Share Name Share Symbol Market Type Share ISIN Share Description
Associated British Foods LSE:ABF London Ordinary Share GB0006731235 ORD 5 15/22P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -41.00p -1.52% 2,665.00p 2,672.00p 2,674.00p 2,706.00p 2,665.00p 2,692.00p 721,727 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 12,800.0 717.0 67.3 39.6 21,098.12

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DateSubject
25/9/2016
09:20
Associated British Foods Daily Update: Associated British Foods is listed in the Food Producers sector of the London Stock Exchange with ticker ABF. The last closing price for Associated British Foods was 2,706p.
Associated British Foods has a 4 week average price of 2,930.16p and a 12 week average price of 2,862.50p.
The 1 year high share price is 3,606p while the 1 year low share price is currently 1,910p.
There are currently 791,674,183 shares in issue and the average daily traded volume is 844,032 shares. The market capitalisation of Associated British Foods is £21,098,116,976.95.
18/5/2016
21:00
gateside: What's happening to the share price here? Not good.
10/11/2015
19:19
zyzzyva: earnings are expected to fall this year and the dividend yield is only 1%. it might be a good company, but earnings have a lot of catching up to do, to justify the share price, and it doesnt look like its going to happen any time soon.
09/11/2015
09:31
zyzzyva: http://www.investorschronicle.co.uk/2015/11/03/shares/news-and-analysis/sugar-s-not-everything-nice-for-ab-foods-OC3I3ili9bcA8sBRZ9mbsN/article.html Analysts at Canaccord Genuity downgraded their forecasts for FY2016. The broker now expects cash profits of £1.48bn for the current financial year, giving EPS of 99.1p, compared with £1.49bn and 102p in FY2015..... Meanwhile, the share price is hovering near a five-year high, giving a toppy multiple of 34 times FY2016 earnings. We downgrade to sell.
03/11/2015
09:49
zyzzyva: so on 20x earnings that would equate to a £20 share price
28/10/2015
10:31
zyzzyva: and that's another stupid recommendation. how can a stock be a buy if the target price is below the share price? 28th oct Liberum buy tp 3450p
21/7/2015
12:09
philanderer: 'Nick Goodway: The shares that look ripe for picking in the summertime' My own choice for a summer retailer would still be Primark — the place where people fill their suitcases with clothes they could only wear on holiday. I also reckon the hype around Primark’s first openings in the US in September will work its way into owner Associated British Foods’ share price quite soon. HTTP://www.standard.co.uk/business/business-news/nick-goodway-the-shares-that-look-ripe-for-picking-in-the-summertime-10403780.html
09/7/2015
20:57
philanderer: Primark to debut in Milan Clothing retailer nicknamed Primarni plans three stores in Italy with first branch in home of Armani, Prada and Versace HTTP://www.execreview.com/2015/07/primark-to-debut-in-milan/ Telegraph market report: The decision of discount fashion retailer Primark to venture into the Italian market next year helped Associated British Foods add 149p, or 5.1pc, to its share price, closing at £30.80. In a trading statement, the FTSE 100 company said its earnings expectations for the year were unchanged. Primark is also due to open its first store in the United States in September. Darren Shirley, of Shore Capital, said he expects the stock to trade flat after yesterday’s update, but sees “scope for outperformance over the forthcoming couple of months as market excitement around the US store debut feeds into the share price”. HTTP://www.telegraph.co.uk/finance/markets/marketreport/11729767/Man-Group-jumps-as-commodity-prices-recover.html
09/7/2015
09:44
philanderer: ;-D Analyst Darren Shirely at Shore Capital said he did not anticipate changing his financial estimates post today's update. He has forecast pre-tax profit of £999m, earnings per share of 95.5p that would represent a fall of roughly 8% on the previous year. "We expect ABF's stock to trade flat post today's update, but see scope for outperformance over the forthcoming couple of months as market/ analyst excitement around the US debut feeds into the share price," he added. HTTP://www.sharecast.com/news/ab-foods-suffers-flat-revenues-as-primark-like-for-likes-disappoint/23025331.html
21/4/2015
22:35
philanderer: Mail Primark sees sales rise by 15% as it prepares for US expansion but owner AB Foods hit by weak sugar prices Keith Bowman of Hargreaves Lansdown Stockbrokers commented: 'Mixed divisional performances and currency headwinds continue to impact. 'On the downside, lower sugar prices, not helped by previous European Commission initiatives, have again weighed, whilst like-for-like sales at Primark stayed level with last year, held back by unseasonably warm northern European weather and the impact that opening new stores in the Netherlands and Germany had on existing stores. 'On the upside, expanding store numbers at Primark continue to be pursued, with new openings in Germany, Belgium and the UK targeted in the second half, whilst the launch of Primark in the US during late 2015 provides further long term opportunity. 'Growth in operating profit for its Grocery, Agricultural and Ingredients businesses was reported, whilst some recent stabilisation in EU sugar prices has again been highlighted. He added: 'In all, whilst some valuation concerns persist near term, expansion for Primark continues to head the positives longer term, whilst Sugar for the second half of the year is expected to benefit from further performance improvement initiatives and the non-recurrence of last year's cost of restructuring the EU sugar businesses. 'On balance, and despite the early share price reaction, analyst consensus opinion currently points towards a buy.' Analysts at broker Liberium Capital said: 'Primark now operates 287 stores with 10.7million sqf of retail selling space and has a very strong pipeline of new stores in Europe extending over a number of years. 'The group remains on track for its US launch in late 2015 with leases signed for 8 stores and a warehouse in the NE of the US. The group expects FY selling space growth will be less than 1 million sqf'. HTTP://www.dailymail.co.uk/money/markets/article-3048402/Primark-sees-sales-rise-15-weak-sugar-prices-hit-owner-AB-Foods-results.html
06/11/2013
12:33
brain smiley: Associated British Foods PLC (ABF:LSE): Last: 2,337, up 129 (+5.84%), High: 2,349, Low: 2,199, Volume: 736.84k BE So .... there's a real fight developing here. BE Half of The Wharf is saying "you're paying 21 times current-year earnings for no growth, are you nuts?" BE And the other half is saying, "ah, but the growth's later. Much, much later." BE Starting with the bear case, Merrill sets it out very well. BE They reckon that when you put the rest of AB Foods on 14 times calendar 2014 - which still looks extremely punchy for sugar processing and Ovaltine - then Primark's on 26.4 times sugar processing and Ovaltine - then Primark's on 26.4 times BE Which is a premium to its European peer group, H&M and Inditex. PM This is very funny PM Primark on 26 times BE This is how Merrill break up the PE ratios. BE Actually, let me share the note as well. It's an "all in the price" type argument. BE YTD, ABF's shares are +39% (+20% in October) outstripping both Inditex (+12%) & H&M (+20%) on cont'd optimism for Primark's expansion. Post solid FY13 results (p.3) we believe ABF's valuation is now fairly full. The shares trade on a FY14E PE of 21x (hist. range 12-19x). Primark now trades on an implied CY14E PE of 26x (10% premium to H&M & Inditex), assuming the rest of ABF trades on 14x (p. 4). While we are big fans of Primark's long-term growth prospects (we forecast 1.3m sqf in new space in FY14), retail still only comprises 50% of ABF's profits and faces particularly challenging LfL comps of 7%in H1 while Sugar remains under pressure. We leave our FY14E EPS unch. but cut our FY15E EPS by 3% on FX and lower EU sugar profits. We lift our PO to £23 reflecting the re-rating of the EU retail sector. BE "Ah!" Say the bulls. "Ah!" BE Shift the numbers out to 2015 and Primark's suddenly at a discount to peers. BE Bump them out to 2019 and it's cheaper than a Bangladesh-stitched hoodie. BE Morgan Stanley incoming ... BE Primark growth is set to accelerate with over 1m sq ft of additional selling space in FY14e vs. 0.8m in FY13. We forecast Primark LFL growth p.a. of 4% and selling space growth p.a. of 12% over the next 5y and we expect Primark to account for 57% of group profits by FY18e. Our reverse SOTP implies a 10.4x 2015e EV/EBITDA for Primark, a 20% discount to peers. As Primark continues to outperform and accelerate its expansion in Continental Europe, we see this discount narrowing. BE ...while momentum in Grocery should continue to strengthen. Expect the margin improvement in Grocery to be mixm driven as high margin businesses such as Twinings Ovaltine, Patak, Blue Dragon continue growing double digit. BE ABF now trades in line with its 5-year average PE relative to EU clothing retailers. We think this does not reflect the fact that Primark's contribution to group sales and profits has increased by 9p.p. and 8p.p, respectively, over that period. Our reverse SOTP implies a 10.4x 2015e EV/EBITDA for Primark, a 20% discount to peers. We expect this valuation gap to narrow over the coming months as Primark continues to outperform and accelerates its continental Europe expansion. BE While we view FY14 as a year of transition, we expect Primark to drive 8%+ group top-line growth and 11-13% EPS growth from FY15e, making ABF one the most compelling growth stories in our Staples universe. BE EU sugar prices and industry profitability have already started to reflect new market mechanisms, and we expect newsflow to continue to deteriorate over the coming months. BE And UBS, who make the most convincing case I've read .... BE we believe the best way to value AB Foods is to look at the sum of its parts. Within that sum of the parts, the 'jewel' is Primark (currently c50% of group profits). Primark is a hard discount clothing retailer that combines very low prices with a 'fast-fashion' component to generate best-in-class sales densities. This formula has been very successful in the UK (where Primark has consistently grown share for over 15 years and currently accounts for c5% of the apparel category) and is now being rolled out successfully in continental Europe (indeed sales densities there are even higher than in the UK). However, with so far only 50 stores in continental Europe (two thirds in Spain), Primark is at a very early stage in its international development. To capture this long term growth opportunity, we value Primark employing a 20yr DCF (that assumes 9.5% sales CAGR, of which 2% is LFL). This involves a quadrupling of floorspace by 2033, which assuming a slightly bigger store size, implies c825 stores (H&M currently has 400 stores in Germany alone). BE Our £12bn valuation for Primark equates to a CY14 EV/Ebitda of 16x; versus Inditex on 15x and H&M on 14x. Whilst Primark's hard discounter business model (low gross margin/high sales velocity) means it is not as cash generative as those two retailers, it is (from a much smaller base) currently growing its top-line significantly faster (in FY13 Primark's constant currency sales grew by 21%). In addition AB Foods has in the past accelerated Primark's roll-out by acquiring existing retail operations and converting (the most attractive) stores to the Primark format (e.g., the acquisitions of Littlewoods and C&A in the UK). It would not surprise us if management employed this approach in continental Europe, particularly in Germany where there is a significant amount of department store floor space currently generating very low returns. BE In our view the four critical KPIs for Primark are; (1) Continuing to grow share in its origin markets of UK/Ireland. (2) Continuing to enter new markets. (3) Positive LFLs in continental Europe. (4) Improving sales densities. Providing it 'hits' all four (as it is currently), we think the burden of proof will be on those who question its international capability. Based on the current share price, our £12bn valuation means Primark represents c.70% of AB Food's market capitalisation. Whilst this means that investing in AB Foods is an effective way of 'playing' the Primark structural growth story, it implies the remainder of the group is trading on an EV/Ebitda of approximately 6x. Whilst the 'rump' includes attractive businesses such as Twinnings Ovaltine, it also includes a commodity sugar business, where we have recently seen a number of downwards revisions to estimates.
Associated British Foods share price data is direct from the London Stock Exchange
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