Share Name Share Symbol Market Type Share ISIN Share Description
Fyffes LSE:FFY London Ordinary Share IE0003295239 ORD EUR0.06
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 191.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 900.06 23.40 6.83 22.6 630
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 191.00 GBX

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Fyffes (FFY) Discussions and Chat

Fyffes Forums and Chat

Date Time Title Posts
21/2/201703:53Price curving upwards?1,481
12/6/201511:48Fyffes to bid for Chiquita?4
25/6/200913:17Fyffes Bananas - Results and current trading very good.75
01/6/200316:02FFY about to break out....which way???45

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Fyffes (FFY) Top Chat Posts

battlebus2: PIL. DYOR. Jerry Zucker revocable trust major holder of FFY has been buying.
greg the grinch: Hmm I wonder if we will have any counterbids? Quite sad to see these go but it is an acceptable price and I will have new funds to reinvest. £2.10 would be better. Any tips for reinvestments?
greg the grinch: 'Is that a banana in your pocket or are you just glad to see the share price?'
multibagger: No smoke without a fire.....shame on FFY if the allegations are true. Treatment of workers shameful and another Sports Direct it appears. hxxp:// 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.
18bt: 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.
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…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 Upside/(Downside): (9)% For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.
battlebus2: Yes knew something was up with the share price moving over the last few days. A sensible acquisition indeed.
leebong: Read this before BUYING FYFFES, target sp: EUR 1.50 – a 50-60% increase on the current price....very interesting stuff rjmahan Ffyfes – You would have to be Bananas not to 30 Thursday Oct 2014 Posted by rjmahan in Uncategorized ≈ Leave a comment More on FFyfes. I think the fall in the share price post the collapse of the Chiquita deal is a buying opportunity. This is a solid, lowly geared company trading at a low multiple, it is also a strategic asset given its market share Before I go into the detail on this a quick note on my history with Ffyfes – we have had a long and profitable relationship! I bought in 2010 at 0.32 EUR a share. I sold quite a bit at 1.11 EUR in May 2014 as the rise in price in the intervening four years meant my portfolio was ridiculously dominated by Ffyfes. Some portions of the holding were sold for a 244% gain! In August and September I sold more as I wasn’t happy with becoming a shareholder in CQB. I was left with a rump holding – about 15% of the size of my FFY position at its maximum. On Monday I bought a lot more Ffyfes – taking it up to a 13% portfolio weight. I am keeping my powder dry to buy a little more should it fall to c0.85 EUR per share – probably up to a 15-18% weight. I still think Ffyfes can do well. The price has fallen to around the same level as it was before the deal was announced. The market price is not taking into account the 3.5% of CQB’s value in any alternate deal break fee. I estimate that this is worth around 17.8m EUR – so 0.06 EUR per share. There will have been costs to the failed deal. At a guess say €5m – or 0.02 EUR per share. Still this is c 4% of FFY’s market cap. I like Fyfes as it has lots of tangible assets. Bannana farms, planations, buildings that sort of thing. This amounts to 133.9m EUR net of intangibles – or 0.37 EUR per share – 40% of the current share price. The next question is – how accurate is that valuation. The answer is its very difficult to say – much of the plant is valued by the directors. The rest is much easier to value – Bannanas / other fruits. Quite a lot is in accounts receivable but looking in the accounts very little is past due and there shouldn’t be much risk – despite their problems the Tescos of this world aren’t going bust any time soon. Then its a matter of looking at cashflow. In 2013 this amounted to EUR 27m. They bought a plantation so free cash flow was negative in 2013. To get an estimate of maintenance capex I will take the 2012 figure – so 6.2m EUR. This means if you buy Ffyfes today you receive a FCF yield of 7%. In reality the yield is higher – interims showed 36% YoY growth in EBITDA. If we assume FCF grows about 20% we get a FCF yield of 8.6%. Any takeover could be easily financed with Ffyfes own cashflow. On a multiple basis too Ffyfes looks cheap – ignoring the overpriced dog that is Chiquita – Del Monte in the US – a much bigger, but similar business is trading at an estimated PE of 12.7 vs FFY at 8.6-9 vs likely 2014 FY figures (excluding any break fee payments). Even the veg related cousin of FFY – Total Produce is trading at a forward PE of about 10.8 based on the estimates I have available to me. In addition Total Produce doesn’t have Ffyfes asset backing. I think FFY should have more of the multiple of a growth stock – given solid EPS growth from EUR 0.02 in 2010 to EUR 0.10 for FY 2014 this isnt too far fetched. If you apply a healthier multiple of (say) 15 then you get a share price of EUR 1.50 – a 50-60% increase on the current price. In addition I think this is a business I want to be in. Healthy food / fruit and veg I would suspect will outperform over the longer term. The health issues associated with packaged / processed food should be obvious to all and eventually I think people will act in their own best interest and eat more natural foods. I also suspect the rumbling supermarket price war (at least in the UK (c1/3rd of revenue) will help sales of fruit – supermarkets earn some of their highest margins on fruit and veg. It is of course possible they could push harder for lower margins to compensate – but I don’t think they will push any harder than they have in the past. I think FFY should have the multiple of a growth stock – given solid EPS growth from EUR 0.02 in 2010 to EUR 0.10 for FY 2014 this isn’t too far fetched. Risks to my thesis are – bad harvests – all bananas are clones so their is risk of fungi / disease. Bad weather can cause losses – this is a low margin business – disruptions ie due to 2010 snow can cause losses. Tropical plantations are always risky – again due to weather. FFY is owned by a diverse and uninteresting group of firms – not much exciting here. Hopefully history will repeat and I will triple my money again. In reality I think the more likely option is this gets bought out. Quick trading tip – go with the ISEQ if you can – spread is much lower than on the AIM listed shares. hTTps:// If you like this article share it using the link shown.
leebong: Fyffes market capitalisation = $446.029M USD and Chiquita Brands Market Cap = $478M USD. Therefore a small positive change in the FFY share price could make both companies worth the same. The challenge for Fyffes management to is turn-around CQB with staff level and debt reductions to make it more profitable. I have noticed that the company is top heavy with proffesional management and legal calibre staff. That perhaps is possible within a year.
leebong: If there is another bidder it might be Fresh Delmonte. FFY is cheap at this price; if CQB maintain an share price of about 12USD then that equates to a FFY share price of around 150p once the merger takes place. CQB then stops paying 35% US tax and both companies become much more profitable through sharing resources and developing in each others markets...thus a very good deal for everyone.
Fyffes share price data is direct from the London Stock Exchange
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