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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 | 191.00 |
| Top Posts |
|---|
Posted at 09/5/2016 15:32 by wexboy 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…equivale (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 Upside/(Downside): (9)% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog. |
Posted at 07/9/2015 13:40 by tintin82 Indeed. In these volatile times investors will begin to value solids cash machine companies such as FFY, hence why I recently tripled my holding! That spread hurts though. |
Posted at 21/1/2015 14:24 by ibug An interesting behind the scenes development:In the first two weeks of the new year, guru Mario Gabelli (Trades, Portfolio) has added to his stakes in three companies – Chemtura Corp (CHMT), Volcano Corp (VOLC) and Chiquita Brands International Inc (CQB). No other gurus we follow have invested in those companies since the third quarter of 2014. Gabelli is the founder, chairman and CEO of Gabelli Asset Management Company Investors. Perhaps the gurus will be interested in Fyffes?. |
Posted at 09/1/2015 19:27 by smicker Think its been tipped by investors chronicle as one of 5 tips of the year |
Posted at 22/10/2014 16:26 by leebong The vote on Friday afternoon will be a close call. But the only shareholders who can vote will be those who have held the stock for some time. It is quite likely that many investors sold out at the $14 USD/ Share level reducing the numbers of voters while the BOD and CEO increased their holding. There are two known investment houses who will vote against the merger. They own a combined holding of about 6%. But institutional investors have reduced by 4% in the last few weeks effectively cancelling out there influence and I suspect the Fireman and Police Pension Fund have sold their stock at $14 USD in the last week or so.A huge boost to the merger has been the ISS supporting the merger by citing that the Cutrale-Safra proposal does not provide any compensation to existing investors. The Chiquita CEO is looking for at least $15:60 USD/share as a minimum and that will not materialise. If the merger fails Cutrale - Safra will probably reduce their bid back to $13 USD/ Share as their offer was not irrevocable and it times out as an offer on October 26. This will be a transformational week for Chiquita either way and perhaps Fyffes. It is definity TIME TO BUY AND TIME TO VOTE YES FOR THE FYFFES MERGER. Fyffes is a long established business that returns profits every quarter without fail. This is going to be a great combination that will enhance markets, logistics and most importantly farming and business expertise managing a combined 26,000 Hectares of farm property producing tropical fruit. I am looking forward to $23:50 USD/ Share as a target by Q1/16. |
Posted at 20/10/2014 16:37 by leebong With this backing the merger will probably go ahead...so standby for Fyffes share price to surge.Leading Proxy Advisory Firm ISS Changes Recommendation to Chiquita Shareholders to Vote "FOR" Proposed Combination With Fyffes By GlobeNewswire, October 20, 2014, 10:48:00 AM EDT Vote up AAA Combination With Fyffes Garners Industry Research Analyst Support CHARLOTTE, N.C., Oct. 20, 2014 (GLOBE NEWSWIRE) -- Chiquita Brands International, Inc. (NYSE:CQB) ("Chiquita") today announced that Institutional Shareholder Services ("ISS"), a leading independent proxy voting and corporate governance advisory firm, has changed its previous recommendation and is advising its clients to vote "FOR" Chiquita's revised merger agreement with Fyffes plc (ESM: FFY ID: AIM: FFY LN) ("Fyffes") (the "Combination"). ISS is now recommending that Chiquita shareholders vote "FOR" the pending combination with Fyffes. In its revised recommendation issued on October 20, 2014, ISS stated: "After reviewing the value and relative certainty of the two competing transactions, as well as the appropriateness of the target board's response to the unsolicited bid, ISS has concluded that the $14.00 Cutrale/Safra offer, while higher than Chiquita closing prices immediately prior to the Cutrale/Safra's first bid, does not provide sufficient compensation to Chiquita shareholders to warrant giving up on the potential upside of the revised Fyffes transaction."* "While the Cutrale/Safra cash bid appears to offer relative certainty of value, it does not appear to offer a sufficient premium to the value of the ChiquitaFyffes combination, as indicated by present value of 2016 EBITDA and free cash flow multiples. As the target board's response to the unsolicited bid appears to have been appropriate-leading, ultimately, to improvements in both offers prior to the definitive shareholder vote-there does not appear to be any credible evidence the Chiquita board has not been acting in shareholders' best interest."* "Accordingly, Chiquita shareholders should vote FOR the Fyffes transaction and AGAINST Cutrale/Safra's proposal to give Cutrale/Safra unilateral ability to further adjourn the Chiquita shareholder meeting."* In response to ISS' positive recommendation, Edward F. Lonergan, President and Chief Executive Officer of Chiquita commented: "We are pleased that ISS recognizes the increased value provided to Chiquita shareholders under our revised transaction with Fyffes, including an improved exchange ratio and increased synergies estimates. The Chiquita Board continues to strongly believe in the strategic merits and value provided by the revised ChiquitaFyffes transaction, which it believes will create a combined company that is better positioned to succeed in a highly competitive marketplace, while driving strong performance and value for shareholders. We look forward to completing the transaction expeditiously and urge shareholders to follow ISS' recommendation by voting "FOR" the proposed combination with Fyffes." Combination with Fyffes Garners Industry Research Analyst Support In addition to ISS' support, a leading industry research analyst has recently provided favorable commentary on Chiquita's proposed combination with Fyffes and the value the combination will deliver to Chiquita shareholders: "In the current environment, we understand some investors questioning the decision to forego a certain $14 value, but one must remember that this market will indeed turn better, and we believe that true shareholders would prefer a tie-up with Fyffes - along with the inherent value creation potential that it brings - instead of a stubbornly low bid from a Brazilian orange concentrate producer, whose real goal in our view is to steal an asset away in order to diversify its portfolio. Consider the lengths that Fyffes has been willing to go in order to merge with Chiquita vs. the actions of Cutrale/Safra, to date; it seems clear to us who sees value creation potential for the long haul vs. who is looking for a quick (economical) fix. We applaud CQB management and its Board for aiming to protect shareholder interests, even if some don't fully yet realize such."* - Brett M. Hundley, BB&T Capital Markets (October 17, 2014) Read more: |
Posted at 16/10/2014 07:23 by leebong Interesting Insight:Cutrale-Safra up their offer to buy Chiquita to $658 million Pressure increases on banana producer to cancel planned merger with Fyffes Chiquita bananas are displayed for sale. Brazil’s Cutrale Group and Safra Group boosted their offer to buy Chiquita Brands International to about $658 million. Chiquita Brands International Fyffes Wed, Oct 15, 2014, 16:35 First published: Wed, Oct 15, 2014, 16:34 Brazil’s Cutrale Group and Safra Group boosted their offer to buy Chiquita Brands International to about $658 million, raising pressure on the banana producer to cancel its planned purchase of an Irish competitor. Cutrale-Safra increased its offer to $14 a share, the joint bidders said today in an e-mailed statement, 7.7 per cent more than their initial, unsolicited proposal of $13. The transaction would be financed with equity from affiliates of Cutrale and Safra and isn’t subject to financing conditions. Cutrale, a closely held fruit juice company controlled by Brazil’s Jose Luis Cutrale, has partnered with banks controlled by Joseph Safra, Brazil’s second-richest man, to challenge Chiquita’s planned acquisition of Fyffes. The Fyffes deal, announced in March, would create the world’s largest banana company and cut Charlotte, North Carolina-based Chiquita’s tax bill by enabling it to move its headquarters to Ireland. While Chiquita has continued to recommend the Fyffes combination, it adjourned a shareholder vote on the purchase and let Cutrale-Safra carry out due diligence so that the Brazilians could make another offer. The latest offer is below the $16 minimum needed to match the economics of Chiquita’s proposed takeover of Fyffes, David Holohan, a Dublin-based analyst at Merrion Capital Group Ltd., said in an e-mail today. The Fyffes deal will proceed, he said. Chiquita rose 3.7 per cent to $13.65 at 9.55 am in New York. Fyffes fell as much as 4.9 per cent to 96 cent in Dublin, the biggest intraday drop since Sept. 5. Institutional Investor Services said September 5 that Chiquita investors should reject the Fyffes deal and instead pursue a buyout from Cutrale-Safra. Cutrale controls more than one-third of the $5 billion orange-juice market and has global operations in apples, peaches, lemons and soybeans. Bloomberg |
Posted at 10/10/2014 12:07 by leebong Pension fund challenges Chiquita merger with Fyffes10/09/2014 02:27:00 PM Coral Beach A green light from the European Commission on the proposed $1 billion merger of Chiquita Brands International Inc. and Fyffes Plc. moves the two firms a step closer to becoming the top banana company on the planet, but some investors have asked a federal court to intervene. A shareholder vote is set for Oct. 24, according to a timetable approved by the European Commission. Boards of both Chiquita and Fyffes have already approved the merger. The High Court of Ireland also must approve the deal. Whether approval from the European Commission will effect Chiquita’s talks with two companies in Brazil was not mentioned in an Oct. 3 news release about the European action. Chiquita officials announced Sept. 8 that Fyffes had agreed to allow the discussions with juice maker Cutrale Group and investment firm Safra Group. Some Chiquita shareholders — the City of Birmingham (Ala.) Firemen’s and Policemen’s Supplemental Pension System — says the offer from the Brazilian companies is a better deal and that Chiquita’s executives and board of directors should be stopped from closing the deal with Fyffes. Chiquita is standing firm. “Chiquita&rsqu The pension fund filed its case Oct. 7 in federal court in New Jersey, where Chiquita is incorporated. The case contends Chiquita officials and board members breached their fiduciary duty to shareholders. The lawsuit states Fyffes will only pay $10 per share while the Brazilians offered $13 per share on Aug. 11. “Instead of entertaining the higher, competing bid, the Chiquita board instead set up diminished and rushed negotiations and erected defensive measures designed to thwart any higher offer,” according to the pension fund complaint. “It did this because Chiquita executives and members of the board were assured continued employment and a future role in the newly merged entity, ChiquitaFyffes, that was not assured with the higher, competing offer.” After the interest from Brazil, Dublin-based Fyffes sweetened its offer, revising the merger agreement so that Chiquita shareholders would own a greater share of the new company. Originally the Chiquita shareholders would have gotten 50.7% but Fyffes increased that to 59.6%, according to a Sept. 26 news release. The pension fund challenge contends Fyffes new offer would amount to $11.89 per share. The court challenge also states Chiquita’s officials took action to penalize shareholders if they vote against the Fyffes deal. Chiquita signed an agreement with Fyffes on Sept. 25 that more than triples the penalty the American company would have to pay if the deal falls through. “(In the) agreement, executed on Sept. 25, this amount was increased to 3.5% — approximately $6.6 million — of the total value attributable to Chiquita’s issued share capital,” the pension fund case states. The lawsuit also questions the ability of Chiquita’s management to successfully integrate acquired operations, citing its purchase of Fresh Express from Performance Food Group in 2005. The suit states Chiquita has had to effectively devalue the Fresh Express operation on its balance sheet. “Chiquita paid $855 million for the business, but recently announced $555 million in impairment charges relating to the acquisition,” the lawsuit states. - See more at: |
Posted at 17/9/2014 20:59 by leebong RNS Number : 9673RFyffes PLC 17 September 2014 Fyffes plc Stock Exchange Announcement Fyffes Files Investor Presentation Further Outlining Strategic Rationale for Proposed Combination with Chiquita Brands International -- Outlines value-maximising opportunity for Chiquita shareholders -- Details Fyffes strong track record of sales and earnings growth as well as the company's consistent outperformance of guidance -- Outlines how proposed combination, led by experienced management team, will create the leading global produce company across key categories, paving the way for a new area of global growth Dublin, Ireland, 17 September 2014 - Fyffes plc (ESM: FFY ID: AIM: FFY LN) ("Fyffes") today announced that it is filing with the US Securities and Exchange Commission ("SEC") an investor presentation in which Fyffes provides further detail on the strategic rationale for a proposed combination with Chiquita Brands International, Inc. (NYSE: CQB). The presentation is available on the investor relations section of the Fyffes website: www.fyffes.com. Salient elements of the presentation include: The proposed ChiquitaFyffes Limited ("ChiquitaFyffes") offers a value-maximising opportunity for Chiquita shareholders. Illustrative share price analysis demonstrates that the merger is a compelling choice for shareholders compared with the non-binding, unsolicited offer from the Cutrale Group and the Safra Group to sell now for $13.00. While the Cutrale / Safra offer has a full anti-trust process ahead, Fyffes is of the view that there is a good prospect that the ChiquitaFyffes transaction can be cleared by the European Commission during its Phase I review which ends on 3 October 2014. Fyffes has a strong track record of growth and consistent outperformance of earnings guidance. Historically, Fyffes share price has consistently outperformed the market and the company has generated free cash flow, while Chiquita has not. Fyffes management expects the combined company to deliver strong share price performance and generate free cash flow. Fyffes has consistently delivered shareholder returns and superior performance, growing revenue by 7.3% CAGR since the 2006 demerger. In the first half of 2014 alone, Fyffes increased its target Adjusted EBITA for the full year 2014 to the range EUR38m-EUR42m, compared to EUR32.7m in 2013. The proposed ChiquitaFyffes combines two complementary companies with long histories and great reputations to create the leading global produce company. ChiquitaFyffes will be the number one banana company globally, with positions as the number one in US imported melons, number three in pineapples globally, and the US market leader in packaged salads. The combination creates a total $60m in annualized cost synergies targeted by the end of 2016, up from the earlier estimate of $40m. Additional value creation opportunities identified by Fyffes and Chiquita management include gulf shipping rotation efficiencies and recent outperformance of the Fyffes business. |
Posted at 02/9/2014 15:08 by leebong RNS Number : 6501QFyffes PLC 02 September 2014 Fyffes plc Stock Exchange Announcement FYFFES FILES INVESTOR PRESENTATION WITH SEC AND CORRECTS INACCURATE INFORMATION RELEASED BY CUTRALE/SAFRA -- Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure -- Long standing relationships with producers with robust earnings track record and 10,000 hectares of managed production. Since 2007, Fyffes has invested $108.4 million in the acquisition of pineapple and melon farms -- Fyffes Executive Directors each have at least 24 years of experience in operational/ management roles in the Fyffes Group -- Stable business with 74% of Fyffes European banana volume sold through contracted sales -- There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders Click on, or paste the following link into your web browser, to view the associated PDF document. Dublin, Ireland, 2 September 2014 - Fyffes plc (ESM: FFY ID: AIM: FFY LN ("Fyffes") today announces that it has filed with the US Securities and Exchange Commission ("SEC") an investor presentation in which Fyffes corrects inaccurate information regarding the misleading statements made by the Cutrale Group and the Safra Group ("Cutrale/Safra") in connection with Fyffes proposed combination with Chiquita Brands International, Inc. (NYSE: CQB). The presentation is available in the investor relations section of Fyffes website: www.fyffes.com. The key highlights of the presentation are set out below: Fyffes has a proven track record in growing its business and has 50+ successfully integrated acquisitions under current management's tenure Fyffes earnings have grown by 7.3% CAGR since its demerger in 2006. In the last six years, EBITA has grown by 16.2% CAGR, EBIT by 19.8% CAGR and EPS by 17.4% CAGR. In addition to three very important joint venture businesses, Fyffes ability to integrate acquisitions is demonstrated by a history of more than 50 acquisitions since its IPO in 1981. Long standing relationships with producers and 10,000 hectares of managed production Fyffes has long-standing relationships with growers going back 40 years and a proven track record of guaranteeing highest quality from source to consumers. Since 2007, Fyffes has invested $108.4m in the acquisition of pineapple and melon farms. Fyffes farms a total of 10,000 hectares (24,710 acres) in Central America of which 3,900 are owned. Stable business with 74% of Fyffes European banana volume sold through contracted sales Fyffes is the #1 banana importer in Europe and the #1 melon importer in the US. It has the oldest fruit brand globally. Fyffes business is far less volatile than Chiquita or others in the industry as evidenced by the fact that 74% of Fyffes European banana volume is sold through contracted sales. There is no certainty Cutrale/Safra's proposal preserves optionality for Chiquita shareholders Cutrale/Safra have sought to create the false impression that Fyffes shareholders will be unaware of the consequences of Cutrale/Safra proposal and that Fyffes shareholders will allow themselves to serve as a stalking horse. Cutrale/Safra have deliberately ignored the fact that the approval of the combination requires a special majority of Fyffes shareholders and there can be no certainty that a sufficient number of Fyffes shareholders will vote in favour of the combination if Chiquita has adjourned its meeting to negotiate a contrary transaction with Cutrale/Safra. |
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