Whitman Howard Equity Research & Stock Reports
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Eyeing Up Opportunity
24 Mar 17
Produce Investment’s (PIL LN, BUY, T/P 210p) interim profits were well beneath inferred market expectations as delays in the recovery of ex-farm potato prices coincided with unusual costs associated with the company’s implementation of a new ERP system. Interim EBIT fell to £0.2m from £3.4m last year.
Accesso FY16 Results, CMD and Management presentation to WH Sales
22 Mar 17
ACSO is the clear market leader in a highly fragmented market (although leisure operators have recently rolled up attractions, supply chain is still ex fragmented). ACSO serves 7 of top 10 theme park operators globally but still clear blue sky opportunity: Theme Parks ACSO clients 59 Worldwide No. 200+, Museums 62/55,000+, Zoos 33/1,200+, Ski resorts 142/1,800+, Water parks 40/800+. Competitors are small with most not turning over as much as ACSO spend on R&D ($18m) which will allow for maintained market leadership. ACSO operates a SaaS model which allows for efficient roll out of new software releases and crucially ACSO follow a policy of none-exclusivity. Creating a ‘frictionless customer’ journey with less queues and a fully connected journey will become industry norm and ACSO will benefit, being the only major publicly available provider.
Positive AGM messages
22 Mar 17
Wynnstay’s (WYN LN, N/R) AGM, held in Shrewsbury yesterday delivered a number of positive messages for the B2B agriculture sector. The current trading backdrop, absence of deflation and raised pressure for further efficiency gains all argue for a more positive outlook for this discrete sub-segment.
Foundations for growth
21 Mar 17
accesso have released strong FY2016 Results which are marginally ahead of our expectations, this also follows the recent trading update at which it upgraded profitability figures. This is an impressive performance considering that 2016 has been a year of investment, not to mention the challenging trading conditions experienced in key summer months. This places accesso well for continued expansion in a significant and expanding global market.
21 Mar 17
Fever Tree’s (FEVR LN, HOLD, T/P 1250p) preliminary 2016 results this morning included in line EBITDA and diluted EPS. The company reported £35.8m of EBITDA – marginally ahead of our own £35.6m estimate and in front of £34.9m consensus forecast. Adjusted diluted EPS was 23.7p (+104%), consistent with our estimate (23.7p) but slightly below the 24.0p predicted by consensus (source: Bloomberg). Fever Tree holds an analyst presentation at 9.30am.
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