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Despite offer lapse, Unilever remains under pressure
20 Feb 17
Unilever (ULVR LN, HOLD, T/P 3800p) announced yesterday that it is no longer subject to a £40 per share offer from KraftHeinz, which valued Unilever at 14x EV/EBITDA and a 24x P/E ratio. The announcement was made jointly with Kraft Heinz. While the offer lapse will probably prompt Unilever’s shares to open lower – they rose 13.3% on Friday – longer term changes may be more positive.
Device Authority: Poised for growth
17 Feb 17
Tern has released 2016 Full Year results. Whilst the numbers themselves are mostly preannounced, it is clear that Tern has placed itself, and its portfolio, well to establish value appreciation. Device Authority, Tern’s cornerstone investment, has achieved a 560% uplift in net asset value and has secured relationships with key industry partners.
High single digit EPS growth remains on track
17 Feb 17
BAT (BATS LN, HOLD, T/P 5300p) announce their preliminary 2016 results on Thursday 23rd February. We forecast revenue to increase 13% to £14.8bn, in line with Bloomberg consensus, and adjusted diluted EPS to continue its positive momentum to 249p (232p FY2015). Analyst consensus is 246p.
Salient play in a healthy industry
16 Feb 17
PepsiCo’s (PEP US, N/R) full year figures reconfirmed growth expectations for the US FMCG giant in 2017. PepsiCo – which generates one third of its revenue from North American beverages – looks for 3% organic sales growth in 2017. Our own view about UK soft drinks remains positive. Flexibility around sugar, ongoing innovation, potential price support from a sugar tax and further M&A are all consistent with the industry maintaining sales growth and delivering positive share price performances.
$17bn For Mead Johnson Confirmed – +1% OSG in Q4
10 Feb 17
Reckitt Benckiser (RB/ LN, BUY, T/P 9000p) released their full year results this morning beating on both EPS and revenue. Sales for the full year increased 11.5% to £9,891m beating consensus forecast of £9,863m. EPS was at the top end of the range at 302p (vs 296p).
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