Looking Ahead At The Next Week
As expected, the COVID-19 pandemic caused significant declines in out-of-home consumption, which were partly offset by gains in at-home consumption and market share gains. Full year revenue declined 6.8% on a constant currency basis, while adjusted EBIT was down 21.9% at constant currency, and adjusted EPS was down 27.8%. A full year dividend of 21.6p was confirmed, following the decision in H1 to prudently suspend the dividend. Management focused on cash and cost efficiency to mitigate the impa
Companies: Britvic plc
As expected, the COVID-19 pandemic caused significant declines in out-of-home consumption, which were partly offset by gains in at-home consumption and market share. Full year revenue declined 6.8% on a constant currency basis, while adjusted EBIT was down 21.9% at constant currency, and adjusted EPS was down 27.8%. A full year dividend of 21.6p was confirmed, following the decision in H1 to prudently suspend the dividend. Management focused on cash and cost efficiency to mitigate the impact of
Britvic’s revenues for first nine months of 2020 (9M20) were £1,028m, down 5.1% at constant currency, while Q3 revenue was £329m, down 16.3%, which was in line with company expectations. Britvic gained market share across its business units. As expected, the COVID-19 pandemic caused significant declines in out-of-home consumption, which were partly offset by gains in at-home consumption.
Britvic’s revenues for first nine months of 2020 were £1,028m, down 5.1% at constant currency, while Q3 revenue was £329m, down 16.3%, which was in line with company expectations. Britvic gained market share across its business units. As expected, the COVID-19 pandemic caused significant declines in out-of-home consumption, which were partly offset by gains in at-home consumption.
FY20 started well, with value share gains in GB, Ireland and Brazil. As expected, lockdown has affected out-of-home and on-the-go consumption in particular. Conversely, sales of at-home consumption packs have increased significantly, thus leading to an adverse mix effect. GB and Ireland have been the most affected markets for Britvic, as they have a greater exposure to the out-of-home channel. The company is maintaining its guidance of a likely monthly impact from the COVID-19 pandemic of £12–18
Britvic has issued an update on the impact of the coronavirus. Prior to recent developments, trading was broadly in line with expectations. The recently announced government-mandated measures, however, will significantly affect consumption in outlet and on-the-go. The company has undertaken extensive modelling. Assuming the current conditions persist across its key markets, management’s best estimate is that the impact on the group is a reduction in EBITA of £12–18m per calendar month. Britvic a
Britvic’s Q1 trading was in line with management expectations, indicating a good start to the year. The company acknowledges that market conditions ‘remain challenging’, but it is confident of achieving market expectations for the year. Q1 revenue was £369.8m, up 4.9% vs the prior year. This includes a benefit from extra trading days. On a comparable days and constant FX basis, revenues were up 2.6%.
In FY19 Britvic delivered a strong performance showing good momentum in its core business. The GB business had both Britvic and PepsiCo brands showing revenue growth, Brazil continues to grow and problems in France are being addressed with a proposed exit from private-label juice. The Business Capability Programme (BCP) is complete, and cost savings delivered ahead of schedule. The outlook is somewhat cautious as the consumer environment remains tough, and changes in France will take a while to
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The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Dekel Agri-Vision has announced its April Production Figures which continue to take advantage of a strong rising pricing environment with Average CPO price per tonne up 39.2% at €803. We retain our strong buy rating with a 86% upside to our target price.
Companies: Dekel Agri-Vision Plc
Revenues have risen 60% y/y over the last 8-week period, which covers the group’s second peak season. Stores were shut for 6 weeks of the period, including Mother’s Day and Easter, while last year they were open on Mother’s Day, which highlights just how strong this result is. Investment in digital, +1m more customers in the database, improved planning and ranging, as well as growth across more geographies and channels all combine to drive very healthy upgrades. We raise our FY21E sales by 15%,
Companies: Hotel Chocolat Group Plc
Dekel Agri-Vision has announced a very strong production update for February 2021. We have upgraded earnings and increased our target price. We reiterate a strong buy rating with a considerable upside of 94% to our target price.
Dekel Agri-Vision has announced record CPO Production volumes, standing at 6895 tonnes for the month of March within their impressive March 2021 / Q1 2021 production update. We retain our strong buy rating with a 92% upside to our target price.
Like much of the UK consumer economy, CY2020 proved to be a year of considerable upheaval and disruption for AG Barr. Indeed, with visibility close to zero at times we withdrew forecasts in late March 2020, reintroducing our FY2021 expectations in July (expectations that were beaten). With visibility now improving, and the UK’s reopening either on-track or accelerating, we reintroduce FY2022 and FY2023 forecasts, looking for a broadly flat current year and a return to strong growth thereafter. M
Companies: A.G. BARR p.l.c.
Initiating with a Buy rating – We initiate our coverage on Dekel Agri-Vision with a BUY rating and a target price of 7.6p, equating to a market capitalisation of £32.2m. We believe Dekel Agri-Vision's agri-commodity diversification strategy, complementing its existing palm oil processing operations with a new cashew nut processing project (in which the company currently has a 43.8% interest, and an option to acquire a further 17%), provides a solid platform to enhance margins and drive step chan
Dekel Agri-Vision reported revenue of €15.4m in H1, 2020, an increase of 5.5% on €14.6m reported in H1, 2019. EBITDA increased by 36% to €1.9m in H1, 2020 from €1.4m in H1, 2019. The company made a net profit after tax of €0.4m in H1, 2020, compared with a net loss of -€0.1m in the same period a year earlier.
Dekel Agri-Vision has announced a positive set of palm oil production figures for October 2020. Fresh fruit bunches processed were up 15% in Oct 2020 at 9,350MT, compared with 8,118MT in Oct 2019. CPO production was up 19% at 1,818MT, compared with 1,528MT in Oct 2019, benefitting from higher extraction rates than in October last year. CPO sales in October 2020 were up 40% to 1,843MT, from 1,319MT in Oct 2019. The average CPO price for Oct 2020 was €636/MT, 28% higher than October 2019, when the
Dekel Agri-Vision has announced palm oil production figures for Q4, 2020 and the year ended 31 December 2020. The Company ended FY2020 with strong momentum following a good performance in CPO production in Q4, 2020 and with CPO prices in international markets above US$1,000/MT, as the company enters its high season period in H1, 2021.
In the last fortnight, we have surrendered some of the notable progress made over the last three months. That said, the optimism displayed by markets, driven by progress with vaccines and their rollout, persists. The recent direction of markets has been set by volatility in US markets, driven by specific retail market developments. Domestically, we have seen a broadly upbeat procession of results and trading updates/outlooks have, generally, been at least in line. The share price reactions have
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Wynnstay has a well-balanced, resilient and cash generative business model with a natural hedge, strong asset backing and a highly experienced management team. The Group has a strong financial track record in terms of profit and cash and has consistently increased its dividend for the last 17 years. We feel Wynnstay could be a Brexit winner. The Free Trade Agreement (FTA) with the EU provides UK farmers with much more clarity, stability and ultimately confidence with the industry being in a much
Companies: Wynnstay Group plc
Parsley Box, the direct to consumer provider of ready meals to the 60+ demographic, recently announced its AIM IPO plans. Parsley Box provides ready meals, which are not required to be stored in a fridge or freezer, have a shelf life of up to six months and are cooked in minutes. The company reported revenue of £24.4m for the financial year ended 31 December 2020 (unaudited). Deal details TBC and admission is expected to occur late March/ early April 2021. ActiveOps, a UK-based leader in Man
Companies: RRR CMET TOU YGEN TSG PFP AMTEX IOM JNEO BRD
MPE has reported an excellent set of FY2020 results. Crops and CPO production were ahead of our expectations, compounded by operational gearing and a lower- than-expected tax rate such that adjusted EPS was 43% ahead. FY2021E is upgraded by a similar amount but our price target remains 1,000p/share.
Companies: M.P. Evans Group PLC
In what the company describe as an “unprecedented year”, Cake Box’s trading update for the year ended 31st March has once again confirmed the potency of the Group’s format and franchise model to us. Total revenues are reported ahead by c16%, supported by an attractive combination of strong organic franchisee growth (24 new sites) and very positive LFL growth (when trading was permitted). Balance sheet strength is also a major virtue, with period end net cash at £3.6m, which is expected to build
Companies: Cake Box Holdings Plc