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A good first quarter even if Swedish Match had already accustomed us to better. Inflation is still weighing on the group (to a lesser extent). In short, this is not really of importance as the group is about to be bought by Philip Morris.
Companies: Swedish Match (SWMA:STO)Swedish Match AB (SWMA:OME)
Record results for SWMA. ZYN’s performance in Q4 reassured and definitely drove Smokefree’s sales and EBIT’s growth, which offset the Q4 headwinds in Cigars.
The Q3 top line beat expectations, but it was tainted by lower than expected ZYN volumes, once again leading us to ask whether this is the end of the zenith?
The plan to spin-off of the SWMA US cigar business has been very well received, as the division could be seen as a burden on the group’s development and its vision of a “world without cigarettes”.
The results continued to be outstanding with double-digit growth in sales and operating profit in Q2, but there is now great concern that competitive pressure from other tobacco players in the modern oral environment is destabilising the future of the SWMA.
After the recent underperformance due to the FDA threat regarding flavoured cigars, the strong set of first quarter figures should support the stock. The group is efficiently pursuing the development of ZYN in the US, and that’s all that is required at the moment.
Another record year still driven by the ZYN performance in the US, although the Q4 volume was below expectations, which is not reassuring in the face of ever-increasing competition.
Companies: Swedish Match AB
A new quarter, a new beat, a new record. Q3 sales and operating profit were driven higher by COVID-19-related effects on consumer demand and channel shifts. No easing expected for the rest of the year.
It may seem surprising at first glance, but Coronavirus boosted SWMA’s results in the first quarter primarily thanks to the hoarding of cigars and smokefree in the US. Unfortunately, this will not be repeated in Q2 and the group actually expects sales and earnings headwinds.
Robust FY19 results, still driven by its successful snus and moist snuff division. Let’s keep a close eye, however, on the risk of a ban on flavoured cigars in the US.
The group reported, once again, a strong quarter with impressive top-line and bottom-line growth (+8% and +17% respectively). This was driven by the buoyant snus and moist snuff products, and a particularly strong result from ZYN nicotine pouches in the US. We continue to believe that the potential for smokeless products is increasing. Sales increased slightly for Other Tobacco Products and declined for the Lights product segment.
The snus and snuff division continued to show impressive growth. However, this was partially offset by significantly decreasing volumes in other divisions, pushing the company to revise its cigar guidance.
Strong results for Swedish Match, pushed especially by snus and nicotine pouches in the US, while Scandinavian countries continued to do well. The decline in volume for some products has been finally offset by better pricing and strong development.
While traditional combustible cigarettes volumes are continuing to decrease, it seems as if the smokeless products are not experiencing a market failure.
The company reported robust FY18 results, still driven by its successful snus and moist snuff division.
Solid set of figures driven by better than expected snus profitability and solid cigars, additionally helped by favourable FX. We see no change to our targer price at this stage.
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AFC has signed an agreement with another leading UK construction/infrastructure player, this time in Kier Group. We believe this further endorses our long term thesis that AFC will play an active role in encouraging the transition away from diesel-fuelled temporary power solutions. We believe its technology could help the sector make clear strides towards a net zero future, which has to commence now if they are to reach this target by 2045. The share price has been weak of late (in line with man
Companies: AFC Energy plc
Interim results from AFC contain few surprises and the group remains on track for the full year. The two main deltas versus our (unpublished) forecast were that the £2m stage payment from ABB were treated as deferred income rather than as revenue and that income from R&D tax credits was below our estimate. The first issue is an accounting issue which has no bearing on cash flow, while the second is likely a timing issue. On its own, the tax issue explains why period end cash, at £48.6m, was £1m
In an AGM trading statement today, Surface reiterated previous guidance1 that, with good progress being made in all departments, profitability should be achieved in 2022e. Further, following communication from the Group’s largest customer, OEM 8, on production and delivery schedules, Surface has now commenced high volume series production of its carbon ceramic brake discs. We expect deliveries to OEM 8 to ramp up over the next two months. Deliveries to other significant customers are also contin
Companies: Surface Transforms plc
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Raven Property Group has left the Main Market.
What’s cooking in the IPO kitchen?
Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide customers with an overdraft facility without having to change their current account or req
Companies: TRB CWR CCS DMTR EMAN GTC JSE KIBO MDZ SYM
Moderating freight costs, rental cost savings and selective price increases have driven a 30% upgrade to our FY22E adjusted PBT forecast.
Companies: Shoe Zone PLC
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Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market.
What’s cooking in the IPO kitchen?
Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June.
LifeSafe Holdings, a fi
Companies: SOLI REDX POS UFO GML PHC
CAP-XX has announced that it has expended its product offering to include Lithium-ion Capacitors (LICs). LICs are also called hybrid supercapacitors as they blend two different technologies; the positive electrode is like a supercapacitor, and the negative electrode is similar to a Li-ion battery. CAP-XX hybrid supercapacitors maintain key benefits of batteries, including higher operating voltage (3.8V) and increased energy density, while maintaining traditional characteristics of supercapacitor
Companies: CAP-XX Limited
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Following the group's trading update in February, when we raised our 2-year earnings expectations by c.10%, Solid State this morning reports an exceptionally strong end for the year to 31 March 2022 as positive trends in trading continued and well-publicised semi-conductor supply chain challenges were controlled. As a result, FY 2022E group revenue is now anticip
Companies: Solid State plc
Shoe Zone’s accelerated digital strategy and defined store rationalisation programme, alongside decisive action on cost control and cash preservation, means the Group is emerging from the pandemic as a leaner, stronger and more resilient business. Robust cash generation means we expect the Group to be debt free and able to reinstate its dividend in the current year.
Autins has reported its interim results this morning, which reflect underlying market conditions. Positively, while the top line declined 32% or £4.3m, mgmt. have handled the headwinds well and undertaken offsetting actions to contain EBITDA losses to £0.35m, in line with H2’21. Despite the backdrop, AUTG has seen its enquiry pipeline increase by £17m to £31m since the turn of the year, of which £11m is for EV platforms. There are encouraging signs with customers holding record levels of order b
Companies: Autins Group Plc
Singer Capital Markets
A brief year end update this morning confirms that Gleeson has hit its 2,000 home strategic target during FY22, as planned. This is a considerable achievement, representing a doubling of home sold over the past five years, a period which included the COVID pandemic. We make no changes to forecasts this morning, with a more detailed update due on 11th July. Against a sector that has de-rated materially, we note that Gleeson has particularly underperformed peers over the past month and its previou
Companies: MJ Gleeson PLC
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch
Companies: SYM ABDX LOAD BPM TND BRCK PRES ENET CDGP
AFC Energy hosted its maiden Capital Markets Event yesterday, giving an excellent summary of its progress in the last year and its prospects. The company is making good progress in commercialising its EV charging product alongside ABB and should be ready for market in 2022. We believe the long-term prospects for the company remain exciting.
Shoe Zone is upgrading FY21E Adjusted PBT expectations to £8.0m, a 22.7% upgrade to our previously published forecast of £6.5m, following initial work done as part of the ongoing yearend review process. The benefit of this upgrade also flows through to FY23E where we increase our forecasts by the same quantum. Despite the recent share price rally, we continue to believe Shoe Zone trades at a deep discount to its fair value, with a return to the dividend list anticipated in the current financial
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. Interim results this morning read well, illustrating both a record six-month period, including very strong performances from both Willow Technologies and Active Silicon acquisitions, and an order book as at 30 November standing at a record £70.3m. While global supply chain challenges will continue to need to be successfully managed, the Board remains confident of