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  • 22 May 18

Small Cap Breakfast

Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Offer TBC, expected late May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May Team17 Group -video games label and creative partner for independent developers. 2017 revenues of £29.6m and Adjusted EBITDA of £12.9m. Raising £45.1m primary and £62.5m secondary at 165p. Mkt Cap £216.6m. Expected 23 May 2018

Companies: STCK GETB POLX MOGP PIL AGM NTOG BIRD SLE LSAI

  • 20 Oct 17

UK Food to Go

Ongoing labour cost challenges, higher input costs, sustained brisk organic sales volume growth and further room for innovation at both product and distribution level were the key investment features of the 2018 British Sandwich & Food to Go Association AGM and Conference, which was held in London yesterday. Moreover, the association had strong messages on food waste reduction and CSR, both of which are important as the industry body continues to lobby the UK government hard ahead of Brexit. The chief UK listed plays on Food to Go are Greencore (GNC LN, BUY, 310p), Cranswick (CWK LN, HOLD, T/P 2700p) and potentially Produce Investments (PIL LN, BUY, T/P 240p). Our overall industry stance remains positive.

Companies: GNC CWK PIL

  • 05 Oct 17

Digging in Well

Produce Investments’ (PIL LN, BUY, T/P 240p) released FY2017 results on 28th September 2017 where revenue beat expectations and matched EPS estimates. In this Quick Sharpener we update our forecasts and take the opportunity to increase our price target from 210p to 240p. BUY. Exhibit 1 details our changes to forecasts. We maintain revenue at £203m, FY2018 and £206m, FY2019. EBIT is increased 18.8% to £9.6m in FY2018 and 16.9% to £10.0m in FY2019. The rise in EBIT margin from 4.0% to 4.8% reflects operational efficiencies achieved through the newly integrated ERP system.

Companies: Produce Investments
  • 29 Sep 17

“Assembled Here Together”

A debate about why major US food manufacturers’ margins appear consistently higher than those achieved in Europe is, in our view, worth having. In particular, should greater willingness to outsource production processes and focus more on marketing, new product development, finance and strategic M&A be the answer, there could be significant revenue growth opportunities for those who act as food industry solution providers.

Companies: BN NESN ULVR CA GNC PIL CWK

  • 28 Sep 17

Core Organic Strength Central to Opportunity

Produce Investments’ (PIL LN, BUY, T/P 210p) FY2017 results were ahead of both our own and market expectations at the revenue level but matched consensus on EPS. On 21st September 2017 the company stated that trading remained in line with Board expectations whilst it announced key Board changes – i.e. Chairman Neil Davidson and NED Sean Christie will retire from the company this calendar year.

Companies: Produce Investments
  • 22 Sep 17

Core Organic Strength Central to Opportunity

Produce Investments (PIL LN, BUY, T/P 210p) announced yesterday that Chairman Neil Davidson and Non-Executive Director Sean Christie intend to retire from their respective roles at the time of the company’s AGM in November. The company is due to release preliminary FY2017 results on 28th September. Trading remains in line with Board expectations according to today’s press release.

Companies: Produce Investments
  • 24 Mar 17

Eyeing Up Opportunity

Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.

Companies: Produce Investments
  • 23 Mar 17

Small Cap Breakfast

K3 Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Sentinel—Investment company expecting NEX admission/introduction on 24 March. £636k raised pre-IPO. BioPharma Credit—Expected Gross Initial Acquisition Proceeds now c.$338m. Gross Cash Proceeds capped at $423m with placing and open offer. Results expected 23 March with admission now due 30 march.

Companies: PIL GFIN SOLI CBP CRW IDEA SIS VELA VLG PGY

  • 29 Sep 16

FY2016 Profits in line despite modest revenue beat

Produce Investments (PIL LN, BUY, T/P 210p) reported FY2016 preliminary results ahead of both our own and market expectations at the revenue level but with operating profits in line. Net revenue advanced to £185.1m from £178.4m in FY2015 – we were looking for £181.5m - while adjusted operating profits rose from £8.0m to £9.2m. Proposed full year dividend is 7.32p, a 2.2% gain on last year. The company is confident that despite challenging trading conditions, it is in “a strong position to grow.”

Companies: Produce Investments
  • 03 Jun 16

UK FMCG winners and losers from Brexit

The British referendum on EU membership is scheduled for 23rd June 2016. While opinion polls and bookmaker odds still bias towards “remain,” it makes some sense to assess briefly potential the FMCG winners and losers in the event of Brexit happening.

Companies: BATS DGE IMB RB/ SAB ULVR BAG BVIC CARR CWK DCG FEVR GNC PIL STCK TYR

  • 18 May 16

Digging up cash

Produce Investments is well placed to prosper, both in its core mainland GB potato business and in such useful additions as Jersey Royals and daffodils. A proven positive M&A track record is a major plus for a cash generative company with clearly achievable targets. In our view, valuation is attractive. BUY

Companies: Produce Investments
  • 21 Apr 16

Produce Investments/SAB Miller

Produce Investments - Jersey Analyst Visit | SABMiller – Trading update | Diageo – Trading update

Companies: PIL SAB DGE

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Produce Investments. We currently have 12 research reports from 2 professional analysts.

Open
N/A
Range Today
N/A
52 Week
164/220p
Daily Volume
N/A
# Shares
0m
Daily Liquidity
0.0%
Pension Liability
£8.95m
Enterprise Value
£75.8m
Market Cap
£44.6m
Latest PE (hist)
10.74
Div Yield
1.30

Latest News/RNS

(more news)
Date Source Announcement
19Nov18 11:30 RNS Offer Closed
08Nov18 07:00 RNS Timetable for Cancellation of Admission
05Nov18 15:08 RNS Cancellation of Admission
05Nov18 07:00 RNS Acceptances at First Closing
02Nov18 17:30 RNS Produce Investments
02Nov18 07:00 RNS Offer Wholly Unconditional
30Oct18 09:59 RNS Director/PDMR Shareholding
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  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L

  • 12 Apr 17

N+1 Singer - Nuclear options - Significant long-term opportunities for UK companies

UK nuclear represents a huge and complex market offering significant long-term opportunities. New build nuclear is required to help meet rising UK power generation needs and replace generation capacity which is nearing end of life. Decommissioning is essential to clean up the UK’s legacy nuclear sites safely and securely, prioritising areas where deteriorating buildings present an unacceptable risk. The total budget for nuclear is estimated at c.£301bn, with a significant proportion of this spend expected to be with UK companies. The contracting opportunities are not without risks and uncertainties. However many companies are already generating revenues and profits from UK nuclear contracts, including a number from our small and mid cap universe. We expect these contributions to become more material over time, and for the experience gained in the UK market to leave companies well-positioned to pursue nuclear opportunities overseas. Our top picks are Severfield (Buy) and Augean (Corporate), but we are also positive on Redhall (Non-Rated).

Companies: AUG FSJ WYG DRV CARR SFR PRV RHL

  • 30 Apr 18

Key takeaways from the Consumer reporting season

With a busy reporting season behind us we use this note to take stock. Stepping back we pull out the key themes which emerged across the sub-sectors we actively follow in the consumer space. On balance there was more cause for optimism. This is supportive of our top-down view that there is scope for a better H2 for consumer related stocks as cost headwinds ease and pressure on disposable income moderates. We also take a close look at 7 stocks we actively research and which reported over March and April. For each we use charts to depict the key takeaways from an investment case perspective.

Companies: DOM BAG NICL CHH GOAL RTN GYM MARS CVSG

  • 25 Sep 18

H1 results - steady as it goes

AG Barr has navigated a tricky H1 (sugar levy, snow, CO2 shortages and upside from hot weather) to deliver a satisfactory set of financials - sales up 5.5% which flowed through to a modest 4% uplift in PBT. The DPS has been nudged up by 5%. So a steady as it goes performance with no meaningful new news or surprise this morning, albeit we note that in revenue terms the company underperformed market growth of 7.7%. Management is guiding to no change to full year expectations this morning. Given low single digit growth expectations the valuation we feel looks full, with share buybacks being the main support over the last few months.

Companies: A.G. Barr
  • 06 Nov 18

THE MONTHLY November 2018

In addition to Hardman’s monthly analysis of client stocks, the thorny issue of market disruption – a popular theme currently - is also addressed. In a wide-ranging article, Hardman’s utilities analyst, Nigel Hawkins, assesses the impact that market disruption has already made. In some sectors, notably telecoms and aviation, market disruption has been apparent for many years, as the rise of Vodafone, Ryanair and easyJet demonstrates. However, in some sectors, such as oil and housebuilding, structural changes have been modest – the dominance of the big players endures. For investors, there is real interest in those sectors where changes are underway. The UK groceries market, which may shortly become a duopoly, is a case in point. And, intriguingly, who knows if there is a company currently languishing in AIM, which will attain a £50bn market valuation within the next decade?

Companies: OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

  • 14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 25 Feb 19

Cenkos: Finsbury Food Group Plc - H1/19A Interim Results

Finsbury Food delivered a robust performance during H1/19A, with LFL sales growth of +0.5% YoY to £145.5m, improved adj operating margins, and an increase in the dividend. However, the challenging macro environment leads us to downgrade our numbers for FY19E and FY20E. Despite the headwinds, we believe Finsbury is well placed to manage cost pressures and deliver future growth by successfully identifying and producing products to meet changing customer demand. Sizable recent investments (eg new machinery, business systems etc) should lower cost of production and further strengthen Finsbury's competitive position, allowing it to gain market share. Trading on a FY19E EV/Adj EBITDA of 5.5x, and with a high and growing dividend yield (FY19E 4.3%), we see significant value in the shares. Buy.

Companies: Finsbury Food Group
  • 09 Nov 17

The Joy of Techs

This quarter we use finnCap’s Slide Rule to provide both top-down and bottom-up analysis of the UK’s Technology and Telecoms sectors. Our findings are very reassuring: the Tech sector scores the best (across all sectors) when considering Growth and Quality – Taptica*, Frontier Developments* and dotDigital* in particular stand out on these metrics. Given these attractive characteristics and growth prospects, the Tech sector is unsurprisingly one of the most expensive – currently trading at 17.2x FY1 EV/EBIT and 23.8x FY1 P/E, versus 15.0x and 18.5x respectively for the wider market. Despite valuations appearing high, we believe there are value opportunities. For example, Proactis* features in finnCap’s QVGM+ portfolio (ranked 17/462) – the company offers attractive organic and inorganic growth, with earnings forecast to grow by 26% CAGR over the next two years, but despite this, only trades on 15x FY1 earnings and offers 8% FCF yield in FY2.

Companies: 7DIG ALT AMO ARTA BOTB BLTG CTP CITY D4T4 DTC DOTD ELCO ESG FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE SRT STR TRMR TAX TEP TPOP TRAK UNG VIP ZOO CYAN ONEV SSY ABAL

  • 27 Mar 17

The Joy of Techs

Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.

Companies: 7DIG AMO ARTA BVC BOTB CTP CITY D4T4 DTC DOTD ELCO ESG FDSA FDEV GBG IDEA IDOX IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO ONEV SSY ABAL

  • 25 Apr 19

LIBERUM: Origin Enterprises* - Getting Agrii

The shares have fallen to 10x PER for the first time in five years. The 3.7% yield also stands out. Brexit fears have been a factor, but we think the UK farming bill to transition away from subsidies will drive consolidation and a shift in technology which will benefit the UK agronomy business.

Companies: Origin Enterprises
  • 09 May 19

LIBERUM: Origin Enterprises* - New financial targets underpin Buy rating

Origin Enterprises' Capital Markets Day presented an in-depth analysis of the company's strategy, markets and operations. It highlighted the strength of the Origin's position in the UK/Ireland and the scope for expansion in Brazil and Continental Europe.

Companies: Origin Enterprises
  • 19 Jun 19

LIBERUM: Origin Enterprises* - Solid 3Q19 underpins full year estimates

Origin Enterprises has reported a solid 3Q trading update with underlying revenues +11% as the company benefited from more normal weather patterns in comparison to the difficult 3Q18. The UK/Ireland has had a particularly strong season, offsetting a difficult environment in Continental Europe, particularly in Ukraine.

Companies: Origin Enterprises
  • 02 Jul 19

THE MONTHLY July 2019

When advisers first start looking at business relief (BR) products, there is much to take in: the rules governing such products; the investment strategies being used; and what the investment risk is. It is easy to lose sight of the fact that, for non-AIM products, the investment is being made directly into a company or partnership, rather than a fund. It is, therefore, essential that governance is part of the diligence process.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SIXH TRX TON SHED VAL VTA W7L

  • 15 Jul 19

Cenkos: Finsbury Food Group Plc - Strong H2/19A

Finsbury Food has followed a robust H1/19A to finish the year slightly above our revenue forecasts. Group sales for FY19A increased 3.8% to £315.3m with sales in H2/19A being particularly strong, increasing 11.7% YoY. Organic sales growth grew 3.1% to £299.3m with H2/19A sales increasing 5.7% on a like-for-like basis.

Companies: Finsbury Food Group