Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PATISSERIE HOLDINGS PLC. We currently have 19 research reports from 3 professional analysts.
|05Jan17 10:58||RNS||Holding(s) in Company|
|23Dec16 12:29||RNS||Notice of AGM|
|02Dec16 03:30||RNS||Holding(s) in Company|
|29Nov16 07:00||RNS||Preliminary Results: 12 Months Ended 30 Sept 2016|
|19Oct16 09:36||RNS||Notice of Results|
|27Sep16 10:07||RNS||Adoption of Financial Reporting Standard 101|
|05Sep16 10:39||RNS||Holding(s) in Company|
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Research reports on
PATISSERIE HOLDINGS PLC
PATISSERIE HOLDINGS PLC
30 Nov 16
Oil is in focus today ahead of OPEC’s 171st ordinary meeting scheduled to open in Vienna at 11:00hrs local time, followed by the secretary-general holding a press conference at 16:00hrs. Crude prices weaken around 4% during yesterday’s European and US sessions, only to recover somewhat in the early hours of Wednesday after Iran and Iraq indicated a willingness to hold production levels steady as their contribution toward the Organisation’s proposal to trim output by 32.5m to 33.0m barrels per day. Still someway from Saudi Arabia’s own demand for a broadly-based cut in which all major contributors participate, and given that non-member, Russia, is expected to be absent, hopes of a successful outcome have faded somewhat. With Trump apparently set to appoint key supporter and Wall Street veteran, Steven Mnuchin, 53, as Treasury Secretary US equities rose fractionally across the board, with weakness in energy stocks, due to WTI plunging to a two-week low, compensated by a strong run in healthcare. Asia by comparison was mostly weaker, with only the US$-dominated Hang Seng remaining marginally positive, while the Shanghai Composite fell sharply away as traders again considered the potential impact of Trump’s proposed import tariffs on Chinese-made goods, as the Nikkei closed unchanged following marginally better October industrial output data and the ASX was pressured by a general sell-off amongst its oil stocks. Traders in Europe this morning will be examining the European Council President, Donald Tusk’s, response to a letter from UK MPs in which he stated that the EU cannot enter side-talks regarding the status if citizens until the UK actually triggers Article 50. This adds to the lack of Brexit transparency already fostered by Theresa May’s government and is considered to be behind the decline in GfK’s long-running consumer confidence index, which fell 5 points in November and now stand at 16 points below the level reached this time last year, albeit contrasting sharply with the positive UK mortgage data released yesterday which pushed the housebuilding sector up in the process. While OPEC takes centre stage, analysts will be pouring over the Bank of England’s stress test results this morning, with a particular focus on RBS as the most vulnerable of the majors, having factored in deep recessionary scenarios including a plunge in house prices, a halving of oil and a spike in unemployment. The FTSE is due to release its quarterly review and the Eurozone is also due to produce its flash inflation estimate. UK corporates expected to release earnings or trading updates include Biffa (BIFF.L), Brewin Dolphin (BRW.L), Britvic (BVIC.L), Greene King (GNK.L), RPC Group (RPC.L), Sage Group (SGE.L), Telford Homes (TEF.L) and Zoopla (ZPLA.L). The FTSE-100 is seen to be 5 points up in early trading.
29 Nov 16
CityFibre* (CITY): Business parks in the spotlight (CORP) | D4T4 Solutions* (D4T4): Data driven growth (CORP) | Sound Energy (SOU): Badile rig contract signed (BUY) | Patisserie Holdings (CAKE): A decade of revenue and profit growth (BUY) | Acal (ACL): Niche market position underpins potential (BUY) | KCOM* (KCOM): Interims highlight strategic focus (CORP)
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Strong H1 17 performance, confident outlook for H2
20 Jan 17
Following on from the positive AGM statement at the end of November, MySale has released an upbeat pre-close trading update. Group revenue increased 6% to A$136.1m, while higher margin online revenue, now representing over 90% of the total group, experienced a strong rate of growth of 18% to A$126.5m. As a result, gross margin showed continued improvement of 270bps driving a 17% uplift in gross profit to A$38.4m (versus A$32.7m). Strong trading for the half, combined with a carefully controlled cost base, led to a doubling in EBITDA to A$3.0m. Management are confident going into the second half period and following the increase in guidance at the end of November, the company remains comfortable with current full year forecasts. More detail and an update on trading will be given at the interims expected on 1st March 2017.
EBITDA break-even reached, positive outlook
18 Jan 17
7digital’s FY16 revenues increased 7% y-o-y and EBITDA profitability was reached, as targeted, in Q4. New contract wins in FY16 set the stage for a stronger top-line performance in FY17 and we consider management’s reiterated target of operating profitability in FY17 as realistic. For an operationally geared growth company in its first year of profitability, the FY17e EV/EBITDA of c 12x looks attractive.
N+1 Singer - Marston's - Decent start to the year
24 Jan 17
Marston’s AGM update for 16 weeks shows a decent start to the year, leaving the group well on track for full year expectations. For the 3rd consecutive year the D&P Managed business has out performed the regional Coffer Peach index with 1.5% LFL vs the sector effectively flat. This is a good showing given this was the stiffest comp period at 3%. We understand Christmas trading was good with the broad trajectory of trading similar to the broader sector. The main plus, however, is the signalling of flat margins which indicates the company is eschewing deep discounting and benefiting from having strong forward cover on most input costs. There is no change to investment plan guidance. Taverns LFL’s are reported at +1.5%; Leased +3% and Brewing +3% with margin growth – so all positive. With the first 16 weeks accounting for only 20% of profits and the fact that 2/3rd of profits are made in H2 we make no changes to our forecasts. The shares trade on a FY17 P/E of 9.2x, EV/EBITDA of 9.3x and offer a highly attractive and DPS/FCF yield of 5.5%/12%. We remain at Buy with a 150p 12m TP.