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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Associated British Foods Plc | ABF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -23.00 | -1.12% | 2,037.00 | 16:35:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,055.00 | 2,035.00 | 2,062.00 | 2,037.00 | 2,060.00 |
| Industry Sector |
|---|
| FOOD PRODUCERS |
| Top Posts |
|---|
Posted at 06/9/2024 16:55 by philanderer Almost hit Deutsche's target alreadyPrimark owner ABF hit again as Deutsche cuts forecasts. Primark owner Associated British Foods PLC (LSE:ABF) faced a blow on Friday morning as Deutsche Bank wound down expectations after the firm's own warning on Thursday. ABF’s update had shown Primark sales down on a like-for-like basis over the first half of the year, while profits from its sugar business were lower than expected. “Investors were already cautious on the weak Primark [...] performance but this remains the main ongoing cause for investor uncertainty on the stock,” Deutsche said in a note. A ‘sell’ rating was reiterated as a result, with Deutsche also winding down pre-tax earnings forecasts for the coming three years. The bank’s share price target for ABF was cut too, from 2,190p to 2,130p. “We need to see more evidence of a recovery in Primark like-for-like, otherwise we believe they will need to invest more into the brand to deliver a sales uplift,” Deutsche added. proactiveinvestors.c |
Posted at 06/9/2024 13:26 by liam1om I think investors will flood out of the market if the reported 45% capital gains tax is true. Also talk it will be retrospective! |
Posted at 06/9/2024 13:02 by suetballs I think the over done gloom and doom at the hands of Reeves and Starmer has rocked confidence generally.We will all know our fate on budget day on 30th October but until then uncertainty will prevail. I just hope investors and businesses aren't bashed up too much. Suet |
Posted at 31/5/2024 09:45 by philanderer Today's fallResult of placing of ordinary shares in Associated British Foods PLC Howard Investments Limited ("Howard"), a wholly owned subsidiary of Wittington Investments Limited ("Wittington") has agreed to sell approximately 10.3 million ordinary shares (representing approximately 1.4% of the issued share capital) in Associated British Foods PLC ("ABF") to institutional investors by way of an accelerated bookbuild process (the "Placing") at a price of 2,550 pence per ordinary share, raising gross proceeds of approximately £262 million. Following completion of the Placing, the combined shareholding of Wittington and Howard in ABF is expected to be approximately 56.1%. Once the remainder of the £500 million share buyback programme announced by ABF with its last full year results in November 2023 (the "FY24 Buyback") has completed, the combined shareholding is expected to be broadly in line with its level prior to the commencement of the FY24 Buyback, which was 56.4%. Wittington has agreed that neither it nor Howard will sell any further shares in ABF for the remainder of ABF's current financial year ending 14th September 2024 without the consent of UBS AG, London Branch ("UBS"). Wittington is committed to maintaining a majority stake in ABF. UBS acted as Bookrunner in connection with the Placing. |
Posted at 19/1/2024 19:24 by philanderer This coming Tuesday it will provide an update on trading for the first four months of its financial year to September."AB Foods is unlikely to discuss wider capital allocation issues until its first-half results in April," said analysts at AJ Bell. The outlook for 2024 is likely to be a key focus for investors and analysts, with sales currently expected to rise 5% for 2024. This time last year the first four months of fiscal year saw £6.7 billion sales, of which £3.55 billion was from food and the rest from Primark. For the whole of 2024, AB Foods has already suggested that Primark will show a modest increase in like-for-like sales and a larger increase in stated sales, thanks to store openings and its online roll-out. The adjusted operating margin at the retailer is expected to exceed 10%, compared to the 8.2% earned in fiscal 2023. Sugar is expected to deliver a substantial increase in profits, Agriculture will increase adjusted operating profit, Grocery to come in with broadly flat profits and Ingredients to show a modest decrease in sales and earnings. "More strategically, watch out for an update on Primark’s store opening plans in Europe and America in fiscal 2024, as it targets 530 stores by 2026 from the current count of 432, and also on its online roll-out, as well as comments on input cost inflation and pricing across all of its operations," said AJ Bell. proactiveinvestors.c |
Posted at 22/11/2023 16:55 by philanderer Associated British Food price target upgrade underpinned by strong fundamentals, says investment bankLiberum, the investment bank, has upgraded its price target for Associated British Foods PLC (LSE:ABF) from £24 to £28 per share, maintaining a 'buy' recommendation reflecting its confidence in ABF's strong trading performance and its effective capital return strategy. Since upgrading to buy in June, Liberum said ABF has registered an 11% increase in earnings per share (EPS), with 8% coming from enhanced trading activities and 3% from strategic share buybacks. It notes that ABF's commitment to shareholder value is further evidenced by its announcement of an additional £500 million share buyback program and a special dividend of 12.7p per share, amounting to approximately £100 million. The bank also highlights that ABF's capital allocation framework is designed to facilitate cash returns to shareholders when leverage, including lease liabilities, is below one-times. ABF's current leverage ratios are well within this limit. Liberum points out that the positive trading outlook for ABF is supported by various factors, including margin tailwinds, capital release in Primark, strong growth in the Sugar segment, and lower inflation across the group. In the Sugar sector, Liberum forecasts a significantly brighter outlook for the fiscal year 2024, driven by high sugar prices, reduced energy costs, and a normal crop season, which are expected to boost profits at British Sugar and Azucarera. Additionally, Vivergo is projected to reach a break-even point after substantial losses in the past two years, as per Liberum's analysis. The £500 million buyback program and the special dividend, as Liberum observes, reflect management’s confidence in ABF's future free cash flow (FCF) generation. Liberum estimates that ABF has the capacity to sustain such levels of cash returns regularly. In the Retail division, Liberum forecasts a return to approximately a 12% earnings before interest and taxes (EBIT) margin from 8% in the fiscal year 2023, aided by price increases, favourable foreign exchange impacts, and reductions in input and freight costs. Liberum also anticipates benefits from operating leverage and automation in future years. Finally, the bank expects ABF to deliver a 5.9% free cash flow yield on its current market capitalisation in the fiscal year 2024, compared to 2.2% in the fiscal year 2023. The company's shares are currently trading at a price-to-earnings (PE) multiple of 12.8 times and an enterprise value to earnings before interest, taxes, depreciation, and amortisation (EV/EBITDA) multiple of 7.0 times for the fiscal year 2024. This valuation, according to Liberum, represents a circa 30% discount to the 10-year average multiples, indicating a significant upside potential for investors and justifying the increased price target and 'buy' stance. proactiveinvestors.c |
Posted at 07/11/2023 19:38 by philanderer Investors Chronicle:Associated British Foods reveals surprise special dividend More selling space looks set to boost Primark sales further in the year ahead HOLD |
Posted at 12/9/2023 23:14 by philanderer Analysts at investment bank Shore Capital raised their earnings per share forecast for 2024 by 8 per cent to 165p and argued that ABF is undervalued, "especially in a higher base rate environment".The full-year results are scheduled for release on 7 November. Investors Chronicle |
Posted at 08/9/2022 20:22 by m_kerr right, but on a sum of the parts basis primark is almost chucked in for free.primark's historic operating margin is 10-12%, and here they are saying it will be about 7%, so not a bad result IMV. the disappointing thing that i think investors picked up on is that cash generation was poor due to a working capital build up, and due to the extremely conservative leverage policy, there won't be a chunky dividend. more a bump in the road than existential threat i think. conglomerates can be broken up over time, just look at DMGT, timing is out of our control, but in the end a gap between price and value at these extremes will not last forever. this is a very well run company with a strong balance sheet, and it almost entirely caters to needs not wants. |
Posted at 27/7/2022 17:00 by m_kerr IMV the efficient operating model of primark will come into it's own now. online rivals are barely making money, yet primark undercuts them hugely and makes a 10% margin. online retailers are also now going to be charging for returns, which will dent volumes - who knows how much, but it makes people think twice before buying. asos's £10 unlimited free delivery for a year is also clearly unsustainable. amazon now charge at least £95 for the same albeit they do offer other services for that membershipinvestors aren't interested in businesses that consistently lose money any more. valuation and track record matter. |
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