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

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.

  • 03 Sep 18

The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

  • 17 Sep 18

Cenkos: Finsbury Food Group Plc - Recipe for Growth

Finsbury has announced its annual results for FY18A, delivering 2.4% YoY growth in revenue from continuing operations to £290.2m. Management has delivered a stellar performance by controlling costs and maintaining margins in a challenging market environment. Investment into innovation and facilities, coupled with strategic acquisitions in a consolidating industry, provides investors with a platform for continued growth. We release our FY20E forecasts, inferring c6% YoY growth in adjusted operating profits, with Finsbury trading on a 12-month blended-forward EV/adj-EBITDA of c6.5x. We reiterate our Buy recommendation.

Companies: Finsbury Food Group
  • 20 Sep 18

Cenkos: Venture Life Group Plc - Growth set to accelerate

As announced with its August Trading Statement, Venture Life Group has delivered revenues of £8.3m, representing growth of 6%; EBITDA of £0.7m also increased versus H1/17A. The acquisition of the Dentyl brand in August 18, increased listings for UltraDEX in the UK and order phasing at the Italian manufacturing facility on top of organic growth should see stronger H2/18E performance. Further, improved H2/18E gross margin (vs H1/18A), the Dentyl acquisition and debt repayments (post period) are expected to deliver increased profitability and cash generation. We maintain our Buy recommendation.

Companies: Venture Life Group
  • 14 Sep 18

H1 2018 Results

On 13 September Côte d'Ivoire palm oil producer DekelOil Public Limited (DKL LN)# announced interim results for the period ended 30 June, reporting revenue of €14.1m (H1 2017: €19.6m) and a net loss of €0.5m (H1 2017: profit of €2.4m).

Companies: Dekeloil Public
  • 18 Sep 18

LIBERUM: PureCircle* - Return to profit growth in FY18; Confident FY19E outlook

PureCircle returned to double-digit sales growth and net profit expansion this year which we expect to support the share price today. FY18 results showed sales +10.2% yoy (vols +17%), Adj EBITDA +6.2%, Adj op profit +1.7% to give adj EPS +20% mainly driven lower by higher production costs (StarLeaf) more than offset by lower tax; StarLeaf will drive margin improvement in due course.

Companies: PureCircle
  • 27 Jun 17

Machinations

We recently hosted our annual Industrial Technology dinner with 14 companies, many of which are active in the materials science arena; having focused previously on composite materials in the aerospace sector, in this edition of Machinations we focus on graphene, with its unique and potentially game-changing qualities and potential applications. Investments in this area remain fairly early stage, but could potentially reap huge rewards. Graphene is well represented in the UK small-cap market by several players.

Companies: SIXH DSCV AXS AMPH ALU AEP AVG CAPD CAR FENR FLO GINV GHH HDD HAYT IOF MPE RE/ RED RNO RBN SOM SCE TRI VANL ZAM TRT

  • 29 Jun 18

The Monthly

We have analysed every IPO on the London Stock Exchange (LSE) between January 2015 and February 2018. Our analysis proves that, as expected, liquidity does dry up after float. The scale varies between markets and sectors.

Companies: OPM AGY ARBB AVCT BNO CMH COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SIXH TRX TON VAL W7L

  • 01 Aug 18

The Monthly

Hardman & Co’s analysts have direct experience of uncovering accounting frauds. In this article, Steve Clapham outlines why we might see a surge in them over the next few years. He is engaged by institutions to teach their fund managers and analysts how to identify risks brought about by such frauds. Hardman & Co is pleased to offer this service to private investors.

Companies: OPM AVO AGY APH ARBB AVCT BUR CMH CLIG COS DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

  • 04 Nov 15

Sweet growth

PureCircle is the global leader in stevia, a zero-calorie, natural sweetener being rapidly adopted by the global F&B industry to reduce sugar use. It has grown sales with a CAGR of 42% in three years and expects c.30% revenue growth to be sustainable mid-term. PC has a commanding lead in the industry as recently illustrated by a new patent for the use of Reb M in beverages in the US, one of PC's >60 patents. Last week’s move to a Main Listing on the LSE (from AIM) should broaden investor appeal.

Companies: PureCircle
  • 03 Feb 15

Venture life helps the Chinese Aged, SQS gets on the Italian Job, what next for Next 15

DDDD placing, ABC acquisition, ABDP new contract win, BMK preliminary results, CYAN £1m order, EKF collaboration, EMIS contract award, FPM new exploration licences, FITB joins Jawbone, partners with Cancer Research UK and court case judgement, GFM production update, HAYT £3m secured loan note programme and contract win, LWRF preliminary results, NFC proposed placing and trading update, SQS acquisition, STAF full year results, VLG distribution deal .

Companies: DDDD ABC ABDP BMK EKF EMIS FPM GFM HAYT LWRF NFC SQS STAF VLG CYAN KIN

  • 27 Sep 17

LIBERUM: Hotel Chocolat* - Strong prelims, upgrades and catalysts

Hotel Chocolat has a proven capital investment programme from store formats, digital channels and enhancing the efficiency of the production methods. New channels are opening up as the brand grows in stature alongside a relentless focus on innovation.

Companies: Hotel Chocolat Group
  • 27 Sep 17

Marginal increase to forecasts

Following the c5% beat to FY17 forecasts we are raising our FY18 and FY19 EPS forecasts by 3% and PT from 270p to 280p. While new wholesale and international agreements are welcome news, we await more data points regarding their potential contribution, with further exuberance in the interim tempered by an increasingly cautious outlook for the UK consumer.

Companies: Hotel Chocolat Group
  • 27 Oct 17

Machinations

Highlights this quarter: Economics: Generally, the data points to modest growth continuing, with a more positive trend in PMI surveys suggesting decent m manufacturing momentum over the next six months. Currency weakness continues to be a double-edged sword for U K manufacturers, with exporters gaining competitiveness while input prices have risen. There has recently been a divergence of sterling’s performance against the euro and the USD. Those in commodity or competitive product areas may well have seen margin erosion, while many in intermediary goods have already passed on price increases to their customers. With low unemployment, the prospect of tighter labour markets post-Brexit and public sector pay caps starting to come off also signals the potential for some labour inflation, long absent from the UK industrial scene. Topic of the quarter: We believe that powerful macro and sectoral pressures will drive further significant changes to the manufacturing supply chain over the next few years. We investigate some of these pressures, with the move to outsource suppliers to low- cost centres, like China, now seeing a slight reverse flow with some restoring to shorten complex and often inflexible supply chains. We see systems technology facilitating greater supply-chain control and efficiency. Brexit will present challenges to the UK supply chain with price and time to market barriers likely to rise, presenting challenges to the UK’s highly integrated and time-sensitive supply chain. Slick distribution infrastructure and greater information sharing with suppliers are likely to prove winning strategies in optimising logistics and gaining stock efficiencies. Sector valuation: The industrials sector has continued to exhibit strength, with small-cap industrials outperforming by 2 % on last year and larger cap industrials by 17%. Currency and improving economic data have been a positive for the sector. While some other sectors have seen a pick-up in profit warnings over recent months, industrial technology companies have announced generally positive or in-line trading updates that have helped to drive the small-cap Industrials to an EV EBITDA of 8.4x and a P/E of 16.7x with the traditional small-cap discount narrowing.

Companies: SIXH DSCV AXS AMPH ALU AEP AVG CAPD CAR FENR FLO GINV GHH HDD IOF MPE RE/ RNO RBN SOLI SOM SCE TRI VANL VEL ZAM TRT

  • 21 Feb 18

LIBERUM: Hotel Chocolat* - Strong H1 and strategic progress

The H1 results give us confidence in our full year forecasts and reflect the continued trading momentum and strategic progress that is being achieved. Double-digit top line growth has flowed through to profit growth, despite cost headwinds, as the group benefits from underlying efficiency improvements.

Companies: Hotel Chocolat Group
  • 06 Jun 18

An excellent start to the year

Zambeef has today reported FY2018 interim results. A stabilised economy coupled with a stable local currency and stable commodity prices has enabled the business to perform well despite significant fuel, electricity and labour cost pressures. We believe that our full year expectations are starting to look conservative but will await news on the winter harvest before making a judgement. We reinstate our previous forecasts and target price of 20p/share.

Companies: Zambeef Products
  • 12 Apr 17

Venture Life Investors Overview

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  • 21 Sep 16

Interim Results: 30 June 2016

interim-results-30-june-2016-21-09-2016
  • 12 Apr 17

Venture Life Products

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  • 20 Dec 12

Analyst Interview - Devro

analyst-interview-devro-20-12-2012
  • 05 May 15

Overview of the business with CEO Dennis Melka

overview-of-the-business-with-ceo-dennis-melka-05-05-2015
  • 13 Jul 15

Executive Interview - Cooks Global Foods

executive-interview-cooks-global-foods-13-07-2015
  • 04 Jan 16

Company Overview

company-overview-04-01-2016
  • 16 Sep 15

Product Update

product-update-16-09-2015

Latest Content

Venture Life Group

Cenkos: Venture Life Group Plc - Growth set to accelerate

As announced with its August Trading Statement, Venture Life Group has delivered revenues of £8.3m, representing growth of 6%; EBITDA of £0.7m also increased versus H1/17A. The acquisition of the Dentyl brand in August 18, increased listings for UltraDEX in the UK and order phasing at the Italian manufacturing facility on top of organic growth should see stronger H2/18E performance. Further, improved H2/18E gross margin (vs H1/18A), the Dentyl acquisition and debt repayments (post period) are expected to deliver increased profitability and cash generation. We maintain our Buy recommendation.

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  • 20 Sep 18
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MTFB SAV VLG

Northland Capital Partners Limited Morning Report

MOTIF BIO (MTFB.L) | SAVANNAH RESOURCES (SAV.L) | VENTURE LIFE GROUP (VLG.L)

 View

  • 20 Sep 18
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Science In Sport

LIBERUM: Science in Sport* - Initiation - Moving forward

SiS operates in a structurally growing market in which it is rapidly taking share through its distinct market position and product range. The approach towards quality, cutting-edge science and banned substance testing is unique and is the only brand with dual accreditation at site and product level.

 View

  • 19 Sep 18
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PureCircle

LIBERUM: PureCircle* - Return to profit growth in FY18; Confident FY19E outlook

PureCircle returned to double-digit sales growth and net profit expansion this year which we expect to support the share price today. FY18 results showed sales +10.2% yoy (vols +17%), Adj EBITDA +6.2%, Adj op profit +1.7% to give adj EPS +20% mainly driven lower by higher production costs (StarLeaf) more than offset by lower tax; StarLeaf will drive margin improvement in due course.

 View

  • 18 Sep 18
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Finsbury Food Group

Cenkos: Finsbury Food Group Plc - Recipe for Growth

Finsbury has announced its annual results for FY18A, delivering 2.4% YoY growth in revenue from continuing operations to £290.2m. Management has delivered a stellar performance by controlling costs and maintaining margins in a challenging market environment. Investment into innovation and facilities, coupled with strategic acquisitions in a consolidating industry, provides investors with a platform for continued growth. We release our FY20E forecasts, inferring c6% YoY growth in adjusted operating profits, with Finsbury trading on a 12-month blended-forward EV/adj-EBITDA of c6.5x. We reiterate our Buy recommendation.

 View

  • 17 Sep 18
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9537 MPE SCE TSTR

Morning Note – 17 September 2018

ClearStar (CLSU): Corp Medical business delivers positive EBITDA in H1 | M.P. Evans (MPE): Corp Plantations performing to plan in H1 | Surface Transforms (SCE): Corp Expecting a transformative year | Tri-Star Resources (TSTR): Corp Interim results

 View

  • 17 Sep 18
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M.P. Evans Group

Plantations performing to plan in H1

MPE has had a good start to 2018, with strong growth in crops and CPO production and solid work with bringing the recent Bumi Mas acquisition up to group operating standards. The fly in the ointment is the H2 weakness in the CPO price. Based on the H2 average price of US$575/ton, MPE will be facing a 13% price headwind for the full year and we are now trimming FY2018 forecasts accordingly. We, and the industry, look through this volatility by valuing the business on an EV/ha basis, the assumptions for which are unchanged hence our target price does not change, implying c30% upside from current levels.

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  • 17 Sep 18
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Dekeloil Public

H1 2018 Results

On 13 September Côte d'Ivoire palm oil producer DekelOil Public Limited (DKL LN)# announced interim results for the period ended 30 June, reporting revenue of €14.1m (H1 2017: €19.6m) and a net loss of €0.5m (H1 2017: profit of €2.4m).

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  • 14 Sep 18
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Dekeloil Public

VSA Morning Agri Comment

Côte d'Ivoire palm oil producer DekelOil Public Limited (DKL LN) has announced its interim results for the period ended 30 June 2018. Revenue: €14.1m, -27.9% YoY (H1 2017: €19.6m). EBITDA: €1.1m, -70.3% YoY (H1 2017: €3.7m). PAT: loss of €0.5m (H1 2017: €2.4m). Cash & Cash Equivalents: €0.98m (31 December 2017: €0.78m). Crude Palm Oil (CPO) Production: 22,242t, -17.5% YoY (H1 2017: 26,947t). Average CPO Price Realised: €549/t, -22.3% YoY (H1 2017: €707/t). Dividend Suspended.

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  • 13 Sep 18
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Finsbury Food Group

Cenkos: Finsbury Food Group Plc - Acquiring a ‘Free-From' Bakery Specialist

Finsbury has announced the acquisition of 100% of Ultrapharm Limited's share capital. Ultrapharm provides Finsbury with access to the ‘Free-From' product category, which is estimated to grow at c10.6% CAGR over the next 5 years. The acquisition offers potential cross-selling opportunities, increased capacity and higher asset utilisation. The acquisition is immediately accretive adding c5% to our FY19E earnings, prior to changes in our other assumptions. Buy.

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  • 03 Sep 18
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