Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on HILTON FOOD GROUP PLC. We currently have 24 research reports from 1 professional analysts.
|06Dec16 07:00||RNS||Queensland Processing Facility for Woolworths Ltd.|
|03Nov16 07:00||RNS||Trading Statement|
|03Oct16 07:00||RNS||Total Voting Rights|
|22Sep16 03:15||RNS||Holding(s) in Company|
|19Sep16 03:27||RNS||Holding(s) in Company|
|19Sep16 11:45||RNS||Additional Listing|
|19Sep16 09:37||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
HILTON FOOD GROUP PLC
HILTON FOOD GROUP PLC
New packing facility; Highly significant for underpinning future growth
06 Dec 16
HFG has announced plans to expand its packing capability in Australia, by constructing (at an expected investment cost of A$115m financed through bank facilities) a new meat processing facility in Queensland, in order to supply Woolworths, the leading grocery retailer in Australia. This is a highly significant development as the new Queensland plant, alongside HFG’s two existing dedicated retail packed meat facilities in Melbourne and Bunbury (both operated as a joint venture with Woolworths) should mean that HFG supplies the bulk of Woolworth’s c.1,000 stores with their red meat needs over time. In short, this development should underpin growth at HFG for many years to come from 2020 onwards, which, in turn, should result in a higher and more stable earnings stream over time, supporting a continued rerating of HFG’s valuation multiple, in our view. We reiterate our BUY.
Panmure Morning Note 03-11-2016
03 Nov 16
Today’s trading update (18th July 2016 to date) will reassure the stock market, likely further comforted by HFG’s frequent financial calendar trading updates given the current backdrop of quite heightened economic and political uncertainty. Management comments that HFG “continues to trade in line with the Board’s expectations”. This, in turn, reflects a continuation of the established overall positive trading patterns seen in the H1FY16 (January 4th to July 17th) results published on September 13th. We reiterate our BUY.
Panmure Morning Note 04-10-2016
04 Oct 16
We think, over the medium-term, investors will look back at FY2016 as the start of a new distinctive chapter of growth for HFG, predicated on the refinement of the already potent HFG investment thesis. We use the recent strong H1FY16 results as a good opportunity to reflect on the long-term implications of a number of initiatives and developments, over and beyond the well-understood and wellexecuted focus on progressively and profitably expanding the scale and scope of HFG’s core business. Our positive thesis on the stock is predicated mainly on the company’s under-appreciated long-term, value-added growth strategy, which will result in a higher and more stable earnings stream over time, supporting a continued rerating of HFG such that it should sit at the top end of the peer range, in our view. Having reflected further on H1FY16 results, and updated our relative valuation exercise, we increase our TP to 755p (715p), giving 22% upside
Panmure Morning Note 13-09-2016
13 Sep 16
H1FY16’s PBT of £16.7m (+26.7% y/y) is ahead of our and consensus expectations of £16m. Our FY16 forecasts are unchanged for now whilst we note the pleasing 12.2% interim dividend increase to 4.6p. These interims impress on three key levels; (1) HFG’s underlying trading performance remains strong despite the context of a dynamic and challenging grocery retailing backdrop, combined with macro uncertainty and attendant currency volatility; (2) the first real evidence of the important financial benefit of HFG’s significant capacity investment in the UK and expansion in Australia; and (3) the strong momentum running throughout the business. We reiterate our BUY.
Panmure Morning Note 21-07-2016
21 Jul 16
Today’s H1 pre-close trading update is “in line with the Board’s expectations”. This reflects a continuation of the established overall positive trading patterns and individual country performances seen at the AGM trading update on May 25. In light of sterling continuing to depreciate against all of HFG’s key trading currencies (e.g. 62% of HFG’s FY15 revenues were generated outside the UK), we upgrade our FY16 and FY17 EPS forecasts by 4%, reflecting positive translational FX effects. The real news is HFG extending its capabilities, for the first-time-ever, into an adjacent fresh food category: pizza. The initial move is low-cost, risk-managed and non-material. Longer-term, in our view, this product diversification move could well represent a significant new dimension to HFG’s strategic growth opportunities, which in turn could have important positive implications for sentiment, forecasts and valuation. Reiterate our BUY.
Panmure Morning Note 13-07-2016
13 Jul 16
Post-Brexit, HFG offers defensive and high predictability of growth as it sells quality basic food products, for which there will always be continuing demand, to successful blue chip multiple retailers in the developed world. In FY15, 62% of HFG’s turnover was earned in countries outside the UK with a wide geographical spread. HFG has FX translational exposure (so depreciation of sterling should be good for reported profits) but little transactional FX exposure, as HFG’s international operations all have natural hedges in place as, broadly, they buy raw materials, source services/employees, sell products and arrange funding in local currencies.
Increasing price target from 815p to 835p
08 Dec 16
Following our 2 November 2016 note “The valuation genie is out of the bottle”, a great deal of new information has been disclosed about MPE (particularly on the non-core assets), while the company has re-based the dividend, announced a special dividend and announced the sale of major associate PT Agro Muko for US$100m. We now take all this new information into account and update our forecasts accordingly. As a result, we are increasing our price target from 815p/share to 835p/share.
06 Dec 16
600 Group* (SIXH): Interim results: order book showing signs of improvement (CORP) | Real Good Food* (RGD): Commodity volatility impacts numbers (CORP) | Minds + Machines* (MMX): .vip goes live in China (CORP | Imaginatik* (IMTK): Interims (CORP) | iomart* (IOM): Quality business as usual (CORP) | Fulcrum (FCRM): Upgrades continue (BUY)
Using their loaf
30 Nov 16
Finsbury Foods has been transformed by a series of acquisitions that has contributed to revenue and earnings nearly doubling over the last three years. Record levels of capital investment continue to improve the Group’s competitive position, whilst exposure to growth segments of the food market is helping likefor-likes. Profit growth is expected to slow in the current year in the absence of acquisitions but underlying trading remains resilient despite some cost headwinds, whilst debt reduction is accelerating. The rating is undemanding and the recent share price weakness has created a buying opportunity.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.