the growing popularity of English sparkling wine and premiumisation trends make for an attractive investment case. We forecast PBT to more than double by FY26 from the current asset base. Thereafter, our illustrative analysis shows deployment of new capital towards attaining 5% of the addressable market by FY32 (vs 2
Companies: Chapel Down Group plc
Singer Capital Markets
30 January 2023
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: EDEN PGH FIF AVG INSE RDT SPE CHAR BXP
Companies: Cranswick plc
01 February 2023
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 objec
Companies: ADRO AXL TIDE WYN PEG RST KWS KIBO 1128 ORCA
Carr’s Group has released its audited results for FY22, having previously issued a detailed trading update in February giving preliminary financial metrics on FY22 performance. The shares were suspended from trading in January because of delays in publishing these results. The company has applied for them to be restored to trading.
Companies: Carr's Group PLC
Companies: Cake Box Holdings Plc
Companies: Celadon Pharmaceuticals PLC
Anpario’s full year results are in line with expectations, following a strong and improved H2. The group is still in a transition phase, building strong commercial relationships with end users and appointing regional teams, and we believe the group will continue to grow as a result. Anpario currently trades on a 2017 EV/EBITDA of 11.7x, going to 10.8x in 2018. We feel this is an undeserved discount to its peer group (c.17.8x 2017 EV/EBITDA). We remain at Buy.
Companies: Anpario plc
Anpario’s full year results highlighted a period of strong growth with momentum reportedly continuing into 2018. The group remains focused on building strong commercial relationships with end users and we expect the initiatives to help the group deliver our 11% sales growth estimate in 2018. We make modest adjustments to our forecasts this morning and increase our Target Price by 2p to 434p. We remain at Hold.
Companies: TXP CWK ARBB TON FA/ BEG IGC VLS BWNG HUW WINK INSE BAG GPH NRR OTMP BONH GSF EPWN SUR KP2 MMAG FBH GNC EML KAPE AMYT