Despite Covid-19 materially impacting the Foodservice business, Finsbury traded profitably throughout Q4, and was able to report FY20A Adj EBITDA (pre-IFRS 16) only c4% lower YoY at £24.4m, whilst strong free cash flow (c19% historic FCF yield) reduced net leverage by 0.3x YoY to 1.1x (net debt lower by £9.1m YoY). Demand has been recovering MoM since April, with group revenues now approaching their prior year levels. Notwithstanding the steady improvement seen, due to continued uncertainty caused by Covid- 19, including the potential effects of a second wave of infections, we are not reinstating forecasts at this stage, and maintain our Under Review recommendation.

Finsbury Food Group Plc

• 21 Sep 20
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During Q2, La Doria continued to benefit from the shift in consumption caused by the COVID-19 pandemic, with more food consumed at home and only a slow and partial return to the horeca channel, to which La Doria has little exposure. As in Q1, revenue growth was entirely volume-led, which benefited margins. We expect the trend to persist until at least the end of the year, as consumers continue to favour eating at home while the pandemic is ongoing. We see upside to our forecasts, as La Doria benefits from the prolonged shift in consumption.

La Doria SpA

• 17 Sep 20
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Atlantic Sapphire has significantly strengthened its balance sheet following the recent private placement. The company enters its next phase, US phase 1 steady state harvesting, during Q1/21 with NIBD close to zero. The Miami incident is a reminder of risk but the 0.46 JEA index in Denmark supports US volume assumptions and Covid-19 highlights the advantages of local production. We stick to our Buy rating while raising our target price to NOK 160 (150).

Atlantic Sapphire ASA

• 14 Sep 20
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IQGeo Group (IQG): Corp | M.P. Evans (MPE): Corp | PCI Pal (PCIP): Corp |Surface Transforms (SCE): Corp

MPE SCE IQG PCIP

• 14 Sep 20
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MPE has reported interim results for the period ending June 2020. The operational performance is strong (CPO-equivalent production up +31%) but gross margins are lagging our expectations. Despite upgrading our CPO price expectation +8%, we are trimming our FY expectations by c10%. Our price target – which is not driven off volatile short-term earnings – remains at 1,000p/share.

M.P. Evans Group Plc

• 14 Sep 20
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Initiating with a Buy rating – We initiate our coverage on Dekel Agri-Vision with a BUY rating and a target price of 7.6p, equating to a market capitalisation of £32.2m. We believe Dekel Agri-Vision's agri-commodity diversification strategy, complementing its existing palm oil processing operations with a new cashew nut processing project (in which the company currently has a 43.8% interest, and an option to acquire a further 17%), provides a solid platform to enhance margins and drive step changes in profitability in the coming years.

Dekel Agri-Vision Plc

• 10 Sep 20
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Cake Box has started FY2021 positively with strong same store sales growth, new store openings and an excellent online performance. The company is not only able to repay its furlough monies, but also reward shareholders with a special dividend. Cake Box released a trading statement as such this morning.

Cake Box Holdings Plc

• 01 Sep 20
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H1/20 operating loss of pre FV adj.USD 12.1m (Arctic -5.0m) NIBD of USD 60m – we expected USD 44m US incident: Preliminary findings confirmed. Milestones delayed by 1Q. US harvest on track for Q3/20, we stick to Buy and our NOK 150 TP

Atlantic Sapphire ASA

• 28 Aug 20
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H1/20 operating loss of USD 23.3m (Arctic -5.0m, Cons.: -7.4m) NIBD of USD 60m – we expected USD 44m US incident: Preliminary findings confirmed. Milestones delayed by 1Q. US harvest on track for Q3/20, we stick to Buy and our NOK 150 TP

Atlantic Sapphire ASA

• 28 Aug 20
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