02 Jun 20
Morning Report: FTSE 100 rises despite steepest drop in house prices for 11 years
28 Jan 20
NWF Group (NWF) interim results (to 30 November 19) - overview.
09 Aug 18
Executive interview – Greggs
10 Jan 18
Capital Network's Ed Stacey talks through McColl's
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
29 Jan 19
NWF Group (NWF) – Half year results to 30th November 2018
30 Jan 18
NWF Group (NWF) H1 results January 2018
31 Jan 17
NWF Group (NWF). H1 results November 2016
30 Jul 19
NWF Group (NWF) Full Year results July 2019
31 Jul 18
NWF Group (NWF) Full year results July 2018
26 Oct 17
NWF Group (NWF) - Investor presentation October 2017
01 Aug 17
NWF (NWF) Full year results YE 31 May 2017
02 Feb 16
NWF Group - H1 results presentation - 2nd February 2016
02 Aug 16
NWF final results 2016
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
Sticking to the plan
Carrefour’s Q2 performance was better than expected. The positive lfl sales momentum in LatAm and Spain was aided by the continued success in cost savings, which is part of the Carrefour 2022 plan. E-com is also moving in the right direction. Moreover, we are optimistic about the performance of the new head of the French operations. We maintain a positive stance on the stock’s valuation.
30 Jul 20
Staying put amidst uncertain times
Tesco’s share price has declined over the past few weeks, and this is despite announcing strong Q1 results. While FY20/21 is likely to be a tough year (benefits of high sales volume and business rate relief offset by the spike in pandemic related expenses), we reiterate our faith in the business strength of the retailer.
12 Jul 20
Colruyt ends FY19/20 on a softer note
Colruyt’s performance in H2 FY19/20 was below our expectations, largely due to a soft performance by the retail segment. Perhaps, investors were also spooked by 40bp erosion in the Belgian market share (vs H1 FY19/20). We believe the top line will remain under competitive pressure in the forecast years. The recent improvement in the gross margin is also unlikely to make an impactful contribution to the bottom line, in our opinion.
17 Jun 20
Chinks in the armour, despite strong Q1
Jeronimo’s Q1 performance was in line with our expectations. However, we see some chinks in the armour considering revenue came under pressure in April, especially in the Portuguese retail banner Pingo Doce. The EBITDA margin’s erosion is not a structural issue, however. The reduction of the dividend and withdrawal of FY20 guidance has also added to investors’ discomfort.
Jerónimo Martins SGPS SA
15 May 20
An all-round performance
Casino’s top-line performance was strong, akin to other European grocers. While the panic buying is a temporary phenomenon, we note a strong improvement of €67m in the French EBITDA (+190bp yoy, according to our calculation). The retailer is well placed vs close competitors to tackle the ongoing crisis, on the back of a higher reliance on proximity formats and better developed e-com business. We maintain a positive stance on the stock.
Casino, Guichard-Perrachon SA
27 Apr 20
Sound performance but net debt is still discomforting
While Casino’s underlying performance was strong, the overall increase in net debt was a sore point. However, French net debt, a pain-point for a long time, witnessed a decline. Casino is also better placed relative to other close competitors on the home turf, largely due to its strategically-placed premium / convenience stores and a strong e-com proposition. We maintain our positive stance on the stock.
Casino, Guichard-Perrachon SA
06 Apr 20
Greggs - Protecting employees and customers
COVID-19 will have an uncertain but important impact on Greggs' profitability in FY20. The profit and cash flow impact of lost sales will be mitigated by internal initiatives and government support on operating costs (rates and employees). The strong balance sheet means that Greggs is well placed for tougher times. Our forecasts are now under review and we are planning to publish a note to update them shortly.
24 Mar 20