Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SABMILLER PLC. We currently have 15 research reports from 3 professional analysts.
|06Oct16 11:52||PRN||Form 8.3 - Anheuser-Busch InBev SA|
|05Oct16 15:20||RNS||Form 8.3 - SABMiller PLC|
|05Oct16 14:23||RNS||Form 8.3 - Anheuser-Busch InBev SA NV|
|05Oct16 14:23||RNS||Form 8.3 - SABMiller Plc|
|05Oct16 13:21||PRN||Form 8.3 - SABMiller Plc|
|05Oct16 12:28||RNS||Form 8.5 (EPT/RI)Replacement SABMiller Plc|
|05Oct16 12:26||RNS||Form 8.5 (EPT/RI)Replacement Anheuser-Busch InBev|
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.
UK FMCG – Price Target Revisions
15 Jul 16
Stockmarket uncertainty in the 3-week period since the Brexit referendum outcome unsurprisingly led large cap UK FMCG shares to outperform the domestic index. The sector clearly benefits both from sales stability and high overseas earnings. Comparative UK profit exposures are shown in Exhibit 1 below.
13 Feb 17
Middlesbrough-based pawnbroker Ramsdens Holdings is set to join AIM on 15 February. Its growth is not coming from its core business but from providing foreign currency, pre-paid travel cards and international payments. The strategy is to increase the group’s online activities and grow the number of branches. In the year to March 2016, group revenues improved from £29.2m to £30m. The accounts of the main subsidiary show that foreign-currency margin rose from £5.36m to £7.59m. This contributes 35% of group gross profit. By contrast, the core business of pawnbroking, precious metal purchases and retail sales fell from £21.3m to £19.8m. Revenues from other financial services were flat at £2.6m. Ramsdens has 127 sites and last year it made an operating profit of £3.19m. In the six months to September 2016, revenues increased from £16.2m to £18.4m and operating profit improved from £2.81m to £3.48m. The placing will raise £15.6m at 86p a share, valuing the company at £26.5m. NorthEdge Capital, which backed a buyout in September 2014, will receive just over £10m from share sales. The NorthEdge stake will fall from 75.6% to 30.7%. The other £5m will go to the company and be used to repay the remaining loan notes and the costs of the flotation. By the end of March 2016, there were still £4m of loan notes outstanding to NorthEdge, with £4.86m paid off during the previous year.
Salient play in a healthy industry
16 Feb 17
PepsiCo’s (PEP US, N/R) full year figures reconfirmed growth expectations for the US FMCG giant in 2017. PepsiCo – which generates one third of its revenue from North American beverages – looks for 3% organic sales growth in 2017. Our own view about UK soft drinks remains positive. Flexibility around sugar, ongoing innovation, potential price support from a sugar tax and further M&A are all consistent with the industry maintaining sales growth and delivering positive share price performances.
New CEO resets targets: cost savings ahead, mid single-digit top-line target by 2020
16 Feb 17
Nestle’s FY and Q4 update: In Q4, sales grew organically +2.9% (weaker than 3.5% expected). In Q4, Zone Americas, EMENA and Others slowed down compared to the previous quarter. Zone AOA (+4.4%), Waters (+5.4%) and Nestle Nutrition performed better than in Q3. On a FY basis, organic sales are up +3.2% (cons. 3.4%) with RIG +2.4% and pricing of 0.8%. On reported figures, sales are up +0.8 (FX: -1.6%). The trading operating margin is up 30bp on constant FX and +20bp on reported figures (in line with consensus). FY17 outlook: top-line growth of 2-4%, stable operating margin as a result of a considerable increase in restructuring costs to drive future profitability. EPS is expected to rise at constant FX and capital efficiency is also expected to rise. For the mid-term, Nestlé targets mid single-digit top-line growth and 200bp in structural cost savings by 2020. The proposed dividend is CHF2.30 (vs. CHF2.25 last year).
Foundations laid; building starts
15 Feb 17
Last week RM posted a reassuring set of prelims (adj. PBT 4% ahead) that showed continued progress within RM Education (+6% EBIT gr’th) and RM Results (+22% EBIT gr’th) – achievements that shouldn’t be overshadowed by the challenging (but temporary) external market, which is weighing on RM Resources (-9% EBIT). Indeed, combined with Connect Education & Care, we are bullish on the division’s long-term prospects, and as such we raise our target price to 207p and retain our Buy recommendation.
The Quest for Dividends
01 Feb 17
The Dow Jones Index has just breached the 20,000 mark, the first time in its 131- year history that it has done so, whilst the FTSE-100 Index has also been at record levels in recent weeks. The election of the controversial Donald Trump as the new US President, and more specifically the impact of his planned expansionist economic policies, have boosted stock markets, both in the US and in the UK.