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Fyffes Share Discussion Threads
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15 Feb '16 - 09:23 - 1422 of 1459 0 0 Edit
Appalling if the allegations are true. Akin to SportsDirect treatment of employees. People have to be respected and treated humanely....this is very much a sweatshop it would seem.
I feel morally and ethically conflicted and do not wish to own shares in this company. No more Ffyes fruits for me either...shame on you Ffyes.|
|No smoke without a fire.....shame on FFY if the allegations are true. Treatment of workers shameful and another Sports Direct it appears.
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.|
|This labour dispute could badly hurt Fyffes.|
|Fyffes in another labour dispute. hTTps://gu.com/p/5bht2?CMP=twt_gu|
|re currency movements, this should be much higher?|
greg the grinch
|Yes seen that, looks a sensible idea to me and means gutter acquisitions to come.|
|Placing announced late yesterday - will be interesting to see takeup, but funds the last mushroom deal. Glad to see directors allowing share price to rise on back of strong results before raising funds. May broaden the insti shareholder base. Mcap will be around £440m.|
|Climbing to new highs on the back of the mushroom deal I suspect...|
|Probably more upside to come nice little mention in the mail Stock watch one to watch...|
|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.|
|Results still looking good more growth to come happy to hold sat on 115% profit on share price plus eps increasing try finding the in a bank??|
|Very quiet on this board considering these are hitting new highs still a long term investment for me which is paying off|
|Price dropping recently especially today when the market is recovering. Can't see any reason, but the rise was overdone.|
|And thats me out. Had a great run over the last year. I bought in after the drop from the failed takeover. Very undervalued at that point, however I feel the price is trading at a premium aat these levels. I am sure the growth will continue as this is a great company, but I am happy to sit on the side for now and watch for any re entry opportunity.|
|2016 – The Great Irish Share Valuation Project (Part I):
Company: Fyffes (FFY:ID)
Last TGISVP Post: Here
Market Cap: EUR 477 M
Price: EUR 1.605
Fyffes bounced back nicely in the past year & a half, after being dumped at the altar by Chiquita shareholders (who voted instead for a Cutrale-Safra cash offer). While revenue was basically unchanged in 2014, adjusted EBITA/diluted EPS jumped 23% & 27% respectively. Growth continued in 2015, with revenue up 12%, while adjusted EBITA/diluted EPS were up another 14%. This was capped in early April by the C$145 million acquisition of Highline Produce, Canada’s largest mushroom producer.
Highline’s revenue wasn’t confirmed, so we’re forced to rely on Fyffes’ current €1.2 billion revenue. Adjusted EBITA margin is currently 3.7%, but incorporating Highline’s pro-forma C$18 million EBITDA figure (I’d estimate EBITA equivalent to be C$14.7 million), this should reach 4.6%. Unfortunately, operating FCF’s averaged just 30% of adjusted EBITA in the last 3 years…equivalent to a mere 1.4% margin. Let’s average the two, to arrive at a 3.0% average margin, which deserves a 0.275 P/S multiple. Based on this, acquisition funding will absorb the majority of Fyffes current cash & (prudent) debt capacity. The Highline acquisition’s also pretty accretive, which should help maintain current earnings momentum, so a 14.0 P/E ratio makes sense here:
(EUR 0.1273 Adj Dil EPS * 14.0 P/E + 1,223 M Rev * 0.275 P/S / 297 M Shares) / 2 = EUR 1.46
Fyffes looks marginally over-valued to me…but might still look cheap to growth investors, who probably don’t care about the consistent & substantial shortfall in cash earnings. However, the significant increase in debt may now place greater emphasis on cash generation, which might potentially conflict with management’s desire to continue the current earnings momentum – let’s wait & see how they square that circle. Meanwhile, let’s not forget, a potential re-merger with Total Produce (TOT:ID) is still the obvious elephant in the room – now more than ever, after the failure of the Chiquita merger…
Price Target: EUR 1.46
For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.|
|Tripping on a high?....?|
|Market still rerating these higher after the highline deal. Never had a mushroom give me a high :)|
|The macd has moved from slightly bearish the very bullish bands opening which is a good sign MORE UPSIDE TO COME|
|what a trip|
greg the grinch
|Continuing to climb.....|
|FyffesHighline Produce announced their acquisition by Fyffes, an Irish fresh produce company. Highline is a fully integrated mushroom business with five facilities in Ontario and Quebec.
It is the largest operator in the mushroom industry in Canada, marketing approximately 58 million pounds (26.3 million kg) of mushrooms per year.
All of Highline’s five Canadian locations will remain in operation with business as usual for Highline’s 1150 employees.
Commenting on this transaction, Fyffes chairman David McCann said: "Highline is a very fine business with a strong position in an important product category. We look forward to working with Glenn Martin and his management team to continue to develop the business.
"This transaction fits perfectly with Fyffes strategic objective of adding an additional product to its existing three through the acquisition of an established, successful, integrated operator in a category with significant scale."
Highline CEO Glenn Martin said: "We couldn’t be more excited about this transaction and joining Fyffes, given its long history and successful track record of growth.
˝"We already operate some of the most state-of-the-art mushroom facilities in North America, and this arrangement will give us access to a global market leader in fresh produce. Our values are strongly aligned, and we look forward to working with Fyffes management as we continue to grow our business together into the future".
Highline Mushrooms was founded in 1961 and has grown to become the largest mushroom grower in Canada and the world’s largest grower of organic mushrooms. ■|
|FFY profits are not an illusion!|
greg the grinch
|I make this new highs today :))|