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Date Source Announcement
30/08/2016 16:52:28 London Stock Exchange Half-year Report
25/08/2016 11:33:14 London Stock Exchange Interim Dividend 2016 - Record Date
25/08/2016 07:00:08 London Stock Exchange Half-year Report
03/06/2016 13:06:34 London Stock Exchange Result of AGM
02/06/2016 12:15:09 London Stock Exchange AGM Statement
04/05/2016 13:12:13 London Stock Exchange Holding(s) in Company
03/05/2016 14:34:18 London Stock Exchange Annual Report and Notice of Annual General Meeting
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Panmure Research - Camellia Flash 27-08-15

  • 27 Aug 15

Camellia is a global agriculture and horticulture group whose activities also extend to engineering, food storage and distribution, banking and financial services. It is one of the world's largest private tea producers. Interims to June showed revenues virtually unchanged at £102m (£101m) and a ‘headline' loss before tax of £8.7m (£3.4m). The interim dividend has been maintained at 34p. The loss before tax reflected ‘one-off' factors resulting in increased losses in engineering, reflecting the impact of closure costs of AKD Engineering. Production in India and Bangladesh was lower than the prior year due to drought conditions and margins were squeezed in India. Its other horticulture activities have performed in line or marginally ahead. Food storage and distribution has delivered an improved result. Following a management review, the group has decided to retain and invest in Duncan Lawrie, its private banking business. The outlook for the second half remains dependent upon the outcome of the harvest for a number of its crops, which highlights the group's inherent seasonality and notable second half bias. Recent tea auction prices show some positive trends over last year, particularly at Mombasa (Kenya) auctions where prices in the last six-eight weeks have been 30%-50% ahead of last year reflecting reduced levels of market production. We have upgraded our FY2015E ‘headline' PBT forecast to £15.9m, including the losses from AKD Engineering. It was previously £15.5m excluding the loss of £4m. Given the volatility in profitability and long term approach by the management, we have adopted an asset-based valuation. Interim net assets total £353m, the equivalent of £127 per share. Our price target of £117 represents a discount of 8% to this, upside of 22% to the current share price. We reiterate our Buy recommendation.