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We have dropped our coverage of Orsero owing to internal reorganisation. Our rating, target price and estimates are therefore no longer valid.
Companies: Orsero SpA
BNP Paribas Exane - Sponsored Research
A strong set of Q2 23 results with booming agflation and strong margins In Q2 23, sales were up 8.6% organic like in Q1 23 thanks to the growth in the BU distribution, which was up by c. 11.5% organically while the shipping division sales were down by -11.5% due to lower volumes transported. The Adjusted EBITDA in Q2 23 was EUR33m (vs EUR29.4m expected) strongly sustained by booming results of the distribution BU with EBITDA of EUR23.1m, mirroring a 5.9% margin at the highest level of the last 5
Forex and agflation sustaining an upgrade to 2023 guidance: EBITDA 2023e up by 15% Our analysis of the pricing of ORS core products (bananas, kiwis, pineapples: 1/3 of sales) shows strong ongoing growth of 20%+ (confirmed by Dole during its latest commentary). Forex has turned favourable YTD and shipping (representing around half of annual fixed price contracts) should have resisted well in H1; thus, we expect Orsero to increase its FY23 guidance. We raise our EBITDA 2023e forecasts by 15% and
Considerable growth, above our estimates, both organically and MandA-driven Orsero posted a considerable increase in Q1 2023 YoY: sales +32%, adj. EBITDA +48%, adj. EBIT +72%, and adj. net profit +50%. The main drivers were: the consolidation of the recently acquired companies Blampin and Capexo; organic growth of about 8.6% YoY; higher selling prices in the distribution sector; higher negotiated freight rates in the shipping sector. As regards margins, in distribution, the company benefited fro
Q4 2022 results higher than expected - DPS up by ca. 17% YoY Orsero posted a good set of results in Q4 2022: revenues +8% YoY; adj. EBITDA +60%; adj. EBIT +116%; net income +77%. FY results were higher than both the company guidance and our estimates. The main driver of this positive performance was the shipping division, which posted a strong +54% YoY increase in terms of EBITDA in Q4. The net financial position reached EUR -67.4m (BNPPE EUR -67.6m) vs. EUR -76m as at the end of Q3 2022. Orsero
Another very sound release in Q3, bang in line with our estimates Orsero posted a considerable increase in Q3 2022 YoY: sales +15%, adj. EBITDA +19%, adj. EBIT +21%, adj. net profit +49%. The net financial position reached ca. EUR -76m vs EUR -80m as at the end of H1 2022. The main drivers were: higher selling prices and slightly declining volumes in the distribution sector; better results in shipping thanks to higher negotiated freight rates. Conference call feedback: Q4 and 2023 trends are sup
Elections confirm polls, with the right-wing coalition winning a majority of seats The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
An impressive set of results, ahead of our estimates Orsero posted a strong increase in Q2 2022 YoY: sales +14%, adj. EBITDA +76%, adj. EBIT +191%, adj. net profit +254%. The net financial position reached ca. EUR -80m vs EUR -74m as at the end of Q1 2022. The main drivers were: higher average selling prices and slightly declining volumes in the distribution sector; better results in the shipping division due to higher negotiated freight rates. 2022 FY guidance raised In light of the results ach
Though macro fears are looming, we also find opportunities. Of the 18 stocks we cover under Sponsored Research (SR) agreements, we have selected four companies to navigate the next few months: LU-VE, Orsero, Hera and Sesa, offering a combination of structural growth, no/low gas/energy risk, cheap valuation, upside to consensus and specific catalysts (MandA or self-help). Gas price is the key issue in Italy - screenings With natural gas and electricity prices being the biggest concern impairing
Companies: 0QHK 0RQV HER LUVE HER SES ORS
We expect another strong performance in Q2 2022 We expect Orsero to post another robust set of results in Q2 2022 (results due on 12th September), outperforming the trend seen in Q1. In Q2 2022 we estimate: sales at ca. +13% YoY, adj. EBITDA +64%, adj. EBIT +150%, adj. net profit +220% (off a low base). The net financial position should reach ca. EUR74m, substantially flat vs. Q1 2022. We have assumed: almost flat volumes sold in the distribution sector; higher YoY average selling prices; highe
An outstanding set of results, slightly ahead of our estimates Orsero posted a strong increase in Q1 2022 YoY: sales +9.9%, adj. EBITDA +28.1%, adj. EBIT +46.2%, net profit +74.3%. The net financial position reached EUR-73.8m vs EUR-84.3m, as at the end of 2021. The main drivers were: higher average selling prices in the distribution sector (on the negative side it is worth mentioning some headwind in volumes, mainly due to avocado, citrus and stone fruit) and higher freight rates and volumes i
Q4 2021 results a tad higher than expected - shipping drove the performance Orsero posted a sound set of results in Q4 2021: revenues +11% YoY; adj. EBITDA +21%; adj. EBIT +87%; net income +675%. FY results were a tad higher than both the company guidance and our estimates. The main driver of this positive performance was the shipping division, which posted a good +72% YoY increase in terms of EBITDA in Q4. The net financial position reached EUR -84.3m vs. EUR -75.1m as at the end of Q3 2021. O
As a leading player in the import and distribution of fresh fruits and vegetables in its reference markets, Orsero should take advantage of potential inflationary pressure and a better product mix. On the shipping activity, the group is poised to ride the wave of high freight rates in 2022 and 2023. Disruptions to sustain high freight rates We disagree with the common optimism that the worst has passed. Our analysis continues to suggest disruptions are intensifying. We expect demand for conta
Mixed results in Q3 due to a shift in campaigns, guidance confirmed The company posted mixed results in Q3 2021 YoY, mainly due to a shift in campaigns from Q3 to Q4 in comparison to 2020: revenues +3.0%, adj. EBITDA -3.2%, adj. EBIT -6.5%, net profit +19.3%. The net financial position reached EUR -75.1m vs EUR -91.4m as at the end of H1 2021. Even though Q3 EBITDA was down YoY, 9M figure remained up YoY (+6.6%) and is consistent with the FY guidance confirmed by the company: revenues EUR 1.04/
Freight rates expected to rise markedly over the coming quarters In our recent report SUPPLY CHAIN DISRUPTION: Your freight is sealed we detailed our expectations for freight rates. The consensus at present seems to be that freight costs will pull back in 2022, primarily driven by the belief that supply chain disruptions will ease. Given that our analysis of supply chain disruptions suggests the opposite, we consider it highly likely that freight costs will rise further during the year ahead.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Orsero SpA. We currently have 0 research reports from 2 professional analysts.
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1st March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti
Companies: NWF FDP MEN EAAS SEEN ORCH CREO ENET
Hybridan
Better than expected to date: The January trading update season has been better than expected, with the ratio of upgrades to downgrades running at 26:16 out of the 101 trading updates that we have analysed. It’s a surprisingly positive start to the New Year which reflects (1) realistic expectations captured in consensus forecasts, (2) consumers’ determination to enjoy Christmas and protect important areas of personal expenditure and (3) a reduction in supply as competitors exit.
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Cavendish
Sainsbury has announced a strong H1 performance and an increase to its FY23/24 guidance. Q2 lfl sales grew by 6.6% (+50bp vs consensus), led by continued strength in the grocery business (noticeable market share gains and volume growth). However, clothing was weaker due to high promotional activity and unfavourable weather conditions. The adjusted EPS was c.5% ahead of the consensus. The management expects FY23/24 underlying PBT at the upper end of the guidance range and retail FCF of >£600m (vs
AlphaValue
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