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FOUNDATION HEALTHCARE INC
FOUNDATION HEALTHCARE INC
Stunted growth in the two main markets
18 Apr 17
Casino released Q1 sales showing an 11.6% growth yoy, driven by a +30.2% increase in LatAm retail revenues. Total sales came in at £9,321m, i.e. a 7% decline sequentially as the French operations underperformed. The latter suffered from struggling hypermarkets compared to a strong Q1 16, with only tiny growth in food sales on a same store basis. The online business, Cdiscount, progressed by a small 1.5%. In LatAm, Casino’s sales were boosted by a positive FX effect mainly for its Brazilian operations (+28% appreciation in Real). Despite decreasing inflation, GPA improved by 9.5% on organic growth sustained by volume recovery in Multivarejo and continuing strong growth in Assai. However, on a same store basis, food sales growth retreated from 7.8% in 2016 to 5.8%. The discontinued Via Varejo benefited from a favourable basis of comparison for both Offline and Online operations. Regarding other LatAm operations, Casino’s organic growth is driven by good same-store performances in Uruguay and expansion in all regions.
Q1 with no surprises
21 Apr 17
JM released robust Q1 sales growth mainly driven by the Polish Biedronka. Total sales edged up by 9.0% to reach €3.7bn. However, in Portugal, the picture was rather mixed as Pingo Doce suffered from the highly competitive context but Recheio seemed to be less sensitive. JM managed to enhance slightly its EBITDA margin to 5.2% (vs. 5.0% in 2016). Q1 net income remains flat at €78m. Net debt increased (but still negative) due to higher gross debt and lower cash. The cash flow generation capacity was affected by the increase in both capex and working capital requirements. The dividend payment (€380m in line with our expectations) will take place in Q2 17.
Historical accounting fines pulled down Tesco's profit
12 Apr 17
Tesco released its FY2016/17 results which showed 2.7% organic sales growth yoy to £55,917m and underlying operating profit of £1,280m, i.e. a 2.3% margin. During this year, Tesco succeeded in enhancing its UK lfl growth, although rather stunted in the Q4. This has sustained its domestic business profitability, improving by 50bp to 1.8% the underlying operating margin. The latter contributed 63% vs. 53% to the group’s underlying operating profit. However, Tesco has taken a total exceptional charge of £235m in respect of the Deferred Prosecution Agreement (DPA) of £129m, the expected costs of the compensation scheme of £85m, and related costs. Thus, the net result came in at £-40m. Net debt decreased to £4.5bn following the lower gross debt and slightly better cash flow generation. However, the balance sheet remains stretched due to the ballooning pension deficit, which more than doubled to £6,621m. It is worth mentioning that the UK defined benefit deficit represents 98% of the group’s deficit. This came after the plunge in bond yields to record lows amidst the deterioration in the UK growth outlook.