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
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MPE has provided a crop and production update for the year ended 31 December 2020. Own FFB crop, +9% y-o-y, is in line with expectations. CPO-equivalent production, +17% y-o-y, is 3% ahead of our expectations. We are upgrading FY2020E PBT by +11% and FY2021E PBT by +6% due to the strong CPO price.
Companies: D4T4 MPE PHD BLV
There is a popular misconception that Palm Oil is ‘bad’. We would contend that Sustainable Palm Oil (SPO) is actually ‘a very good thing’. SPO is the world’s most efficient and useful vegetable oil, requiring one fifth of the land to produce versus soybean oil. MPE, a leading proponent of SPO, operates in an environmentally sustainable manner, taking great care of natural resources, while its social outreach policies are second to none. Scoring highly on the finnCap ESG scorecard, we can recomme
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.
Flowtech Fluidpower (FLO): Corp | M.P. Evans (MPE): Corp | Open Orphan (ORPH): Corp | Quartix (QTX): Corp | Trifast (TRI): Corp
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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
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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 FY202
Companies: SAVE MPE GAN HUW HUR GTLY AFS IMM
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 harve
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)
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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%,
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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.
Catena Group (CTNA.L) to complete reverse takeover and be renamed Insig AI and is acquiring the remaining shares of Insight Capital Partners. Insight, which is based in the UK, is a data science and machine learning solutions company that provides bespoke web-based applications, advanced analytical tools and modern technology infrastructure to make machine learning accessible to investment professionals. Insight has developed five products specifically aimed at accelerating an asset manager's d
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Alphawave IP Group is considering an IPO on the standard listing segment of the London Stock Exchange. Alphawave IP is a leading semiconductor IP company focusing on the hardest-to-solve connectivity challenges created by the exponential growth of data. Funds and accounts managed by BlackRock, and Janus Henderson, have each entered into cornerstone agreements with the Company to subscribe for, subject to certain conditions, in aggregate, c. USD 510m of Offer Shares at an offer price representing
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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
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