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.

01 Apr 20

THE MONTHLY April 2020

Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

30 Mar 20

Cenkos: Finsbury Food Group Plc -- Trading Update

Whilst Finsbury is experiencing strong demand from the retail channel, the food service channel (c20% of FY19A revenues) has been significantly impacted by the government's decision to close food outlets in order to control the spread of COVID-19. Finsbury is only in the early stages of assessing the impact of the virus on their business, and as such, is unable to provide earnings guidance. We withdraw our forecasts and place our rating Under Review, until visibility improves.

Companies: Finsbury Food Group

02 Mar 20

THE MONTHLY March 2020

Much of the UK’s privatisation programme took place between the early 1980s and the mid-1990s: subsequent sales have been few. Undoubtedly, privatisation attracted many private investors to the market, many for the first time.

Companies: AVO AGY ARBB ARIX BUR CLIG DNL FLTA GDR NSF PCA PIN PXC PHP RE/ RECI RMDL STX SCE SIXH TRX SHED VTA

30 Mar 20

LIBERUM: Origin Enterprises - Farming keeping going and helped by good weather

Farming is deemed an essential service by governments and so, with some adjustments, Origin is operating solidly. The recent dry spell of weather is finally helping UK farmers to plant crops, raising our expectation that Origin's 2H will prove better than its 1H.

Companies: Origin Enterprises

31 Mar 20

Excellent FY2019A results, upgrades for FY2020E

MPE has reported excellent results for the year ending December 2019. Total crop handled by MPE exceeded one million tons for the first time and exceeded our expectations by c9%. As a result, revenue was c10% ahead of our expectations, adjusted PBT c30% ahead. We are upgrading FY2020E adjusted PBT by c12% but this could prove conservative as we see significant potential deflation on the cost base while tension appears to be entering the CPO market. We expect MPE to maintain its dividend in FY2020E and we maintain our 1,000p price target.

Companies: M.P. Evans Group

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

13 Mar 20

Carr's Group - Order delay and weather affect FY20 performance

As flagged in an interim management statement in January, Carr’s Group’s UK agricultural activities have been adversely affected by the mild winter that has depressed demand for feed and feed supplements. Based on the order pipeline, management had expected this would be balanced by overperformance in the Engineering division, but delays in receiving orders will lead to underperformance here as well. We cut our FY20 and FY21 EPS estimates by 26% and 10% respectively and reduce our indicative valuation from 190p/share to 172p/share.

Companies: Carr's Group

18 Mar 20

LIBERUM: Science in Sport* - A resilient model delivering continued growth

SiS has reported FY’19 results in line with expectations. The strategic goals to combine the PhD business, launch .com websites, commission a new production line, invest in new fulfilment solutions, up-weight investment in both brands and new product launches were all achieved. The group has cash on the balance sheet and has many levers to utilise in order to manage growth and expectations for the year ahead. While much attention is now on COVID-19 and its potential impact, it is pleasing to see none yet. Hence, no change to forecasts, but management have contingency plans to mitigate any future disruption. The shares are very cheap, and we re-iterate our BUY.

Companies: Science In Sport

25 Mar 20

Cenkos: Venture Life Group Plc -- Trading update and upgrade

In line with the recent FCA announcement, Venture Life, in conjunction with its auditor has taken the decision to delay the release of its FY19 results, though the company notes it was in position to release them. Also, with this announcement, the group has provided a strong trading update, noting that all business units are still operating as of now. Specifically, Venture Life points to orders of over €7m from its Dentyl partner in China for 2020 (versus €0.5m for 2019), with at least €2m for delivery in H1/20. Overall, the order book stands at over twice the level at this time last year. While remaining cautious, we have upgraded our forecasts for FY20E and maintain our BUY recommendation.

Companies: Venture Life Group

01 Apr 20

LIBERUM: PureCircle* - FY19 accounts released but shares remain suspended

PureCircle has released its FY2019 (July y/e) results and restated historic results. These reflect the accounting investigation that uncovered a historical overstatement of inventory and understatement of cost of sales.

Companies: PureCircle

23 Jan 20

How Dekel Agri-Vision is diversifying its business

11 Mar 19

Origin Enterprises CEO, Tom O'Mahony*

Premium

12 Apr 17

Venture Life Investors Overview

01 Feb 19

Contact Science in Sport* - Capital Markets Day

Premium

05 May 15

Overview of the business with CEO Dennis Melka

15 Oct 14

Executive Interview - Carr’s Milling Industries

20 Dec 12

Analyst Interview - Devro

13 Jul 15

Executive Interview - Cooks Global Foods

27 Mar 20

Venture Life reports strong order book and sales as demand for its hand sanitiser gel rockets

12 Apr 17

Venture Life Products

04 Jan 16

Company Overview

30 Apr 19

Venture Life Group (VLG) 2018 results

16 Sep 15

Product Update

11 Nov 14

Executive Interview - Carr’s Milling Industries

30 Apr 19

Venture Life Group (VLG) Overview & investment case

Latest Content

Q1/20 volumes below our expectation

Q1/20 volumes 10% below our expectation (no consensus available) Upside risk to our Q1 price, significant downside to Q2 COVID-19 adds more downside risk than upside

BAKKAFROST P F

02 Apr 20
-

One cell closer to the American dream

We believe the probability of success has increased since our last update and keep our Buy rating while raising our target price to NOK 150 (140). US water quality has been checked and a committed term sheet for a new USD 210m loan facility has been signed with DNB. We see several share price triggers going forward and the company is on-track for its first US harvest during Q3/20, the key catalyst for 2020.

Atlantic Sapphire AS