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Open
642
Volume
0.0m
Range
642/649
Market Cap
477m
52 Week
494/686
Date Source Announcement
09Mar17 12:02 RNS Price Monitoring Extension
01Mar17 17:05 RNS Director Declaration
23Feb17 13:01 RNS Holding(s) in Company
01Feb17 12:52 RNS Total Voting Rights
17Jan17 17:48 RNS Block listing Interim Review
13Jan17 16:36 RNS Holding(s) in Company
13Jan17 11:54 RNS Director/PDMR Shareholding
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Significant j/v confirmed with Sonae, Portugal; HFG’s 15th country

  • 04 Jan 17

Consistent with a highly-successful, critical strand of HFG’s stated growth strategy (i.e. entering new territories with new customers), HFG has signed a 50/50 j/v with Sonae, Portugal’s leading food retailer, to redevelop and operate Sonae’s existing sourcing/packing facilities to supply c.750 Sonae group stores with a range of packaged meats. We view today’s development, following an initial c.6 month co-operation period, as significant and encouraging on multiple levels; (1) the Portuguese facility is similar in size to HFG’s current third largest plant near Melbourne, Australia in terms of annual tonnage of c.50,000; (2) management states that it expects the redeveloped facility, post an initial €22m investment by the j/v, to be earnings enhancing in FY17 [we estimate that HFG’s share of profits could be as much as €3m in FY19 i.e. c.8% of our forecasted FY16 PBT]; (3) the Portuguese j/v is similar in structure to that of the proven j/v operational arrangement that HFG has had in Australia since 2013, thereby giving us comfort that HFG can capture its fair share of the financial rewards in a risk-managed fashion; and (4) today’s move to a formal j/v has come well within the 6-9 month period guided to when the co-operation agreement was first announced in July 2016, suggesting to us that HFG’s working relationship with Sonae has been highly successful so far. In short, we think the stockmarket will welcome HFG allocating its surplus cash to develop its core business with such a leading retail client, following on so soon from December’s announcement that HFG will invest A$115m to expand its packing capability in Australia. We maintain BUY.