Share Name Share Symbol Market Type Share ISIN Share Description
C&c Group Plc LSE:CCR London Ordinary Share IE00B010DT83 ORD EUR0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -1.50 -0.38% 393.50 569,506 16:35:00
Bid Price Offer Price High Price Low Price Open Price
392.00 392.50 394.50 383.00 383.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Beverages 721.22 64.01 19.06 21.7 1,219
Last Trade Time Trade Type Trade Size Trade Price Currency
17:49:56 O 793 393.52 GBX

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C&c Daily Update: C&c Group Plc is listed in the Beverages sector of the London Stock Exchange with ticker CCR. The last closing price for C&c was 395p.
C&c Group Plc has a 4 week average price of 378p and a 12 week average price of 4.04p.
The 1 year high share price is 399.50p while the 1 year low share price is currently 2.56p.
There are currently 309,894,042 shares in issue and the average daily traded volume is 639,229 shares. The market capitalisation of C&c Group Plc is £1,219,433,055.27.
lbo: Yes becoming even more leveraged to sales of a weather dependendent drink like Cider is a geat business plan with the recent climatic changes over the last few years (highest rainfall on records)! LOL C&C's problem was that its programme of divestments had turned it into a one-trick pony. The situation was compounded by the weather-related nature of the cider business -- the bad summer effectively ruined the share price last year
lbo: It's all gone a little bit pear-shaped at C&C I notice that C&C boss John Dunsmore suggested his own punishment for the company's trading update fiasco. "It's a rapped-knuckles incident," said Dunsmore. Well, if a 16pc drop in your share price is a rap on the knuckles I wouldn't like to see C&C if it got a kick in the unmentionables. Amongst the many worrying features of the affair is the fact that C&C management fast-forwarded the release of the update because it felt it was so positive. Right, so does that mean a bad news update would have been delayed? Brings a new twist to the company slogan "nothing added but time" doesn't it? Despite the huge marketing push behind its pretty toothsome new pear cider brand, it looks as if C&C's newsflow team could do with a few refresher courses in Leaving Cert accountancy.
lbo: And this was before the numbers were cooked! C&C is still a little flat Share Sunday July 12 2009 LAST week's upbeat trading statement from C&C did nothing for the share price, which fell almost nine per cent. According to C&C, revenues in its core cider business were up three per cent in the first four months of the year and it now expects full year operating profits to be between €77m and €82m. So why did shares refuse to budge? Well, cider volumes are still falling in the UK and the best the group can hope for is to stabilise UK cider volumes. Even if it achieves this, UK cider profits are likely to remain under pressure from a revived HP Bulmer, now owned by Heineken. Given this unappetising outlook, is C&C, chaired by Tony O'Brien (above), worth the €740m, plus net debt of €226, implied by the current share price? I certainly don't think so.
eoc74: Good to see others are noticing Pratt's poor performance. Lets hope some big shareholders are as disgruuntled with Pratt as we are. Trouble brewing for C&C's top man? The cider company's unimpressive performance on the stock market is not reflected in its chief executive's large salary. Take the chief executive of a leading international drinks company. He reported sales of €4.5 billion, pre-tax profits of €378 million and had 15,000 employees in the last financial year. His company's share price has risen 50% on the back of a takeover offer from rival drinks companies Heineken and Carlsberg, leaving his company valued on the stock market at about €10 billion. Take the chief executive of a smaller drinks company. He reported sales of €1 billion, pre-tax profits of €190 million and had 1,700 employees in his last financial year. His share price has recently plunged on the back of a disappointing performance in the company's core operations and it is valued on the stock market at about €1.3 billion. You would think the chief executive of the larger company would earn a whopping degree more than his smaller competitor. If he was paid on the basis of his sales, you might expect him to be paid four and a half times more than his smaller competitor. If he was paid on the basis of his profits, he might be paid twice as much, if he was paid on the basis of the number of employees he manages, he might be paid nine times as much, if he was paid on the basis of his stock market valuation, he might be paid eight times as much. So it may come as a surprise to learn that the chief executive of Scottish and Newcastle, Britain's largest brewer, earned a basic salary last year that was only 36 per cent more than Maurice Pratt, the chief executive of Irish drinks company C&C, makers of Bulmers and Magners cider. Former S&N boss Tony Froggatt last year earned about €1 million (stg£775,000) in basic salary compared with Pratt's €638,000. True, the disparity is greater when you factor in other remuneration. Froggatt last year earned about €2.2 million when his bonus and other benefits are taken into account, while Pratt earned about €1.4 million. Pratt's total remuneration in the year to February 2007 was made up of his basic salary of €638,000, a bonus of €496,000, pension contributions of €226,000, other remuneration of €29,000 and benefit in kind of €17,000. But our quibble is not with performance-related bonuses, as performance benefits all shareholders. Our question is whether €638,000 is a lot simply as a base salary, especially given the company's disastrous share price performance this year following three profit warnings. The share, which reached a brief high of €13.90 in January 2007, was at the time of writing trading at €4.72 having fallen as low as €3.67 in the last 12 months. The company has been at pains to blame bad weather for its misfortunes, but the downturn in C&C's fortunes is as much down to poor management as to poor weather. For starters, Prattbet the ranch on his high-margin cider business, while selling off other lower margin businesses such as Tayto crisps and the soft drinks division including spring water Ballygowan. Those businesses might have had some defensive properties in years when cider sales were poor. It is the old problem of having all your eggs in one basket. Pratt also underestimated the fickleness of the drinks market, which is heavily influenced both by fashion and by weather. But most crucially of all, he underestimated the competition, particularly Scottish &Newcastle. Pratt got off to a strong start with sales of Magners brewing up a storm in Britain initially. However, once Scottish & Newcastle applied its mind to fighting the cheeky Irish newcomer, it gave Pratt a bloody nose. Indeed, figures published last summer showed that sales of Scottish & Newcastle's rival cider grew much faster than sales of C&C's Magners brand in the British off-trade market, suggesting that weather was only one factor in the lower than expected sales of Magners. Scottish & Newcastle won the cider wars in part because it was willing and able to cut the price of its premium cider brands by using its greater financial muscle to offer brewers big discounts to sell its products rather than Pratt's. The result was that Pratt was unable to replicate his juicy Irish cider margins in the tougher British market. Many of the problems facing C&C management were entirely predictable. Indeed, the Insider outlined many of the threats facing the company as far back as September 2006. At that time we advised investors ''to take some profits'' in C&C when the share was trading at €10.15 having launched on the stock market two years previously at €2.26 a share. In particular, we warned that the drinks market was notoriously fickle and subject to huge vagaries in fashion, that it was subject to other unpredictable influences such as the weather which had worked in C&C's favour that lovely summer, that the company was effectively a one-trick pony that was overly reliant on cider sales, and that the British players were unlikely to cede the cider market to an Irish newcomer without putting up a good fight. Indeed, we specifically noted that Scottish & Newcastle had recently launched three new cider brands to meet the C&C competition head on, while other British players were also moving into the premium cider market. But investors kept the faith, sending C&C shares as high as €13.90 in January last year leaving the Insider a little red-faced. However, the share then began a long decline as the problems facing Pratt's company became apparent to even Pratt's most enthusiastic followers. The share then went into freefall following three profit warnings. The sad fact of the matter is that Pratt may be earning close to the same salary as the top brass at the big British brewers, but he proved no match for the big boys when he entered the more competitive British drinks market. It will be no surprise if a big international brewer now casts the slide rule over C&C. After all, there are big savings to be made just by rationalising the four most expensive senior managers who cost the current shareholders a cool €3.5 million a year.
itansey: Future uncertain for Magners after dry British spell 20 January 2008 By Samantha McCaughren - Sunday Business Post British drinkers lost their taste for Magners last summer and have not returned to cider during the autumn and winter months. Many are now wondering if the initially positive response among London drinkers to Magners was a brief fling, rather than a love affair. In the company's first ever third quarter update last week, C&C said that the cider business was down 18 per cent in the three months to the end of November. There had been an expectation that the fall might just be in the high single digits. The key problem for the market is that the company can give little guidance as to how the brand will perform in the year ahead. For management and investors alike, it is a waiting game. One analyst said that fund managers would not touch shares with poor visibility in the current environment. ''It's not a high visibility business, because you have no contracts coming in. You are talking maybe February, maybe May, until you see if the market share has stabilised," he said. ''It'll be about two years before you can see if the company has the potential to re-group in Britain, get market share back and grow the product again." But Liam Igoe, of Goodbody Stockbrokers, believes the market is being too harsh on the brand. ''We hold with the view that C&C's current share price is effectively writing of f the value of the Magners brand," he said. ''We think this view is excessive and we consequently retain our positive stance on the stock. We hold with the view that the Magners franchise has significant value, which is largely ignored in the current share price." He said that even if a value of zero was applied to the Magners brand, a current value of €3.46 could be put on the stock, compared with €6.04, including a valuation for Magners. The company's shares gained nearly 11 per cent last Friday, to close at €4.23. But for now, the power of the Magners marketing blitz, which replicates the Bulmers strategy in Ireland, is not having the desired impact. The company's original target was to gain 4 per cent of the LAD (long alcohol drinks) market in Britain by 2010/2011 but that looks highly unlikely now. Some in the market believe that the best case scenario would be a 2.5 per cent share in that timeframe. At the time of the Rugby World Cup, Magners did manage to get a 4 per cent share of the LAD market in London, but some sceptics believe that may have been a one-off, a fad never to be repeated. In Ireland, the company has a market share of the LAD drinks market of about 11 per cent, while in the North, it is about 7 per cent. There was an expectation that this pattern of increased share would be replicated in Britain. ''People say it is a totally different market," said one market source. ''Now, there is an appetite for the company to hold its current share and grow from there," he said. Other valuations in the drinks sector also concern some investors. International brand Grolsch was recently sold to SABMiller for €820 million. At the moment, C&C has a market capitalisation of €1.3 billion, although it still owns other brands, such as whiskey Tullamore Dew. ''Grolsch is a worldwide name, with a presence in emerging markets," said the market source. ''It has a lot more recognition that Magners ever had. So far, it doesn't look like Magners is transferable out of Ireland and Britain. Until they can prove it's transferable to Australia or the US, it has limited potential." There is strong expectation that Magners trials in Munich and Barcelona will be halted, but issues continue to face the company in Britain. Ross McEvoy, an analyst with Bloxham's, said the British drinks market has problems. Pub group Punch Taverns last week released its trading update for the 20weeks to January 5, 2008. ''Trading over the last eight weeks has been more subdued, in what has been widely acknowledged as a challenging period for the sector, with declining consumer confidence and the impact of the smoking ban in England and Wales," said McEvoy in a note. ''Going forward, the group remains cautious over the short-term outlook for the sector." So, while C&C, under chief executive Maurice Pratt, will be trying to hold its share in the face of increased competition in the cider segment, it may also have to tackle wider problems in the British drinks sector. The company is scheduled to update investors on sales at the end of February, and to report results on May 8.
r0cksteady: could be partly due to this from goodbodys: It now looks increasingly likely that Carlsberg and Heineken will succeed in their three month long pursuit to acquire Scottish & Newcastle, as yesterday, the board of S&N announced that Carlsberg and Heineken will propose a bid of 800 pence a share, valuing the company in the region of £7.8bn. Carlsberg wants to acquire full ownership of its JV with S&N, BBH, while Heineken has its sights set on the UK operations. Of importance to C&C are the implications that a Heineken-S&N hybrid would present in the UK and Ireland cider markets. There could well be a short term gain to C&C, as S&N, due to this corporate activity, may not be as proactive in their attempt to pack UK pub shelves with Bulmers. Ultimately, Heineken may view the premium cider category as a valuable growth niche, but one, we expect, where there are likely to be less prone to compete on a low price platform. We would also see this as a positive development for C&C. However, Heineken may also decide in time, to launch a new premium cider product within the Irish market. We expect however that despite Heineken's significant share of the Irish on-trade market, an attempt to launch a rival premium product in Ireland would be unsuccessful, given C&C's pedigree in the sector and its proven record at fending off new competition. An outcome of the deal is expected soon after 24 January, as this is the date, set by the UK Takeover Panel, when all bids are due. Assuming an 800p share price for S&N leads to an FY08 EV/EBITDA of 14.8x and a PE of 20.2x, which compares to C&C's forward FY08 EV/EBITDA of 11.4x and a PE of 12.8x.
itansey: C&C rivals circle the flagons 05 August 2007 Sunday Business Post Maurice Pratt's firm has warned profits will slump, with the wet summer causing a fall-off in Bulmers sales and rivals Scottish & Newcastle aggressively pricing cider. The C&C story took another twist last week with a second unexpected profit warning, as bad weather continues to dampen the company's growth prospects. The Bulmers/Magners growth trajectory has been well and truly interrupted now -in July, total cider sales fell 30 per cent in Britain and 15 per cent in the Republic. The two profit warnings have left some in the market feeling unhappy with C&C's handling of the sales slump. One Dublin analyst commented that while chief executive Maurice Pratt has been praised for his marketing skills, on this occasion ''they have handled it very poorly''. There is a feeling that the first statement should have given more insights into the potential problems which lay ahead. The analyst said the revised guidance in the earlier note had clearly been optimistic, although the market did not get a sense of this. ''The July 13 statement appears to have pinned too much on July," said one broker. Another analyst questioned why the company continued to pay up to €8.78 per share as part of its share buyback programme over the past few weeks when it knew sales were falling during the month of July. While C&C may have ruffled some feathers in the market, most are now trying to get a measure of what lies ahead. Some analysts believe the share price can recover and that the bad summer is a once-off, but others fear competition will be tougher than expected in the British market. One analyst said 70 per cent of the problem was weather and 30 per cent was the fact that rivals were turning up the heat. Scottish & Newcastle (S&N) has been aggressively pricing its cider in recent weeks and appear to be hurting C&C. Said S&N in a recent statement: ''In cider, we have also gained share in a market which has continued to grow strongly despite the poor weather." It is a very different picture than the one being painted by C&C. ''Scottish & Newcastle have woken up to the high profit margin and increased sales potential in cider," said one Dublin drinks industry source. Another concern is the impact the bad summer will have on the rest of 2007. It is believed that 80 per cent of the company's recruitment is done during the months of June, July and August. This means new customers normally try the cider during these months and this recruitment carries through to extra sales in the autumn. Ross McEvoy of Bloxham Stockbrokers said: ''Due to the impact of the extremely poor weather on summer recruitment, the group would not give any guidance for the second half until its interim results on October 10. ''Recruitment in summer months is critical to C&C's model, and it will be very difficult to quantify what effect this will have on second half volumes." ''Management said competition remains intense and are taking a pessimistic view by assuming the same rate of decline in August as in July." Citigroup also raised the issue of increased competition. The analyst said its estimates for next year assumed some degree of volume recovery, but ''we remain concerned that recent poor trading is due also to competition from Bulmers [The S&N version sold in Britain]". Liam Igoe of Goodbody Stockbrokers said the model ''may be badly bruised but is not irretrievably broken''. However, he also alluded to the fact that it was difficult to assess the future growth story for the brand. ''In the short term, the shares are unlikely to make headway until there is more visibility on its sustainable market position in Britain." The plunge in C&C shares has led to further speculation that it might divest itself of its wine distribution business, Findlater Grants. This would be in line with the company's strategy of selling non-core assets, such as its soft drinks distribution business, so it can concentrate on growing its suffering Magners and Bulmers cider brands. The company sold Tayto last year and its water and soft drinks business earlier this year to Britvic. Drinks industry sources said that while the company had been looking for a trade buyer for the wine company, there was little interest in the business in the market. DCC, which owns the Woodford Bourne wine business, considered making a bid for the company for a time. Once one of the largest wine merchants in the country, Findlater Grants has been suffering in recent years after losing some brands to rival companies and increased competition in a market that has been steadily growing as wine consumption has risen in recent years. Rival wine distribution companies will be eyeing other strong Findlater Grants brands as its parent company suffers. Revenues at the wine business fell by 15 per cent last year to €199 million, while operating profits dropped by a massive 86 per cent at €700,000. C&C's focus is clearly not on the wine business. At a briefing earlier this year, one of the company's executives described the distribution operation as ''immaterial'' to C&C's business. While it is believed to be keen for a sale, the company is also willing to sit tight and wait for the right money. The company has been happier to continue chasing a high profit margin product and increased sales with Bulmers and Magners, rather than the narrower margins made through distribution and wine. But C&C's efforts to turn Magners and Bulmers into the Bailey's of the cider business are now floundering and bargain hunters may start circling. Prior to the recent raft of bad news for the brand, C&C was seen as a takeover target once its share price dipped below €10.The stock is now trading at around €6.20, down from highs of €13. One analyst commented that an offer could still be on the cards, although shareholders may be unwilling to sell at present levels given that many bought in at a much higher price. SAB Miller, maker of Pilsner Urquell and Miller Lite, was linked to the company last year and ironically, the drinks giant has enjoyed a sales boom in recent months from the hot weather in eastern Europe and South Africa. Among the other companies mooted as potential buyers are Molson Coors, In-Bev and Constellation Brands. Pratt said that despite falls in cider sales in July, ''the model is intact''. However, given the uncertainty over future sales, potential buyers might prefer to watch to see how that model continues to fare in less sunny climes.
djderry: I heard of the profit warning at three today and I certainly had a good hour of emotional turmoil.It's my biggest shareholding and it's down many thousands of euro.And I mean many.At this stage the fear and panic has been worked through.From what I can gather,this is an update on the last profit's warning.Obviously I would have liked them to have gotten all the bad news out at that stage but,of course,one cannot predict the vagaries of the weather.As an investor,I expect flucuations in share prices (though not,admittedly such a plunge) and I'm quite used to having some shares 'under water' compared to the price I bought them.Today I suffered paper losses.I will not be selling anytime soon.Why?Well,I still believe that sooner or later the weather will improve,that the marketing strategy will 'recuit' more customers,that the share buy-back will continue,that the european trials may offer upside and that ,as a pure alcohol/premium cider play,we may flush out a bidder.Will any of these things happen? Of course I don't know but I am more interested in where the share price will be a year or five years from now.
itansey: From Dolmen stock brokers on the 2nd July 2007 C&C (€ 9.98) Upside even at low end of guidance Stuart Draper Target : €13.50 • Priced in : The current earnings guidance from C&C Group for the year ending 28/02/08 is that its operating profit will show growth of between 15% and 25%. Assuming that only 15% operating profit growth is achieved to €244m, driven by 35% on-trade volume growth, then a full year eps of 63c would be generated, representing year on year growth of 15%. • Major upside : Given such continued earnings growth prospects and the fact that peers such as Diageo and Heineken, with significantly lower growth prospects, currently trade at 17.3x and 18x forward earnings respectively, this would imply a worst case 12 month share price target of €12.60 (26% upside), based on 20x current year eps of 63c. The shares will also pay a current year dividend yield of c.3.2% for waiting for this upside. • Out-selling competition : Even though there has been an increase in competition in the UK cider market this year, our view is that Magners should continue to out-sell the competition, and that the impact from the UK smoking ban should be minor, as it was in Ireland. Sentiment towards the shares is also likely to improve as more normal summer weather returns over the course of July and August. • Upcoming catalysts : The next set of AC Nielsen on-trade data for the UK LAD market, due to be released c.16th/17th July, should provide some reassurance that year on year market share growth is continuing to be generated. Similar to the UK Budget announcement earlier this year, there is now an expectation that this data will be significantly weaker than consensus expectations, so any year on year progress could act as a positive catalyst for the share price. Progress by Magners' in its two new European markets of Spain and Germany could be another potential positive catalyst later this year. • Buy-back support : Following the recent sale of the group's soft drinks division to Britvic for €249.2m, €150m of the proceeds are being applied to increase the group's previously announced share buy-back programme from €150m to €300m. This share buy-back programme has now started, and with only c.€ 19.5m spent so far buying back 1.8m shares at an average price of €10.83, it should limit further downside for the share price between now and the group's H1 trading statement on 31/08/07. Following the soft drinks disposal, C&C is also a potentially cleaner takeover target should the share price weakness of recent weeks continue : BUY.
itansey: C&C (€11.30) €300m buy-back starting this month Stuart Draper, Dolmen Securities. Target : €13.50 (27/04/07 ; previously €13, issued 12/01/07) • Buy-back imminent : Following the recent sale of the group's soft drinks division to Britvic for €249.2m, representing the attractive exit multiple of 19.2x operating profit of €13m after central costs, €150m of the proceeds are being applied to increase the group's previously announced share buy-back programme from €150m to €300m. This share buy-back programme, representing c.8% of the shares in issue at the current market price, is due to start this month and should help protect against significant further share price downside. • Takeover potential : We expect the disposal to be eps neutral when the lower number of shares post the buy-back programme are considered, and the deal should also provide more capital to help fund the group's high growth cider business, as well as making the business a potentially cleaner takeover target. • Market gains : Significant share price upside from current levels over the next 3 months is created by Magners continuing to increase its share of the UK LAD market. In this regard, the latest AC Nielsen market share data for March showed Magners increasing its share of the UK LAD market to 1.8% on a moving average annual basis from 1.7% in February, demonstrating that C&C remains on target to achieve its stated goal of 2.5% market share by the end of February 2009. • Strong growth : Achieving such increased market share provides the basis for our current year eps forecast of 67.5c for the year ending 28/02/08, representing further year on year growth of 23%. The next set of AC Nielsen on-trade data for the UK LAD market is due to be released around 16th/17th July. Progress by Magners' in its two new European markets of Spain and Germany could be another potential positive catalyst for the C&C share price later this year. • Major upside : Given such strong earnings growth prospects and the fact that peers such as Diageo and Heineken, with significantly lower growth prospects, currently trade at 17.3x and 18x forward earnings respectively, our current 12 month price target for C&C of €13.50 (19% upside) is based on 20x current year eps of 67.5c. The shares will also pay a current year dividend yield of c.2.9% for waiting for this upside to be achieved : BUY.
C&c share price data is direct from the London Stock Exchange
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