C&c Share Discussion Threads

[lbo] 30/6/2009 21:21

They should have given them a golden shower not a golden handshake!

[lbo] 29/6/2009 20:53

They did so something! They paid themselves for doing nothing! LOL



Former C&C directors paid €4.7m

[lobby ludd] 29/6/2009 19:46

3 years ago I stood up at the agm and said the management should introduce pear cider as a brand extension.....I got a lasklustre response from the then management who did nothing.

[lochgarman] 29/6/2009 17:43

In the Nielsen off-trade data, released on Friday morning, which covers the four weeks to the
end of 15 June, C&C's Magners recorded volumes of 3.14m litres in GB (+22% yoy and +13%
mom). If we strip out the 12 packs of 440ml cans, the sales volumes numbers fall to 2.3m, which
is a significant increase (+58%) on last month's volume figure (ex 12 packs). The pear cider
performed exceptionally strong, accounting for 18% of volumes at, 0.57m litres (up from 0.09m
last month). Distribution has increased from 31% to 50% (higher than the 31% we estimated in
our recent survey of the on-trade). Heineken's Bulmers recorded volume sales of 3.16m litres
(+73% yoy, 114% mom). Bulmers Pear accounted for 43% of total Bulmers volumes, with 1.36m
litres sold during the period, compared to 0.55m litres last month. Magners saw a large increase
in its average price (+4.5% mom). Notably, the discounting in the 12 packs of cans has unwound
(in-line with management guidance) as the price increased by 17% mom. In contrast, Bulmers'
average price declined by 8% yoy and 13% mom. Clearly the Magners Pear product is
performing well, having increased in distribution by 20% and its sales volume by 5 fold in the
space of a month. In addition, the cannibalisation effect is low, with a net increase in volumes of
0.4m litres due to the Pear product. We continue to remain positive on C&C, if we continue to
see large increases in volume, there is significant upside (33%) to our current FY10 EPS
forecast (for further detail please see our note published last week).
3
MORNING WRAP
Ian Hunter
T [phone]
E [e-mail]
Recommendation; Buy
Closing Price: €2.65
Robert Eason
T [phone]
E [e-mail]
Recommendation; Buy
Closing Price: €2.38
Liam Igoe
T [phone]
E [e-mail]
Novartis the latest company linked to Elan
Grafton; Irish planning permissions data continue to point to a difficult market backdrop

[lbo] 23/6/2009 22:59

THE competitiveness of the Irish food and drink sector has been damaged by a high business cost base and sterling depreciation, according to a report.

[lbo] 18/6/2009 10:13

Bulmers pays price for being marketed as a premium brand

[lbo] 07/6/2009 21:38

'European Monsoon' to blame for cold and rainy start to JunePaul Simons, Times Weatherman



Hold the barbecues and reach for your umbrellas - Britain's monsoon season has begun. It even snowed over the hills of Cumbria and Northumberland on Friday, before the washout over much of England and Wales this weekend with some atrocious downpours, flash floods, thunder and lightning.

The outlook for the rest of this week is for more bouts of thunder and heavy rain, with interludes of sunshine. So what happened to the Met Office's bullish forecast of a barbecue summer, with glorious sunshine and scorching temperatures?

[lbo] 02/6/2009 23:31

It's going to be a great summer - no, really



Spring goes out on a high

[lochgarman] 15/5/2009 19:36

djderry....tell me this when they write down assets like that i presume they a)can write them up in value again in the future? b)or is it a method of paying far less tax? and keep more profits for us shareholders..

nielsen data must be good...more due today i think..

[mveseyx] 15/5/2009 11:54

Nice break through 2 euro today, hopefully this will be the new floor.

[lbo] 13/5/2009 15:46

C&C - Plenty to throw up



• Following its IMS yesterday, we stick with an EBIT of €82m, eps of 20c and a dividend of 6c for FY Feb 2010. If delivered, this will pump operating cashflows to over €70m, allowing the group to further cut debt while repositioning the business into a dedicated cider business.
• Debt to EBITDA will rapidly decline towards 2x as the business continues to recover through a mixture of aggressive off-trade sales, new product introductions (pear) and the benefits of broad cost-cutting. It also helps that Heineken owned Bulmers is willing to price up as its new owner moves to repay debt and generate a return.
• If we fast forward and assume 2009 ends with C&C's cider unit in better shape (a good summer would be extra bonus) what happens next ? The spirits and liqueurs business and distribution assets look saleable to us, and do not share the USP evident in cider. Selling them would eliminate debt entirely, and position C&C as a sustainable high margin cider producer with standalone ability to throw up special dividends and eps growth.
• Alternatively, it's a plug and play for a global drinks business. Either way, we think a PER of
8.9x, yield of 3% and EV/EBITDA of 8x leaves plenty of upside.

[djderry] 12/5/2009 23:06

Never waste a good recession,write down plant and machinary by 136 million!

[lochgarman] 12/5/2009 20:10

mveseyx...i very much agree....a good summer and we are away!

[mveseyx] 12/5/2009 09:07

Onwards and upwards me thinks. With the Irish success in the rugby, the cider is flowing, all we need now is a good summer.

[lbo] 06/5/2009 08:08

C&C climbs on Magners sales

[lbo] 05/5/2009 22:14

Shares in the firm jumped 13c to E2.35. Shares in C and C jumped after a report said sales of its Magners cider in Britain increased 48pc by volume in the four weeks to April 18th. C and C climbed as much as 15pc in early trade before slipping back to E1.94 at the close, a gain of 10pc or 18c a share. The stock has advanced 38pc this year so far, giving the company a market value of E630.9m

[lbo] 23/4/2009 20:35

Cider-maker C&C was one of the better performers gaining over 7.5 per cent to €1.69, having earlier traded as high as €1.74 on strong volumes.

Britain added 4 pence to a bottle of cider in its budget yesterday and brokers suggested investors may have factored in a higher duty rate. "Maybe 4 pence is viewed as decent compared to what they were expecting," one Dublin broker said

[lbo] 22/4/2009 22:11

According to Treasury calculations, the 2% increase in alcohol duty will add 1p to a pint of beer or cider, 4p to a 75cl bottle of wine, and 13p to a 70cl bottle of spirits

[lobby ludd] 17/4/2009 12:22

Campari recently paid Pernod $575 million !!! for its 'Wild Turkey' whisky brand. That's a lot of cash for a single brand, one wonders what the Tullamore Dew would bring if CCR decided to off-load it ?

[lbo] 09/4/2009 13:48

Swallows, according to Birdwatch Ireland, are two weeks early this year. You may have noticed too that Spring is somewhat normal with sun and warmth evident. And ? Well, could we be due an ordinary summer in Ireland and the UK after two very wet and cold 2007 and 2008 seasons ? If so, it is it plausible to argue that C&C might finally get some positive traction into its cider division ? After all, just two short years ago cider sales for the group were over €500m. Less than €400m seems modelled in consensus at present for FY Feb 2010.
• With a new management strategy, and apparent focus on creating shareholder value by an industry-savvy team, some good weather could augment distribution, product and marketing initiatives. If that is so, then divisional EBIT forecasts of less than €50m (30% of what accrued in FY Feb 2007) might be beaten, even in a poor economy.
• C&C trades on an EV/EBITDA of about 8x presently. Diageo trades on 10x and is an implausible acquisition target. C&C is the exact opposite. Weather and M&A fanatics should consider a punt, especially after Campari paid a 12x EBITDA multiple for Wild Turkey this week. Tweet tweet.

[djderry] 19/2/2009 20:09

The knives are out in Clonmel,not quite a 'Kristalnacht',but 120 jobs to go.

[djderry] 18/2/2009 19:54

If LBO puts his infamous 'Anglo' curse on CCR,then we're probably doomed.

[lbo] 29/1/2009 21:32

C&C shares tumble after report foresees problems for Magners

[eye2] 29/1/2009 15:51

magners pear cider out very soon, could well be the answer to get things moving.magners dont make any-none-alcoholic stuff.