28 Jan 20
NWF Group (NWF) interim results (to 30 November 19) - overview.
30 Jan 18
NWF Group (NWF) H1 results January 2018
07 Oct 20
Market report: FTSE mixed after President Trump cancelled stimulus talks
31 Jan 17
NWF Group (NWF). H1 results November 2016
18 Sep 20
Market report: FTSE fragile Friday despite UK shoppers continuing to splurge on DIY
02 Feb 16
NWF Group - H1 results presentation - 2nd February 2016
29 Sep 20
Market report: FTSE falls as Covid-19 deaths pass 1m worldwide
30 Jul 19
NWF Group (NWF) Full Year results July 2019
29 Jan 19
NWF Group (NWF) – Half year results to 30th November 2018
01 Aug 17
NWF (NWF) Full year results YE 31 May 2017
02 Aug 16
NWF final results 2016
02 Jun 20
Morning Report: FTSE 100 rises despite steepest drop in house prices for 11 years
31 Jul 18
NWF Group (NWF) Full year results July 2018
05 Aug 20
NWF Group (NWF) Full Year results 2020 presentation, August 2020
09 Mar 20
Morning Report: FTSE 100 collapses as oil price war erupts
Lack-lustre performance in Q3
Casino’s Q3 performance was a mixed bag; sales and profitability were healthy overall but French same-store sales were flattish. Low tourist numbers in July were followed by positive momentum in the subsequent months. We see more chinks in the armour, however, and Q4 is likely to be do or die in terms of both the operational performance and gross debt reduction. We plan to trim our estimates but will maintain our positive stance given the cheap valuation.
Casino, Guichard-Perrachon SA
30 Oct 20
Core countries lead the Q3 momentum
Carrefour’s Q3 trading performance was the best in the past twenty years. The Brazilian and Spanish operations should continue to drive the momentum and France is also expected gradually to gain further strength. While lockdown worries (in France) have dampened investor sentiment, we see Carrefour as well placed to end FY20 on a strong note, and also achieve the targets of the performance improvement plan. We maintain our positive stance on the stock’s valuation.
29 Oct 20
Greggs - Learning to manage
Greggs’ Q320 trading update shows a recovery in sales in line with our expectations. There has been good progress: getting all infrastructure up and running, and adapting to the new environment, both in store (including the Click and Collect service) and in generating strong incremental sales from the new Delivery offer. We retain our existing forecasts. The uncertainty about the recovery in sales leaves the EV/sales multiple for FY21e of 1.1x lower than recent multiples.
30 Sep 20
Casino’s not so bad, after all
Casino has lost more than 50% of its market value over the past ten months. We spoke with the group’s CFO to get a clearer perspective about the pressing issues, especially the strength of the French operations, high leverage and some governance-related matters. There is no doubt the stock is controversial and poses a higher risk vs most European grocers. However, the business is still robust and the issues are being addressed. In essence, Casino is a screaming ‘Buy’ even after factoring in all concerns.
Casino, Guichard-Perrachon SA
13 Sep 20
Food and electronics retail lead H1 top-line resilience
Sonae’s H1 results showed a strong resiliency on the back of the solid sales performance of the food retail and electronics retail divisions. Sonae MC was able to leverage its leading position in Portugal and its broad presence across multiple food retail formats to benefit from the positive dynamic surrounding the market.
Sonae SGPS SA
28 Aug 20
Greggs - Gradual recovery expected
Greggs’ interim results were heavily affected by the estate closure for the majority of Q220, due to COVID-19. The key takeaways are that operating cash burn during lockdown was in line with management expectations, and current trading, albeit with limited data, indicates gradual weekly progress in revenue, described by management as encouraging. We assume recovery through H121e, before stabilising at a revenue run-rate equivalent to 90% of the level in FY19. The resulting EV/sales multiple of 1.2x for FY21e, is in line with recent multiples. It reflects lower estimated revenue in that year and uncertainty about the rate of recovery.
04 Aug 20