07 Jan 21
Market Report: Washington riots and Trump Twitter suspension drag down FTSE highs
02 Jun 20
Morning Report: FTSE 100 rises despite steepest drop in house prices for 11 years
06 Jan 21
Market Report: FTSE brushes off record UK Covid-19 cases as vaccine optimism still prevails
09 Mar 20
Morning Report: FTSE 100 collapses as oil price war erupts
13 Nov 20
FTSE falls back down to earth after vaccine injected highs
28 Jan 20
NWF Group (NWF) interim results (to 30 November 19) - overview.
27 Nov 20
Sainsbury's Webinar: James Collins provides an introduction and overview of interims
30 Jul 19
NWF Group (NWF) Full Year results July 2019
07 Oct 20
Market report: FTSE mixed after President Trump cancelled stimulus talks
09 Aug 18
Executive interview – Greggs
29 Jan 19
NWF Group (NWF) – Half year results to 30th November 2018
30 Jan 18
NWF Group (NWF) H1 results January 2018
10 Jan 18
Capital Network's Ed Stacey talks through McColl's
01 Aug 17
NWF (NWF) Full year results YE 31 May 2017
03 Dec 20
Market Report: Brexit woes and UK supermarkets' pay back government support
Carrefour’s up for sale!
Carrefour has been approached by the Canada-based convenience store operator Alimentation Couche-Tard (ACT) group for a friendly acquisition. While we do not see any anti-trust hindrances going forward, the offer price would be a key point. We expect an offer with at least a 30% premium to yesterday’s closing price.
13 Jan 21
Top-line momentum continues
WM Morrison’s Q3 and Christmas trading update was broadly in line with our estimates. All business formats contributed in sustaining the positive momentum. While management’s guidance of underlying PBT (420-440m in FY20/21) is slightly ahead of our expectations, the company’s sales growth (excluding fuel) is likely to be muted in the forecast years. We maintain our positive stance on the stock’s valuation.
Wm Morrison Supermarkets plc
08 Jan 21
Greggs - New national lockdown tempers outlook
Greggs’ Q420 sales performance was better than we expected due to (in descending order) a faster recovery in sales despite ongoing and variable COVID-19 restrictions; a strong contribution from the new delivery initiative; and more net new store openings (28) for FY20 versus management’s prior guidance (20). The sales performance, improved profitability and a stronger financial position gives management the confidence to return to prior levels of space expansion. The new national lockdown limits our FY21 PBT forecast increase to c 2%.
07 Jan 21
Strong H1 performance; but the valuation remains unattractive
Colruyt’s H1 FY20/21 performance was slightly ahead of our estimates. While we expect the top-line momentum to continue in H2, management needs to plug the market share erosion, especially in Belgium. The recent improvement in the gross margin is also non-structural in nature, in our opinion. Although we continue to see Colruyt as a competent market leader, the stock’s valuation remains unattractive at the current levels.
Etablissementen Franz Colruyt N.V.
22 Dec 20