IQGeo Group (IQG): Corp | M.P. Evans (MPE): Corp | PCI Pal (PCIP): Corp |Surface Transforms (SCE): Corp
Companies: MPE SCE IQG PCIP
MPE has reported interim results for the period ending June 2020. The operational performance is strong (CPO-equivalent production up +31%) but gross margins are lagging our expectations. Despite upgrading our CPO price expectation +8%, we are trimming our FY expectations by c10%. Our price target – which is not driven off volatile short-term earnings – remains at 1,000p/share.
Companies: M.P. Evans Group PLC
Flowtech Fluidpower (FLO): Corp | M.P. Evans (MPE): Corp | Open Orphan (ORPH): Corp | Quartix (QTX): Corp | Trifast (TRI): Corp
Companies: FLO MPE QTX TRI ORPH
M.P. Evans (MPE): Corp AGM update: excellent start to the year | Somero Enterprises (SOM): Corp Trading update
Companies: M.P. Evans Group PLC (MPE:LON)Somero Enterprises, Inc. (SOM:LON)
ANGLE (AGL): Corp | Europa Oil & Gas (EOG): Corp | Hardide (HDD): Corp | Intercede (IGP): Corp | M.P. Evans (MPE): Corp | Quixant (QXT): Corp | Synairgen (SNG): Corp | Tremor (TRMR): Corp | Trifast (TRI): Corp
Companies: EOG HDD IGP MPE QXT SNG TRMR TRI AGL
MPE has reported excellent results for the year ending December 2019. Total crop handled by MPE exceeded one million tons for the first time and exceeded our expectations by c9%. As a result, revenue was c10% ahead of our expectations, adjusted PBT c30% ahead. We are upgrading FY2020E adjusted PBT by c12% but this could prove conservative as we see significant potential deflation on the cost base while tension appears to be entering the CPO market. We expect MPE to maintain its dividend in FY2020E and we maintain our 1,000p price target.
Companies: HZD SAVE MPE GAN HUW HUR GTLY AFS IMM CDM
MPE has announced H1 2019 results to end June 2019. H1 2019 was always going to be a difficult reporting period, simply because the average CPO price in H1 2019 is down 20% on H1 2018. Further, some of the plantations have taken a bit of a ‘growth pause’ after exceptional growth in 2018, while MPE has accelerated some field and mill maintenance tasks (and associated costs) in H1 2019. While H2 is likely to be much stronger due to a stronger CPO price and helpful seasonality with plantation harvests, we find it necessary to trim forecasts. However, our price target of 1,100p/share is unchanged as it looks through short-term earnings volatility.
M.P. Evans (MPE): Corp Prices and volumes under pressure in H1 | Omega Diagnostics (ODX): Corp VISITECT CD4 ERPD clearance
Companies: M.P. Evans Group PLC (MPE:LON)Omega Diagnostics Group PLC (ODX:LON)
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Companies: ANG LSAI OVB ADAM OEX ODX MPE MWE SAV RBGP
Altitude Group (ALT): Corp Trading update – growing up in public | Alumasc (ALU): Corp Full-year results in line | M.P. Evans (MPE): Corp Purchase of minorities accretive to sum of parts | Morses Club (MCL): Corp Strong position confirmed | PPHE Hotel Group (PPH): Corp Returns from investment programme growing
Companies: ALT ALU MPE
MPE has announced the purchase of minority shares in its 14,500ha of Sumatra-based plantations from ANJ. This is a win-win for MPE: it increases ownership of the plantations from 80% to 95% (retaining a 5% local shareholder), bringing ownership into line with its other plantations; effectively acquires a further 2,200ha of planted and well managed land for a very attractive price, and; achieves earning accretion and better deploys the strong balance sheet. In FY2020E our earnings increase 4% while our sum of the parts (coupled with weak Sterling) increases to 1,100p. We increase our target price accordingly.
Alumasc (ALU): Corp Year-end trading update | M.P. Evans (MPE): Corp AGM update: good start to the year | Velocity Composites (VEL): Corp Update on EIS/VCT qualifying strategic investments
Companies: Alumasc Group plc (ALU:LON)M.P. Evans Group PLC (MPE:LON)
MPE has reported excellent results for the year ending December 2018. Operationally there was strong growth with total crop increasing 27% y-o-y to 829,100 tons (1% ahead of our expectations) while CPO-equivalent production increased 25% y-o-y to 192,500 tons (inline with our expectations). With costs of production lower than our expectations, EBIT and PBT were well ahead of our expectations. Going forward, the plantations seem to be well on track but unfortunately the CPO price remains weak. We are dropping our CPO price assumption for FY2019E by US$100/ton, which drives material earnings downgrades. Our sum of the parts-driven price target is unchanged at 1,000p.
Evgen Pharma (EVG): Corp Initiation follows positive Phase II breast cancer data | Intercede (IGP): Corp Contract win and very strong year end update | Kingswood Holdings (KWG): Corp A period of great change | M.P. Evans (MPE): Corp Strategy bearing fruit: Excellent FY2018 results
Companies: IGP MPE EVG
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Distil has reported an impressive H1 performance against a backdrop of volatility and other challenges resulting from the Covid pandemic. The company has delivered a profit before tax of £154K compared with last year’s breakeven position, driven by a sales increase of 128% to £1.9m. The period saw new product launches within the leading RedLeg brand, with more new lines to follow. Distil has increased headcount in both marketing and New Product Development (NPD) to support its future growth. Despite the success achieved in H1, considerable short-term uncertainty remains around the impact of the emerging second wave of Covid and consequent restrictions. The company therefore feels it is prudent not to provide guidance at this stage on the outturn for the full FY21 financial year.
Companies: Distil PLC
Distil has enjoyed strong Christmas trading over the important Q3 period to end December, with revenues increasing 71% year-on-year. This was driven by very good performances from the RedLeg spiced rum brand and the group’s Blackwoods gin range, which more than offset weaker sales of Blavod Black Vodka in Eastern Europe. Distil has expressed its confidence on Q4 trading prospects and that full year performance will be “in line with the Board’s expectations”.
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 STU FCRM FUTR GTLY INS GLE NICL SDL SPR TRI
Cranswick’s FY20 results demonstrate its strength and agility and current trading confirms the company is well positioned despite the uncertainty posed by the COVID-19 pandemic and Brexit. Revenues were up 13.0% on a like-for-like basis, mainly driven by better price/mix, but with underlying volumes up 3.4%. Adjusted PBT was up 11.2% on the prior year and EPS up 8.4%. Net debt was £146.9m at year end, including IFRS 16 liabilities of £65.9m. The start to FY21 has been positive and hence the outlook remains unchanged.
Companies: Cranswick plc
Distil delivered a solid trading performance in FY20, despite uncertainties caused by the impact of external events in the form of Brexit initially and COVID-19 more recently. With its disciplined cost approach, Distil saw a 15% increase in operating profit from a 2% rise in revenue. Range extensions have underpinned the continuing success of its leading RedLeg Spiced Rum brand and Distil has continued to lay the groundwork for the further development and future expansion of its brand portfolio.
Interims highlight a resilient top-line performance and further good news on Vimto market outperformance. Investors should also welcome the reinstating of the dividend and a pleasing Middle East update. The other main news is the planned departure of CEO, Marnie Millard, with Andrew Milne the COO stepping up to fill the role. Marnie leaves Nichols in a strong shape and a smooth handover is anticipated. Ongoing OoH, consumer and Africa CV19 uncertainties mean forecast guidance remains withdrawn and thus we are not reintroducing forecasts at this stage. Overall, a positive set of interims today, reinforcing Nichols attractions of brand strength/robust balance-sheet/geographic diversity. The shares trade on an undemanding historical P/E of 16x, EV/EBITDA 11x and 6% FCF yield vs a LR P/E and EV/EBITDA of 20x/14x.
Companies: Nichols plc
Cake Box has started FY2021 positively with strong same store sales growth, new store openings and an excellent online performance. The company is not only able to repay its furlough monies, but also reward shareholders with a special dividend. Cake Box released a trading statement as such this morning.
Companies: Cake Box Holdings Plc
Despite Covid-19 materially impacting the Foodservice business, Finsbury traded profitably throughout Q4, and was able to report FY20A Adj EBITDA (pre-IFRS 16) only c4% lower YoY at £24.4m, whilst strong free cash flow (c19% historic FCF yield) reduced net leverage by 0.3x YoY to 1.1x (net debt lower by £9.1m YoY). Demand has been recovering MoM since April, with group revenues now approaching their prior year levels. Notwithstanding the steady improvement seen, due to continued uncertainty caused by Covid- 19, including the potential effects of a second wave of infections, we are not reinstating forecasts at this stage, and maintain our Under Review recommendation.
Companies: Finsbury Food Group plc
Lerøy Seafood Group will release its Q3/20 results on Wednesday 11 November. We have lowered our estimates ahead of the report, due both to a lower realized salmon sales price, and lower than previously expected harvesting volumes. We still expect volume growth deriving from its smolt strategy will be a catalyst for improved operational performance next year, and we reiterate our Buy rating and our NOK 65 target price.
Companies: Z1L LYSFF LSG LSG