Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SABMILLER PLC. We currently have 11 research reports from 2 professional analysts.
|05Oct16 08:00||RNS||Delisting of SABMiller plc shares on the JSE|
|04Oct16 06:17||RNS||Scheme of arrangement becomes effective|
|04Oct16 12:00||RNS||Scheme of arrangement sanctioned by Court|
|03Oct16 11:45||RNS||Holding(s) in Company|
|30Sep16 04:30||RNS||Director/PDMR Shareholding|
|30Sep16 11:00||RNS||Total Voting Rights|
|30Sep16 08:00||RNS||Rule 2.9 Announcement|
Frequency of research reports
Research reports on
27 Jul 16
Ahead of the anticipated Fed statement this afternoon, which should outline findings and expectations from the 2-day FOMC meeting, London equities are expected to open in a lacklustre mood, with the FTSE-100 seen up around 10 points in early trade. With expectations of a continuing ‘wait-and-see’ approach, while additional data is collected throughout August in order to assess post-Brexit global confidence, the hot money continues to suggest September as the most likely month to see the first US rate hike since December 2015. With that background, markets will instead be left to focus on less than inspiring earnings figures emanating from the Q2’16 US reporting season. So far 159 companies in the S&P500 have provided results which, according to FactSet are showing an annual contraction of 4.5%; relative to consensus expectations of a 5.3% decline that has not been enough for markets pundits to celebrate and, following consecutive days of new record highs for both the main indices, there is little enthusiasm to push any further. This left the principal US indices to close mixed but little changed yesterday, with the tech-heavy NASDAQ being the principal winner. Asia was altogether more positive, as investors bought the Nikkei back again on revived expectations of the BoJ delivering a sizeable stimulus package after all. With Japan regaining just about all of Tuesday’s losses, again led by tech issues, the region saw more modest rises elsewhere, but even the commodity-heavy ASX turning fractionally positive by the close despite high crude inventories keeping oil close to its three-month low. While the FOMC statement will be today’s main action, UK GDP preliminary estimates and monthly service sector figures have the potential to grab some headlines. UK corporates reporting earning this morning include GlaxoSmithKline (GSK.L), Mitchells & Butler (MAB.L), Taylor Wimpey (TW..L), Dignity (DTY.L), St James’ Place (STJ.L) and Softbank’s takeover target, ARM Holdings (ARM.L).
22 Jul 16
Equities in London are set to open nervously, with the FTSE-100 seen losing some 23 points in early trade. The European Central Bank yesterday became the latest to adopt a 'wait-and-see' approach, keeping policy unchanged while seeking for clearer signs of momentum from its domestic economies, impact from the UK's decision to exit the EU and greater certainty ahead of the looming US Presidential election. Only the IMF appears willing to 'call it like it is', having issued an urgent call for the world's largest economies to add more stimulus, telling central banks of the 20 largest nations they not only need to retain current easy-money policies, but should also prepare further steps to shore up stagnating outlooks before they become a downturn. These nerves even spread to the US, where the Dow Jones had initially chalked up its ninth consecutive rise, notching up a further record high, before succumbing to profit taking led by industrials and commodity stocks, which dragged the other principle indices down with it. Asia, seemingly concerned that ECB's inaction could find itself unexpectantly copied by the BoJ, saw all territories push into the red, with the Nikkei leading the down-wave despite Nintendo again putting in a strong individual performance. London awaits more news from the both Theresa May's European tour and now also Phillip Hammond's foray into China, while anticipating the latest Manufacturing PMI data release this morning. Amongst corporates, a quarterly trading update is expected from Vodafone, an IMS from Big Yellow and finals from Beazley.
Q1 hurt by subdued performance of JV and associates
21 Jul 16
SABM released its Q1 update. Group NPR growth at constant currency stood at +2%, whereas volumes were flat. NPR by region: LatAm +5%, Africa +6%, Asia Pacific -2%, Europe +6%, North America -3%. The group revenue growth per hl stood at 2%. Lager volumes were up +5% for own subsidiaries and -5% for JV & associates, whereas soft drinks were up +2% (driven by Africa & Europe, LatAm was weak). Volume growth by region: LatAm +1%, Africa 0% (supported by soft drinks), Asia Pacific -3%, Europe +8%, North America -4%. On reported figures, NPR in the quarter was down 4% due to negative currency effects.
FY: solid underlying growth overshadowed by currency headwinds
18 May 16
SABMiller released its FY accounts. As a reminder, the group’s NPR grew +5% with price/mix, whereas volumes were up +2% (lager +1%, soft drinks +6%). For FY16, the group’s EBITA on an organic basis progressed by +8% (EBITA margin +60bp). On reported figures (excluding revenue from associates and JVs), FY revenue was down 10%, whereas the operating margin contracted 270bp. The share of profits from associates and JVs was up +4%. The FY net profit was down 18% on the back of adverse FX and impairment charges in Angola and South Sudan ($572m), as well as costs of $160m associated with the ABI transaction (advisors’ fees and staff-related costs). The FY dividend increased by +8% to $1.22 (final dividend $0.9375). For FY17, the group expects to deliver a good underlying performance, however reported figures will be impacted by FX volatility. The company does not expect the acquisition by ABI to be completed by 12 August 2016.
16 May 16
London equities are expected to remain overshadowed by deteriorating sentiment in the US, where disappointing corporate earnings again raise concerns about the resilience of consumer spending. The FTSE-100 is expected to open around 12 points down, and with the German and French markets closed today for Whit Monday it is not yet clear from where traders seek confidence to reverse this pattern. Asia could possibly be the source. Hong Kong rose sharply on Friday as investors reversed bear positions following China's latest economic releases while the Nikkei followed suit on repeated hopes of central bank intervention to tame the Yen. This led gains across most of Asia, despite China Industrial Output Growth Moderating in April and the PBOC leaving polict stance unchanged on Saturday. UK investors may gain macro guidance from this morning's Bundesbank monthly report, and from the Fed's Kashkari speech later in the day. Results are expected from British Land and ICAP.
Q4: Another good quarter
21 Apr 16
SABMiller released its Q4 and FY trading update. Numbers are strong on an underlying basis, however FX headwinds also remain strong. In Q4, the NPR (net producer revenue) grew +7% whereas volumes were up +3%. Group NPR/hl grew by +3%. On reported figures, NPR was down 4% due to adverse FX winds. NPR by region: LatAm +8%, Africa +12%, Asia Pacific +4%, Europe +3%, North America +3%. On a FY basis, the group’s NPR grew +5% (-8% on reported figures) with volumes up +2%. NPR by region: LatAm +8%, Africa +11%, Asia Pacific +3%, Europe +2%, North America +0%.
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Transformational deal with CDC
04 Aug 16
Zambeef has concluded a major capital raising exercise with the UK’s Developmental Financial Investor (DFI), The Commonwealth Development Corporation (CDC). With US$65m raised through the issuance of ordinary and preference shares, Zambeef is now able to purchase RCL's stake in ZamChick and ZamHatch for cash and pay down a material portion of debt, releasing significant free cash flow from the business. We believe this could be the trigger that allows the shares to re-rate and achieve our target price of 15p (undiluted) or 22p (diluted).