Staple Retail equity research

Explore the most viewed and latest equity research and media content for companies within the Staple Retail sector. Stocks in this sector provide goods and services in the food wholesale and drug retail industries.

Staple Retail equity research

Explore the most viewed and latest equity research and media content for companies within the Staple Retail sector. Stocks in this sector provide goods and services in the food wholesale and drug retail industries.

Latest Content

Galenica

Strong finish to the year; heightened competition in FY18

Vifor Pharma released a good set of FY17 results in which revenue and profitability came in ahead of our expectations. Total revenue surged by 15% (190bp above AV’s estimate vs. guidance of >10%) led by strong growth momentum in the intravenous/IV iron drug franchisee. Vifor’s flagship product ‘Ferinject/Injectafer’ grew 24.6% (c.32% of sales) on the back of robust demand in the US (+35%; c.21% of drugs sales) and Europe (+17%). Although sales for Venofer slumped 11.8% (c.8% of sales; impacted by cannibalisation from Ferinject), the drug continued to be the leading IV iron brand in volume terms (hospital segment: 54% share; dialysis segment: 92% share). Oral iron drug ‘Maltofer’ grew by 6.9%, benefiting from the favourable phasing of shipments. Sales for hyperkalaemia drug ‘Veltassa’ reached CHF51.7m in the second year of launch (vs. CHF7.4m in FY16) as more prescriptions were dispensed in the US. Similarly, continued global roll-out of Velphoro led to a 48.6% uptick for the phosphate binder drug (strong demand in the US, Japan and the EU5 markets). After Mircera achieved a high penetration rate within Fresenius Medical Care/FMC dialysis clinics in the previous year (c.90%), the drug grew by a meagre 3.4% in FY17. As far as profitability is concerned, the reported EBITDA slumped to CHF280.4m (vs. FY16: CHF322.2) due to planned investments of CHF231.5m to support the launch/ramp-up of Veltassa. Excluding these costs, EBITDA increased by 17.7% (vs. guidance of >10%), benefiting from strong top-line growth and strict cost containment measures. Management has proposed a dividend of CHF2 per share for the year. For FY18, net sales and reported EBITDA are anticipated to grow by >10% (at CER) and >20%, respectively.

  • 28 Mar 18
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Conviviality

Updated view post today’s update

A brief holding statement from Conviviality this morning. It effectively seeks to reassure that discussions with lenders and the HMRC are progressing in a constructive manner. We also note a reference to PWC undertaking a review of the business and its future funding requirements. Whilst not referenced, we would also expect PWC to be carrying out a full independent audit of historic and current accounting to reassure investors and lenders and moreover, before any appropriate value can be ascribed to the business. Not surprisingly there is an acknowledgement this morning about the possibility of an equity raise to recapitalise the business. The update highlights that the shares remain suspended. We feel an equity raise is inevitable with which may come alongside management changes given there have been serious failings on a number of fronts. Based on what we know to date, in what is now a very fluid situation credibility and trust are completely lacking. Despite the calamity of recent weeks we do not subscribe to the doomsday scenario. Ultimately Conviviality is a £1.7bn revenue business with its incumbent structures, supply chain, business relationships and a strong portfolio of retail outlets which is difficult to recreate and as such there is undoubtedly value in the business. We do however expect the short term fall out of this unpalatable mess to be ugly. Given this and the need for more funding / forecast clarity we put our recommendation, target price and forecasts under review.

  • 16 Mar 18
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