Research, Charts & Company Announcements
Research Tree offers CONVIVIALITY PLC research coverage from 4 professional analysts, and we have 30 reports on our platform.
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|28/10/2016 07:00:13||London Stock Exchange||Supply Agreement with Palmer and Harvey|
|29/09/2016 07:00:12||London Stock Exchange||Grant of Awards under LTIP|
|28/09/2016 12:40:21||London Stock Exchange||Issue of Equity|
|16/09/2016 08:36:38||London Stock Exchange||Director/PDMR Shareholding|
|12/09/2016 14:03:06||London Stock Exchange||Issue of Equity and Grant of Options|
|12/09/2016 13:45:40||London Stock Exchange||Result of AGM|
|08/09/2016 07:00:10||London Stock Exchange||Director/PDMR Shareholding|
Frequency of research reports
Research reports on CONVIVIALITY PLC
Providers covering CONVIVIALITY PLC
Remain confident in outlook, significant opportunity in valuation
22 Sep 16
At the final results in July, management stated that it was very confident in the outlook for the business and this was reflected in the 14% increase in the dividend, as well as increased guidance on synergies following the transformational acquisitions of Matthew Clark and Bibendum. Since then, we expect that confidence has not changed and our view remains that the risks still lie to the upside in terms of more synergies emerging over time. The size and clout of CVR in the UK drinks market is not fully reflected in the valuation and the shares continue to trade at a significant discount to the peer group.
Strong set of results and surprise increase in dividend underpinned by confident outlook
18 Jul 16
Following on from the positive trading update in May, Conviviality today reports a strong full year set of results. Group sales increased 137% YoY to £864.5m, adjusted EBITDA of £30.2m was 3% ahead of our expectations, and fully diluted EPS of 14.2p was also ahead of our forecast of 14.0p. FY16 was a transformational year for Conviviality, and management are very confident in the outlook for the business, reflected by the 14% increase in the dividend to 9.5p, as well as increased synergies driving upgrades. This should reassure investors, and we would expect a re-rating given the recent weakness in the share price
N+1 Singer - Conviviality - FY16 finals supportive of our positive stance
18 Jul 16
An in line FY16 set of finals from CVR today with 27% EPS growth and a positive DPS surprise. We are encouraged by the tenor / synergy commentary around Matthew Clark and Bibendum. Retail had a year of pluses and minuses but the broad direction is upward. Looking ahead, we feel CVR has sufficient self-help and better foundations as an enlarged entity to navigate any consumer slowdown post Brexit. Current trading is broadly positive. We tweak up our FY17-18 EPS by 2%/3% and feel the shares on a FY17 P/E of 8x and 7%/11% DPS/FCF yield offer compelling value - Buy.
N+1 Singer - MS - Consumer - Recapping sector / stock specific implications of the Leave outcome
24 Jun 16
The Leave outcome is bad news for the UK consumer cyclical stocks. The anticipated political uncertainty and UK GDP slowing will not help in the next 12-24 months, but we feel none of the risks are new to the sector and in time will be surmountable. Companies with international exposure are best placed to protect earnings. Those with a heavy UK earnings bias and with substantial exposure to food input costs are less well placed potentially. In this brief morning comment we recap our previously articulated sector and stock specific risks in the event of a Leave outcome.
Brexit firmly takes centre stage
16 Jun 16
We explore the Brexit scenario to focus the mind and address 3 key issues which will become pertinent for our Consumer / Leisure research coverage if the Leave vote prevails. Namely, lower consumer demand, sterling weakness and labour cost pressure. We identify winners and losers and provide individual stock assessments from both a risk and upside perspective. Clearly if the outcome is Remain, then “sold off” UK consumer discretionary stocks are expected to bounce.
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On the right track
05 Oct 16
THe Q2 figures witnessed a third consecutive lfl positive growth leading to a H1 16 sales improvement of 1.0% on a lfl basis. H1 sales stood at £24.4bn (£27,338m including fuel) following a promising Q2 (0.9% in the UK and 2.1% for international markets). Tesco’s sales have benefited from the increase in both volume and transactions in all markets. All formats – including the largest and the Extra formats – saw an improving trend in lfl sales performance throughout the half. H1 operating profit came in at £596m, i.e. a 2.2% operating margin and management expects £1.2bn for the whole year. This positive trend in the margin will continue according to management and reach 3.5-4.0% by 2019/20. Net debt decreased to £4,352m but total indebtedness surged by £3,400m with a ballooning pension deficit due to low UK bond yields, in the aftermath of Brexit.
Lower than expected margin
24 Oct 16
Jeronimo Martins released strong Q3 sales growth leading to a 5.5% rise over the last nine months. Total sales reached €10,738m and EBITDA stood at €626,9m, i.e. an EBITDA margin at 5.8%, flat compared to 2015. The 9M net result came in at €501.6m, including gains from the Monterroio disposal for €224m. Adjusted net profit amounted to €266m, 5.6% yoy, boosted by a lower cost of debt. Biedronka remains the main driver for both the group’s top-line and profitability which offset a slight decrease in the Polish business margin (10bp). The underperformance of Ara and Hebe is more pronounced this year due to Ara’s network expansion (expected to be above 2015’s level). Despite the substantial capex, JM continues to enjoy a solid balance sheet with a lower debt burden (reaching €326m vs. €658m in 2015).
Ongoing refocus on core business
28 Jun 16
After three years of decline, Tesco has shown a second consecutive quarter of sales growth in the UK. In its domestic market, sales increased by 0.3% lfl despite the steady challenging environment with continued deflation and stiff competition from the discounters Aldi and Lidl. There was a deflationary impact of c.-0.7% on total UK lfl sales. International lfl sales climbed (+3.0%) due to the positive result from both Asia and Europe, leading to a 0.9% rise on a lfl basis over this Q1 16/17. This positive trend includes a small contribution from new store openings, with total sales growing by 1.1% at constant rates. At actual exchange rates, sales grew by 1.8% including a 0.7% positive foreign exchange translation effect due to the weakening of sterling, principally against European currencies.