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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Fyffes | FFY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 191.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 191.00 |
| Top Posts |
|---|
Posted at 21/2/2017 00:58 by coincall You are right battlebus2 and the dividend to be paid on 9th March. Goodbye Fyffes.Good luck shareholders. |
Posted at 21/2/2017 00:22 by battlebus2 If you held on Friday you'll get the dividend, shares cancelled today and payment March 2nd I believe. |
Posted at 10/12/2016 15:04 by battlebus2 PIL. DYOR. Jerry Zucker revocable trust major holder of FFY has been buying. |
Posted at 30/11/2016 07:38 by multibagger No smoke without a fire.....shame on FFY if the allegations are true. Treatment of workers shameful and another Sports Direct it appears.hxxp://www.gmb.org.u I sold out of FFY quite a while ago - when I became aware of their treatment of farm workers. FFY does not meet my ethical standards on decent corporate behaviour around treatment of vulnerable, fairly desperate and poor people and I do not want to profit from that. Share holders please think about your continued investment and what message it conveys. |
Posted at 02/9/2016 14:40 by 18bt Decent results - happy if they keep growing at +/-10% pa - loads of scope for dividend increases and possibly for share buybacks in due course. Perhaps a year of paying down debt first. |
Posted at 04/4/2016 12:19 by greg the grinch FFY profits are not an illusion! |
Posted at 26/2/2016 07:49 by battlebus2 Another great set of results with dividend increases 15%, still looking at attractive acquisitions. Disappointed they didn't mention their treatment of workers etc. Strong dollar means they are seeking increased prices. |
Posted at 11/2/2016 21:21 by tintin82 Terrible, how can they let something like this get to such a state. As you say, hope they issue a statement with clear guidance on how they intend to remedy the situation before FFY are forever known as 'appalling employers'. |
Posted at 14/1/2016 12:06 by tintin82 Same here, wider market catching on to just how much cash FFY generates? Long may it last |
Posted at 31/10/2014 03:03 by leebong Read this before BUYING FYFFES, target sp: EUR 1.50 – a 50-60% increase on the current price....very interesting stuff rjmahanFfyfes – You would have to be Bananas not to 30 Thursday Oct 2014 Posted by rjmahan in Uncategorized ≈ Leave a comment More on FFyfes. I think the fall in the share price post the collapse of the Chiquita deal is a buying opportunity. This is a solid, lowly geared company trading at a low multiple, it is also a strategic asset given its market share Before I go into the detail on this a quick note on my history with Ffyfes – we have had a long and profitable relationship! I bought in 2010 at 0.32 EUR a share. I sold quite a bit at 1.11 EUR in May 2014 as the rise in price in the intervening four years meant my portfolio was ridiculously dominated by Ffyfes. Some portions of the holding were sold for a 244% gain! In August and September I sold more as I wasn’t happy with becoming a shareholder in CQB. I was left with a rump holding – about 15% of the size of my FFY position at its maximum. On Monday I bought a lot more Ffyfes – taking it up to a 13% portfolio weight. I am keeping my powder dry to buy a little more should it fall to c0.85 EUR per share – probably up to a 15-18% weight. I still think Ffyfes can do well. The price has fallen to around the same level as it was before the deal was announced. The market price is not taking into account the 3.5% of CQB’s value in any alternate deal break fee. I estimate that this is worth around 17.8m EUR – so 0.06 EUR per share. There will have been costs to the failed deal. At a guess say €5m – or 0.02 EUR per share. Still this is c 4% of FFY’s market cap. I like Fyfes as it has lots of tangible assets. Bannana farms, planations, buildings that sort of thing. This amounts to 133.9m EUR net of intangibles – or 0.37 EUR per share – 40% of the current share price. The next question is – how accurate is that valuation. The answer is its very difficult to say – much of the plant is valued by the directors. The rest is much easier to value – Bannanas / other fruits. Quite a lot is in accounts receivable but looking in the accounts very little is past due and there shouldn’t be much risk – despite their problems the Tescos of this world aren’t going bust any time soon. Then its a matter of looking at cashflow. In 2013 this amounted to EUR 27m. They bought a plantation so free cash flow was negative in 2013. To get an estimate of maintenance capex I will take the 2012 figure – so 6.2m EUR. This means if you buy Ffyfes today you receive a FCF yield of 7%. In reality the yield is higher – interims showed 36% YoY growth in EBITDA. If we assume FCF grows about 20% we get a FCF yield of 8.6%. Any takeover could be easily financed with Ffyfes own cashflow. On a multiple basis too Ffyfes looks cheap – ignoring the overpriced dog that is Chiquita – Del Monte in the US – a much bigger, but similar business is trading at an estimated PE of 12.7 vs FFY at 8.6-9 vs likely 2014 FY figures (excluding any break fee payments). Even the veg related cousin of FFY – Total Produce is trading at a forward PE of about 10.8 based on the estimates I have available to me. In addition Total Produce doesn’t have Ffyfes asset backing. I think FFY should have more of the multiple of a growth stock – given solid EPS growth from EUR 0.02 in 2010 to EUR 0.10 for FY 2014 this isnt too far fetched. If you apply a healthier multiple of (say) 15 then you get a share price of EUR 1.50 – a 50-60% increase on the current price. In addition I think this is a business I want to be in. Healthy food / fruit and veg I would suspect will outperform over the longer term. The health issues associated with packaged / processed food should be obvious to all and eventually I think people will act in their own best interest and eat more natural foods. I also suspect the rumbling supermarket price war (at least in the UK (c1/3rd of revenue) will help sales of fruit – supermarkets earn some of their highest margins on fruit and veg. It is of course possible they could push harder for lower margins to compensate – but I don’t think they will push any harder than they have in the past. I think FFY should have the multiple of a growth stock – given solid EPS growth from EUR 0.02 in 2010 to EUR 0.10 for FY 2014 this isn’t too far fetched. Risks to my thesis are – bad harvests – all bananas are clones so their is risk of fungi / disease. Bad weather can cause losses – this is a low margin business – disruptions ie due to 2010 snow can cause losses. Tropical plantations are always risky – again due to weather. FFY is owned by a diverse and uninteresting group of firms – not much exciting here. Hopefully history will repeat and I will triple my money again. In reality I think the more likely option is this gets bought out. Quick trading tip – go with the ISEQ if you can – spread is much lower than on the AIM listed shares. If you like this article share it using the link shown. |
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