Food Production

Food Production equity research

Explore the most viewed and latest equity research and media content for companies within the Food Production sector. Stocks operating in this sector provide services ranging from agriculture & fishing to general food production.

Food Production equity research

08 Jun 17

N+1 Singer - Small-cap quantitative research - Value screen periodic refresh and 9 focus stocks

We have completed another refresh of the value style screen, first established as of 12 May 2015. As usual the screen selected the 25 stocks exhibiting the most extreme value characteristics from our universe, and we have chosen 9 stocks to focus on. Since the last refresh as of 8 November 2016, the day before the US presidential election result was known, the screen has performed strongly (outperforming the small-cap index by 12.9pp on a weighted basis) with our focus stocks doing even better. The indication is that smaller value stocks perform well in a steady “risk on” environment. The new basket contains many UK consumer demand and emerging market plays. We find the latter exposure interesting at this juncture.

Companies: RUS GOAL VTU BILN INL AEP MAYA IPF OPM

29 Jun 17

Nestlé launches CHF20bn share buy-back

Nestlé has announced CHF20bn share buy-back by 2020. If any sizeable acquisitions take place during this period, the share buy-back programme will be adapted accordingly. The volume of monthly share buy-backs will depend on market conditions but is likely to be backloaded in 2019 and 2020 to allow the pursuit of value-creating acquisition opportunities. The company expects a net debt/EBITDA ratio of c.1.5x in 2020.

Companies: Nestle

21 Jun 17

A Cub that Knows how to Roar

Greencore's (GNC LN, BUY, T/P 310p) presence as a solution provider to large US branded CPG operators is to date young relative to its presence in US and UK Food to Go. However, there was clear evidence from its Chicago based capital markets day that the "young cub" knows how to roar. Moreover, the investor knowledge asymmetry between the UK and US operations should diminish.

Companies: Greencore Group

27 Mar 17

The Joy of Techs

Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.

Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO

03 Apr 17

The Monthly

After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.

Companies: ABZA AVO AGY APH ARBB AVCT BUR COG CLIG COS DNL EVG MCL MUR NSF ODX OXB PPH NIPT PHP RE/ RGD REDX SCLP SPH TRX

12 Apr 17

Venture Life Investors Overview

16 Sep 15

Product Update

12 Apr 17

Venture Life Products

13 Jul 15

Executive Interview - Cooks Global Foods

20 Dec 12

Analyst Interview - Devro

04 Jan 16

Company Overview

05 May 15

Overview of the business with CEO Dennis Melka

21 Sep 16

Interim Results: 30 June 2016

Latest Content

Real Good Food

New expansion capital

Significant increases in forward demand at both Renshaw and Haydens have led management to raise £15.5m of capital for working capital and investment in new technology, machinery and streamlined processes. Existing shareholders Napier Brown Holdings and Omnicane Limited are each providing a £2m 1-year secured loan facility at a 6.5% coupon. In addition, Downing LLP is providing a 3-year secured loan of up to £8.75m at an interest rate of 6.5%, and subscribing for 7,844,924 new shares at 35p to raise £2.75m of gross proceeds. Our FY18E pre-tax profit moves from £6.4m to £4.3m and adj. EPS from 6.8p to 4.4p. The downward revision to forecasts and additional leverage means we reduce our price target from 75p to 55p, although investment undertaken could generate upside risk to our forecasts.

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29 Jun 17
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UTW RCN RGD ESV

Morning Note

Utilitywise* (UTW): Estimates corrected (CORP) | Redcentric* (RCN): Prelims set the base line (CORP) | Real Good Food* (RGD): New expansion capital (CORP) | eServGlobal* (ESG): HomeSend looking ever more exciting (CORP)

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29 Jun 17
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Dekeloil Public Dixons Carphone

Breakfast Today

"You can't keep a good market down. Despite its long list of woes, ranging from the IMF's growth forecast downgrade, the Senate delaying the Healthcare Bill, the second global Cyber Attack and Google's EU fine, US equities yesterday were firm from the start, recouping losses on Tuesday which saw the Dow Jones suffered its biggest drop in more than a month, to finish with all three-major average closing near the session's highs. They even shrugged off a National Association of Realtors report showing pending home sales in the US unexpectedly decreased for the third consecutive month in May, which is the latest in a long list of data that suggests US economic momentum is finally slipping. The Nasdaq led the way once again, with most giant tech stocks bouncing while its biotech index was also sharply up. In the wider market, Steel was an outstanding sector, driving the NYSE Arca Index up by 3.9% on hopes the White House will soon impose penalties on countries dumping in the US; Financials were also boosted following the Fed's approval of 34 banks' capital plans, which is now expected to release capital for higher dividend payouts; elsewhere Trucking and Housing saw strength, moving higher along with most of the other major sectors, while also Oils benefitted from an EIA reported detailing a sizeable weekly stock decline. Sceptical analysts, however, pointed out that any output decline was probably more the result of Tropical Storm Cindy which knocked out activity in the Gulf of Mexico last week, but has since come back on stream. Treasuries meanwhile continued to see modest weakness, taking the benchmark ten-year yield up by 3 basis points at 2.228%. Asia celebrated the US market performance, putting in convincingly gains across all its regional bourses. Australia's S&P/ASX 200 advanced over 0.9%, building on Wednesday its largest one-day gain in two weeks, with its banks amongst the best performers. Elsewhere, the Hang Seng was powered by demand for HSBC (HSBA.L) and Standard Chartered (STAN.L). The Nikkei gave back some of its early strength due to a firming Yen, while US tech advances boosted the demand for the heavily weighted South Korean KOSPI index. This optimistic mood was not shared during yesterday's European session, however, with Eurozone markets pulled down by a strong Euro, as it headed for its highest level in a year on traders interpreting Tuesday's ECB President's speech as paving the way for a scaling back of monetary stimulus, even if most still consider tapering itself is unlikely to commence before Q1'2018. Picking up the mood from Tuesday's falling overnight markets, the STOXX Europe 600 opened sharply down with techs, utilities and basic materials under most pressure. The surprise US rally, however, rebuilt confidence sufficient for the Index to eventually claw its way back to unchanged, led by recoveries in the FTSE MIB and IBEX 35, although the DAX and CAC-40 still closed with modest losses. The mood in London deteriorated once again as the Bank of England echoed its continental peer by hinting at a reduction in monetary stimulus. Sparking a 1% rise in Sterling by noting "some removal of monetary stimulus is likely to become necessary", the Governor also made it clear that economic conditions need to improve first. With lower oil prices seen taking the sting out of inflation figures, most traders still consider he will continue to do his utmost to defer such a move into 2018. UK macro data due today includes May Consumer Credit, Mortgage Approvals, and M4 Money Supply; traders will also be listening out for feedback from today's BBA Annual Retail Banking Conference, which lists senior speakers from both Government, BoE and FCA. The EU offers June Services Sentiment, Consumer and Industrial Confidence, Economic Sentiment Index and Business Climate data. The US will detail weekly Initial Jobless, Q1 GDP and Personal Consumption Expenditures, while the Fed's James Bullard is due to make a speech. UK corporates due to release earnings or trading statements include DS Smith (SMDS.L), Purplebricks (PURP.L), JD Sports (JD..L), Greene King (GNK.L), John Wood (WG..L) and John Laing (JLG.L). Theresa May's meeting with German Chancellor Angela Merkel in Berlin today ahead of the G20 summit in Hamburg may also provide some interesting Brexit soundbites, ahead of which London equities are seen simply riding on the back of the overnight markets. The FTSE-100 is seen rising 35-plus points during this morning's early trading."

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29 Jun 17
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Nestle

Nestlé launches CHF20bn share buy-back

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29 Jun 17
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SIXH ACL AXS AMPH ALU AEP AVG CAPD CAR FENR FLO RAD GHH HDD HAYT IOF MPE RE/ RED RNO RBN SOM SCE TRT TRI VANL ZAM

Machinations

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27 Jun 17
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Wynnstay Group

Presentation to Whitman Howard sales

Wynnstay’s (WYN LN, N/R) senior management team of Ken Greetham (CEO) and Paul Roberts (FD) presented to Whitman Howard’s equity salesforce on Friday 23rd June in the aftermath of interim results. While the company’s Just for Pets business proved disappointing recently, the underlying agriculture story remains strong. The company highlighted favourable comparisons at its 21st March 2017 AGM.

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26 Jun 17
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CENTRALE DEL LATTE DI TORINO

Steady

The domestic market remains subdued, and raw material costs have been increasing. Centrale del Latte d’Italia (CLI) implemented some price increases on 1 April in order to offset some cost inflation, with full effect from 1 June. However, spot milk prices are starting to fall, both domestically and across Europe, so we expect a more benign cost environment during H217. We leave our forecasts unchanged and our fair value moves to €2.82 per share (from €2.85).

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22 Jun 17
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Greencore Group

A Cub that Knows how to Roar

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21 Jun 17
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ECHO ORCP WYN LEK HRN HAL FCR EZH MERC WGB

Small Cap Breakfast

GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m. Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | FFI Holdings— Specialist in the provision of completion contracts to the entertainment industry for films, television, miniseries and streaming product. Offer TBA. Expected 30 June. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | Ethernity Networks—Schedule 1 from Israeli based specialist in data processing technology used in high end carrier ethernet applications across the telecom, mobile, security and data centre markets. Expected late June. Offer TBA. | Jangada Mines—Sch 1 advanced stage PGM exploration project containing what the Directors understand to be the largest PGM resource, and only pre-development PGM project, in South America. Offer TBA. Expected late June. | Phoenix Global Mining— US Brown field copper play. Expected late June. Offer TBA | Touchstone Exploration— Oil E&P company active in the Republic of Trinidad and Tobago. Interests of approximately 90k gross acres. Production c. 1.3k boepd. Raising £1.5m. Expected mkt cap £7.5m - 26 June. | I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. | Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | ScotGems—Admission due 26 June. Seeking £50-£100m. To investing in a diversified portfolio of Small Cap Companies listed on global stock markets | DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia,Azerbaijan and Georgia . £20m primary raise plus a partial vendor sale. | AIB—Intention to float from AIB, Ireland's leading retail and commercial bank. The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Valuation range €10.6-€13.3bn. Admission end June. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.

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21 Jun 17
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Greencore Group

Stepping up to the plate in Chicago

Greencore (GNC LN, BUY, T/P 310p) hosts a capital markets day at its recently acquired Peacock Foods’ Chicago operations on Tuesday, 20th June 2017. The day’s principal aim should be to quell any doubts regarding the company’s ability to manage a large scale US domiciled food business. In addition, the occasion should demonstrate the important role for solution providers for the very large US food brand owners. If these objectives are successfully met, Greencore’s share price enjoys potential to advance.

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