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

03 May 19

The Monthly May 2019

How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.

Companies: OPM AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L

03 Apr 19

The Monthly April 2019

Although the focus of Hardman & Co is predominantly on companies in the smallto mid-sized market capitalisation range, when writing research reports, it is important to position them relative to the industry in which they operate. Apart from Japanese companies, all the major global pharmaceutical companies have reported full-year results for 2018 over the past few weeks; therefore, we have taken the opportunity to update our industry database and generate the first cut of global rankings for 2018. For an industry that requires a long investment cycle – it still takes, on average, 10 years from discovery to launch of a new drug – decisions made many years ago have important consequences on current financial results. Therefore, looking back at operational performance over 20 years reveals how different company strategies have panned out.

Companies: OPM AVO AJB AGY ARBB CMH CLIG CSH DNL GTLY HAYD KOOV LWRF MCL MUR NSF OXB PCA PHP RE/ REDX STX SCE SIXH TON VAL VTA W7L

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: RAV GOAL VTU BILN INL AEP MAYA IPF OPM

28 Feb 18

Upgrading to Buy on valuation and recovery grounds

In the context of the recovery thesis the 2017 finals are a good staging post. Most of the key goals were achieved last year and there is good top-line and cost saving momentum going into 2018. Geographical commentary is generally positive and leverage is becoming less of a concern. We are lowering our FY18/FY19 PBT expectations by 8-10% to largely reflect anticipated input cost/FX headwinds. Overall, we see value developing at current lows and upgrade to Buy.

Companies: Devro

15 Nov 18

Premier Foods - A more resilient business

Premier Foods’ H119 results demonstrate the business has become more resilient under the stewardship of outgoing CEO, Gavin Darby. Revenue growth of 1.0% in Q2 despite the hot summer was encouraging, and the UK relaunch of the Mr Kipling brand has clearly gone well. The news that Ambrosia may be sold suggests yet another step in the business transformation, although the price will determine the level of dilution and any change to net debt/EBITDA.

Companies: Premier Foods

21 Nov 18

La Doria - A tough environment

The consumer environment remains tough for La Doria and the adverse weather conditions for the seasonal tomato campaign have led management to slightly edge down its FY18 profit outlook earlier this year. During 9M18, underlying sales were up 2%, which represents a slowdown from the +3.7% in H1. This was caused by a deceleration in growth in the “other lines” of the trading business during Q3, ie the non-core part. Management is forging ahead with its four-year investment plan and the Acerra plant has now closed. We trim our forecasts in line with the revised outlook and our fair value moves to €15.40 from €16.10.

Companies: La Doria

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

08 May 19

LIBERUM: Science in Sport* - Catalysts being delivered at speed and early in the year

SiS is delivering on the promises made when it acquired PhD, leaving much of the year to leverage these opportunities. Innovation is bang-on-trend with today’s announcement of a launch of a vegan plant based bar.

Companies: Science In Sport

09 May 19

LIBERUM: Origin Enterprises* - New financial targets underpin Buy rating

Origin Enterprises' Capital Markets Day presented an in-depth analysis of the company's strategy, markets and operations. It highlighted the strength of the Origin's position in the UK/Ireland and the scope for expansion in Brazil and Continental Europe.

Companies: Origin Enterprises

30 Apr 19

Venture Life Group (VLG) Overview & investment case

11 Mar 19

Origin Enterprises CEO, Tom O'Mahony*

Premium

30 Apr 19

Venture Life Group (VLG) 2018 results

01 Feb 19

Contact Science in Sport* - Capital Markets Day

Premium

12 Apr 17

Venture Life Products

12 Apr 17

Venture Life Investors Overview

21 Sep 16

Interim Results: 30 June 2016

13 Jul 15

Executive Interview - Cooks Global Foods

20 Dec 12

Analyst Interview - Devro

11 Nov 14

Executive Interview - Carr’s Milling Industries

04 Jan 16

Company Overview

16 Sep 15

Product Update

05 May 15

Overview of the business with CEO Dennis Melka

23 Jan 19

Contact General Retailers - Rating recovery amidst downgrades

Premium

15 Oct 14

Executive Interview - Carr’s Milling Industries

Latest Content

Origin Enterprises

LIBERUM: Origin Enterprises* - New financial targets underpin Buy rating

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09 May 19
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Science In Sport

LIBERUM: Science in Sport* - Catalysts being delivered at speed and early in the year

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08 May 19
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OPM AVO AJB ARBB CMH CLIG DPP FLTA GTLY GDR HAYD KOOV LWRF MCL MUR OXB PCA PHP RE/ STX SIXH TRX TON VTA W7L

The Monthly May 2019

How small- and mid-cap quoted companies make a substantial contribution to markets, employment and tax revenues.

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03 May 19
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Kerry Group

Q1: continues to be fine

Good Q1 figures, still pushed up by the innovative Taste & Nutrition division. No major change in our expectations expected. Our Add recommendation should be maintained.

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02 May 19
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MCL IQE CER HAYD DAL SIS PGH ZYT CHRT JWNG

Small Cap Feast

SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

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02 May 19
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Venture Life Group

Venture Life Group (VLG) Overview & investment case

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30 Apr 19

Venture Life Group

Venture Life Group (VLG) 2018 results

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30 Apr 19

Origin Enterprises

LIBERUM: Origin Enterprises* - Getting Agrii

The shares have fallen to 10x PER for the first time in five years. The 3.7% yield also stands out. Brexit fears have been a factor, but we think the UK farming bill to transition away from subsidies will drive consolidation and a shift in technology which will benefit the UK agronomy business.

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25 Apr 19
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DVO AIR PHTM NSCI MCON SXX SNX LOK SCLP

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019.

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