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

Casino Guichard Perrachon

Decent quarterly results; stock near the inflection point

The stock price has tumbled again despite posting decent H1 results. In our opinion, it is apt to consider some of the new JV-related information as part of core operations (estimated henceforth, although at a declining pace), but the majority of the JV-related concerns (in turn the health of the French operations) are unfounded. Casino should be able to bounce back with sustained top-line momentum and a subsequent reduction of net debt over the next few quarters. We reiterate our Buy recommendation.

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  • 14 Aug 18
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Galenica

Robust performance across all businesses; FY18 outlook upgraded

Driven by strong growth momentum in each of the three medium-term strategic growth drivers (Ferinject, Veltassa and VFMCRP), Vifor Pharma reported 23.4% sales growth and 44.5% EBITDA growth in H1 18. Assuming that the positive growth momentum continues and considering that Vifor has further strengthened its nephrology portfolio, which would bolster growth in the mid/long term, we upgrade our target price by c.15%.

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  • 10 Aug 18
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Carrefour

H1 shows the green shoots of a turnaround plan

Carrefour has produced decent results in H1 (decent lfl growth and a strong improvement in profitability). This is in line with our earlier estimates (please refer to our earlier Latests for more details). We reiterate that the turnaround plan should remain on the right track and Carrefour should be able to improve profitability slightly in the forecast years, without compromising on growth catalysts like sustained price reinvestment and streamlining of the e-com proposition. No change to our stock recommendation.

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  • 04 Aug 18
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Greggs

Greggs - Transformation taking shape

Greggs’ interim results, against a backdrop of extreme weather conditions, reinforce progress with the strategic transformation of the brand into a leading ‘food-on-the-go’ format. Innovative new product ranges, a reduced dependence on high street footfall and a major overhaul of the supply chain are creating a solid platform for the next stage of the journey. We forecast strong cash generation and a return to earnings growth in 2019.

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  • 03 Aug 18
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Small Cap Breakfast

CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

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  • 23 Jul 18
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Ocado Group

Softer H1 results but business model is still promising

The dip in H1 profits is surely a disappointment but the business fundamentals remain intact. We believe the current stock price already factors in at least two new partnerships (estimating three CFCs each). Any new announcement is unlikely to be needle-moving unless management succeeds in on-boarding another heavyweight akin to Kroger. No change in stock recommendation.

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  • 11 Jul 18
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METRO

Strategy switch in Russia

Ceconomy’s decision to dispose of the Russian operations to Safmar and, simultaneously, acquire a 15% stake in its subsidiary M.Video is a good strategic step but at a very high cost. Management needs to solve the Kellerhals issue and improve the operating performance in order to regain investors’ confidence in the stock. Not forgetting, product pricing and customer convenience will remain vital to survive the likes of Amazon, especially on the home turf.

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  • 04 Jul 18
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Small Cap Breakfast

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer secondary offering of £50.8m at 146p, market cap of £145.1m. Due 28 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Due Early July. Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9m and adjusted operating profit was £6.8m excluding Turner Parkinson (acquiring on IPO). Offer raising £30m primary and £20m secondary at 145p with market cap of £103.5m, expected 29 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.

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  • 27 Jun 18
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Small Cap Brunch

RA International is a leading provider of services to remote locations in Africa and the Middle East looking to join AIM raising £18.8m and 56p, market cap of £97.2m. Expected 29 June Cake Box Holdings—franchise retailer of cakes with a growing store base across the UK looking to join AIM, Sell down of £16.5m, Mkt Cap £43.2m. Mar18 FY rev £12.8m, underlying earnings £3.7m. Due 27 June. Mind Gym. Behavioural science business that uses scalable proprietary products to deliver human capital and business improvement solutions to large corporations. Offer TBA. Due 28 June Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiring supply contract for up to $170m. Due Early July. Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9m and adjusted operating profit was £6.8m excluding Turner Parkinson (acquiring on IPO). Offer TBA, expected 29 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.

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  • 22 Jun 18
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Casino Guichard Perrachon

Casino at the cross-roads

We present the investment case on Casino with a re-assertion on our ‘Buy’ recommendation. In our opinion, the stock price is quite attractive at current levels as the concerns about the French business are exaggerated (the entity is better placed today to blunt any competitive onslaught), although the high leverage of parent Rallye remains a pain-point for the subsidiary.

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  • 18 Jun 18
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