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.

  • 18 Sep 19

LIBERUM: Science in Sport* - All going to plan & well-placed for H2; very cheap at current valuation

H1’19 is exactly how we expected leaving the group well placed to deliver FY results. The interims adopt IFRS 16 and with H1'18 not including PhD, we detail pro-forma numbers in the body of the note.

Companies: Science In Sport
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 16 Sep 19

Cenkos: Finsbury Food Group Plc - FY19A Annual results

A strong H2/19A meant Finsbury reported LFL revenue growth of +4% for the year, outpacing the market. FY19A was largely in line with our expectations, and we leave FY20E forecasts broadly unchanged. A heavy capex period is reaching an end, resulting in rising FCF for investors (c18% FCF yield for FY20E). Buy.

Companies: Finsbury Food Group
  • 03 Sep 19

THE MONTHLY September 2019

The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boards and are set to be the next lever in the value creation process. Better Boards has created advanced board evaluation tools designed to motivate and inspire and above all, contribute to superior value creation.

Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMDL STX SCE TRX TON SHED VTA W7L

  • 11 Sep 19

La Doria - Investment continues

La Doria continues to post good sales growth, despite the ongoing tough economic backdrop. Organic sales growth of 2.3% in H119 builds on a good H118. The important variables at this time of year are the outcomes of the seasonal campaigns and the corresponding customer negotiations. Raw materials continue to experience inflation, while customers continue to apply downward pressure to prices thus resulting in an unfavourable margin environment. Indeed, the EBITDA margin was down 50bp to 6.5% in H119. Management’s investment programme continues as planned, with €32.5m spent during the period. We leave our forecasts unchanged, and believe the current share price offers a good entry point. Our fair value rises to €14.00 (from €13.60) as we roll forward our DCF.

Companies: La Doria
  • 16 Sep 19

Prices and volumes under pressure in H1

MPE has announced H1 2019 results to end June 2019. H1 2019 was always going to be a difficult reporting period, simply because the average CPO price in H1 2019 is down 20% on H1 2018. Further, some of the plantations have taken a bit of a ‘growth pause’ after exceptional growth in 2018, while MPE has accelerated some field and mill maintenance tasks (and associated costs) in H1 2019. While H2 is likely to be much stronger due to a stronger CPO price and helpful seasonality with plantation harvests, we find it necessary to trim forecasts. However, our price target of 1,100p/share is unchanged as it looks through short-term earnings volatility.

Companies: M.P. Evans Group
  • 18 Apr 19

Cenkos: Venture Life Group Plc - Delivering on the strategy

Venture Life's full year results show a strong growing company generating profits and positioned to deliver both organic and M&A driven growth going forward. Revenues were £18.8m (trading update expectation £18.7m) and adjusted EBITDA was £2.7m versus our expected £2.3m. The 17% revenue growth was relatively evenly split between organic and M&A driven, demonstrating the potential of both aspects of the group's strategy. The company closed the year with a net cash position of £5.8m (2017A net debt £6.3m). We maintain our Buy recommendation.

Companies: Venture Life Group
  • 13 Jun 19

Performing despite unhelpful macro environment

Zambeef has reported FY2019 interim results for the six-month period ending 31 March 2019. In what is a tough macro environment in Zambia, we believe that the company has delivered a creditable performance, with underlying growth in revenue of 15.5% y-o-y and 4.5% y-o-y underlying growth in gross profit. The underlying gross margin slipped 370bps in the period, reflecting the lack of pricing power given the tough economic environment and customers gravitating to lower-margin products. We had largely anticipated these issues, so we are not changing our forecasts for the operations at this stage. Our US dollar forecasts are trimmed slightly on translation, as we now believe that the kwacha will be weaker for longer than we have previously assumed.

Companies: Zambeef Products
  • 17 Jul 19

Cenkos: Venture Life Group Plc - Strong commercial development

Venture Life Group Plc has reported strong commercial developments across all three strands of its business - UK direct, international distributors and customer manufacturing. This announcement has seen the growth of UK distribution points for the newly acquired Dentyl and UltraDEX, new international product launches take place and new manufacturing agreements signed. This clearly demonstrates Venture Life delivering strong commercial progress in-line with the its organic strategy. This announcement is also timed with the commencement of a 10-day UltraDEX sampling campaign in London. We maintain our Buy recommendation.

Companies: Venture Life Group
  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA 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
  • 09 Jul 19

LIBERUM: Science in Sport* - A very well executed H1, with plenty more catalysts in H2

H1‘19 has been transformational for the group delivering on the promises from PhD and delivering an acceleration in trading at SiS. This not only leaves us confident in the strategy but places SiS in stark contrast to the broader retail market underpinning our view that brands that continue to innovate, and resonate should grow strongly.

Companies: Science In Sport
  • 17 Jul 19

LIBERUM: Hotel Chocolat* - Beating expectations; trading accelerating in H2

Trading in the second half of FY19E has accelerated to sales growth of 16% vs. 13% in H1. This is a very impressive performance and sets HOTC in stark contrast to the broader retail sector.

Companies: Hotel Chocolat Group
  • 17 Sep 19

Disposal of farm yields US$9.25m cash

Zambeef has announced the disposal of Sinazongwe Farm for US$10m gross (US$9.25m net). While the sale process has taken quite some time, at US$3,900/ha for the 2,500ha farm we see this as a good price, particularly as the impact on the income statement is small. The cash raised will be used to pay back debt and represents 2.5p/share. Our earnings forecasts are not materially affected but the cash is a welcome injection to the balance sheet.

Companies: Zambeef Products
  • 12 Apr 17

Venture Life Products

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  • 11 Mar 19

Origin Enterprises CEO, Tom O'Mahony*

Premium

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  • 11 Nov 14

Executive Interview - Carr’s Milling Industries

executive-interview-carr-s-milling-industries-11-11-2014
  • 01 Feb 19

Contact Science in Sport* - Capital Markets Day

Premium

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  • 04 Jan 16

Company Overview

company-overview-04-01-2016
  • 23 Jan 19

Contact General Retailers - Rating recovery amidst downgrades

Premium

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  • 30 Apr 19

Venture Life Group (VLG) Overview & investment case

venture-life-group-vlg-overview-investment-case-30-04-2019
  • 05 May 15

Overview of the business with CEO Dennis Melka

overview-of-the-business-with-ceo-dennis-melka-05-05-2015
  • 15 Oct 14

Executive Interview - Carr’s Milling Industries

executive-interview-carr-s-milling-industries-15-10-2014
  • 30 Apr 19

Venture Life Group (VLG) 2018 results

venture-life-group-vlg-2018-results-30-04-2019
  • 20 Dec 12

Analyst Interview - Devro

analyst-interview-devro-20-12-2012
  • 12 Apr 17

Venture Life Investors Overview

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  • 16 Sep 15

Product Update

product-update-16-09-2015
  • 13 Jul 15

Executive Interview - Cooks Global Foods

executive-interview-cooks-global-foods-13-07-2015
  • 21 Sep 16

Interim Results: 30 June 2016

interim-results-30-june-2016-21-09-2016

Latest Content

Science In Sport

LIBERUM: Science in Sport* - All going to plan & well-placed for H2; very cheap at current valuation

H1’19 is exactly how we expected leaving the group well placed to deliver FY results. The interims adopt IFRS 16 and with H1'18 not including PhD, we detail pro-forma numbers in the body of the note.

 View

  • 18 Sep 19
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AVG CHAR 9537 EOG IOF QXT ZAM ZOO

Morning Note – 18 September 2019

Avingtrans (AVG): Corp FY results slightly ahead, good margin gains achieved | Chariot Oil & Gas (CHAR): Corp Lixus licence additional prospects | ClearStar (CLSU): Corp Medical and direct sales continue to drive strong growth | Europa Oil & Gas (EOG): Corp Moroccan acreage award | Iofina (IOF): Corp IO#8 iodine plant launched | Quixant (QXT): Corp Market share loss at key customers will leave H2 short | Zambeef (ZAM): Corp Disposal of a farm yields US$9.25m cash | ZOO Digital (ZOO): Corp AGM statement

 View

  • 18 Sep 19
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Zambeef Products

Disposal of farm yields US$9.25m cash

Zambeef has announced the disposal of Sinazongwe Farm for US$10m gross (US$9.25m net). While the sale process has taken quite some time, at US$3,900/ha for the 2,500ha farm we see this as a good price, particularly as the impact on the income statement is small. The cash raised will be used to pay back debt and represents 2.5p/share. Our earnings forecasts are not materially affected but the cash is a welcome injection to the balance sheet.

 View

  • 17 Sep 19
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Finsbury Food Group

Cenkos: Finsbury Food Group Plc - FY19A Annual results

A strong H2/19A meant Finsbury reported LFL revenue growth of +4% for the year, outpacing the market. FY19A was largely in line with our expectations, and we leave FY20E forecasts broadly unchanged. A heavy capex period is reaching an end, resulting in rising FCF for investors (c18% FCF yield for FY20E). Buy.

 View

  • 16 Sep 19
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M.P. Evans Group

Prices and volumes under pressure in H1

MPE has announced H1 2019 results to end June 2019. H1 2019 was always going to be a difficult reporting period, simply because the average CPO price in H1 2019 is down 20% on H1 2018. Further, some of the plantations have taken a bit of a ‘growth pause’ after exceptional growth in 2018, while MPE has accelerated some field and mill maintenance tasks (and associated costs) in H1 2019. While H2 is likely to be much stronger due to a stronger CPO price and helpful seasonality with plantation harvests, we find it necessary to trim forecasts. However, our price target of 1,100p/share is unchanged as it looks through short-term earnings volatility.

 View

  • 16 Sep 19
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M.P. Evans Group Omega Diagnostics Group

Morning Note – 16 September 2019

M.P. Evans (MPE): Corp Prices and volumes under pressure in H1 | Omega Diagnostics (ODX): Corp VISITECT CD4 ERPD clearance

 View

  • 16 Sep 19
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ANG LSAI OVB ADAM OEX ODX MPE MWE SAV RBGP

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.

 View

  • 16 Sep 19
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La Doria

La Doria - Investment continues

La Doria continues to post good sales growth, despite the ongoing tough economic backdrop. Organic sales growth of 2.3% in H119 builds on a good H118. The important variables at this time of year are the outcomes of the seasonal campaigns and the corresponding customer negotiations. Raw materials continue to experience inflation, while customers continue to apply downward pressure to prices thus resulting in an unfavourable margin environment. Indeed, the EBITDA margin was down 50bp to 6.5% in H119. Management’s investment programme continues as planned, with €32.5m spent during the period. We leave our forecasts unchanged, and believe the current share price offers a good entry point. Our fair value rises to €14.00 (from €13.60) as we roll forward our DCF.

 View

  • 11 Sep 19
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SRC SIS 88E CTR EAH ACP KRM RGO CGNR ALTN

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

 View

  • 11 Sep 19
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ALT ALU MPE PPH MCL

Morning Note – 5 September 2019

Altitude Group (ALT): Corp Trading update – growing up in public | Alumasc (ALU): Corp Full-year results in line | M.P. Evans (MPE): Corp Purchase of minorities accretive to sum of parts | Morses Club (MCL): Corp Strong position confirmed | PPHE Hotel Group (PPH): Corp Returns from investment programme growing

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  • 05 Sep 19
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