Finsbury Food Share Chat (FIF)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Finsbury Food Group	LSE:FIF	London	Ordinary Share	GB0009186429	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-1.00p	-0.87%	113.50p	112.00p	115.00p	114.50p	113.50p	114.50p	78,314	08:05:56

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Food Producers	303.6	4.5	1.7	66.8	145.29

Finsbury Food Share Discussion Threads

Showing 4476 to 4498 of 4500 messages

Chat Pages: 180 179 178 177 176 175 174 173 172 171 170 169 Older

Date	Subject	Author	Discuss
26/9/2018 12:47	Good set of results, with a lot of effort to explain the story apparent I like it	jpjp100	Read Full Thread Reply
24/9/2018 10:24	Yes, Midas on Sunday	forensic	Read Full Thread Reply
24/9/2018 09:30	Decent buying this morning, I wonder if we've been tipped somewhere?	spaceparallax	Read Full Thread Reply
18/9/2018 11:18	A set of consistently solid results in difficult times; I particularly like the debt reduction.	spaceparallax	Read Full Thread Reply
17/9/2018 09:33	Results look OK to me on first glance. Nice 10% increase in the dividend. Will look more closely when the annual report arrives.	topvest	Read Full Thread Reply
17/9/2018 09:27	Cenkos; Recipe for Growth Finsbury has announced its annual results for FY18A, delivering 2.4% YoY growth in revenue from continuing operations to £290.2m. Management has delivered a stellar performance by controlling costs and maintaining margins in a challenging market environment. Investment into innovation and facilities, coupled with strategic acquisitions in a consolidating industry, provides investors with a platform for continued growth. We release our FY20E forecasts, inferring c6% YoY growth in adjusted operating profits, with Finsbury trading on a 12-month blended-forward EV/adj-EBITDA of c6.5x. We reiterate our Buy recommendation. n Financial highlights. Finsbury delivered 2.4% YoY growth in revenue from continuing operations to £290.2m in a challenging market environment. The well-explained cost pressures facing the industry (higher commodity costs, higher energy costs, higher labour costs and a weaker Sterling) resulted in gross margins contracting 80bps YoY to 30.3% on a combined group basis. Adjusted EBITDA increased 2.7% YoY to £25.6m, with management delivering significant operational efficiencies to increase the combined adjusted EBITDA margin by 50bps YoY to 8.4%. The adjusted fully-diluted attributable EPS grew 4% YoY to 9.8p, and the total DPS increased 10% YoY to 3.3p. Net debt contracted -10% YoY to £15.6m (0.6x net debt/adjusted EBITDA). We provide a summary table on the next page comparing the performance with our forecasts. n Operational highlights. FY18A witnessed the successful launching of the company-owned Wiso free-from brand in Europe, the Mary Berry licence in the UK, doubling sales in Artisan bread and Foodservice growth of 5.7%. n Innovation. Management developed the company’s “Recipe for Growth” business model which includes investment into technology, automation and fast growing niche product categories. The objective of the business model is to provide a platform for future growth by building scale and maximising operational efficiencies. n Investment. Management has invested c£50.6m in capex over the past 5 years. By our calculations, Finsbury has generated c£30m of cumulative free cash flow over the same period, inferring a c60% cash return on investment. This demonstrates management’s ability to allocate capital on behalf of shareholders, coupled with the commercial prudence to close underperforming assets (eg Grain D’Or). The post-FY18A acquisition of Ultrapharm, enhances Finsbury’s niche Free-From product category, illustrating the intent to invest in fast growing products. Ultrapharm further enhances Finsbury presence in Europe and adds regional manufacturing abilities (see report dated 3 September 2018). Management further guides to continual exploration of acquisition targets which offer new products, customer/channel diversification and to capitalise on market consolidation. n Brexit. We understand that management has conducted, and continuing to monitor, a thorough analysis of the uncertain outcomes that Brexit presents. Potential impacts include higher commodity prices for items sourced from Europe, tariffs, associated administrations costs, access and affordability of labour, and exchange rate volatility. Even though Finsbury conducts most its business in the UK, these factors still present uncertain risks. n Forecasts. Off the back of the FY18A we amend some of our assumptions for FY19E. A summary table is provided below. From a P&L perspective, we assume a lower FY19E GM%, which is offset by a lower expected D&A charge. The net effect is that our FY19E adjusted EPS remains unchanged. Regarding the FY19E CFS, we amend our working capital and capex requirement owing cash flow timing at the end of June 2019 and guided higher investment. We release our forecasts for FY20E, inferring c6% YoY in adjusted operating profit. n Investment case. Management’s strategy is expected to provide investors with further growth attributable to increased scale and operational efficiencies. The stellar performance in FY18A of maintaining margins, against an extraordinary challenging market environment, should comfort investors and provide optimism for continued progress. Finsbury trades on a 12-month blended-forward EV/adj-EBITDA of c6.5x, which we believe offers investors value for this growing specialist business. Buy.	davebowler	Read Full Thread Reply
05/9/2018 16:43	Yes, it looks like a nice acquisition in many ways Growth sector, geography, well known to FIF, some production capacity etc. At first glance it could look expensive to some, but £21m is about 2x Assets, a shade of 1x revenue and that growth rate can easily be said to attract a premium I am happier reading about FIF acquiring it for £21m than I would be to read about Park Cakes (or another FIF competitor) acquiring it at any price.	jpjp100	Read Full Thread Reply
03/9/2018 10:18	That sounds a perfect acquisition - should buoy things nicely leading upto results.	spaceparallax	Read Full Thread Reply
31/8/2018 19:26	Don't wish your life away. Still 3 weeks to enjoy before then!	topvest	Read Full Thread Reply
31/8/2018 08:07	Roll-on 17 Sept	spaceparallax	Read Full Thread Reply
31/7/2018 08:58	Nice to see the share price creeping upwards again - it reflects the inherent value.	spaceparallax	Read Full Thread Reply
17/7/2018 08:33	Very good TS, FIF are very good at operational management. Hopefully, tipsters will read this and recognize the good value given the unjustified recent share price dip due to holder divestment.	spaceparallax	Read Full Thread Reply
16/7/2018 14:55	FIF always seem to deal well with the headwinds. You would always expect them to be saying how difficult things are, as no doubt their supermarket customers read the results!	topvest	Read Full Thread Reply
16/7/2018 14:03	Pre close echoes what I am hearing from multiple food businesses these days - it is tough out there I think FIF is led well enough to out compete in it's markets and that should be enough I wonder if there is enough stress anywhere for prospective M&A targets to be a bit more amenable anytime soon?	jpjp100	Read Full Thread Reply
02/7/2018 14:57	the share price dip is getting silly, reflective only of the majorholder's reduction rather than the consistently excellent performance of the Company. Fortunately, some buyers appear to be cleaning up some of the drip-selling.	spaceparallax	Read Full Thread Reply
11/6/2018 11:16	A shame that a significant holder has chosen to flog off a few shares - the share price could well have remained above 130p otherwise.	spaceparallax	Read Full Thread Reply
05/6/2018 12:13	Sp appears to be attempting a bounce after the modest retracement of the last fortnight.	spaceparallax	Read Full Thread Reply
26/4/2018 13:26	Here we go again, 130p looks like a done deal.	spaceparallax	Read Full Thread Reply
17/4/2018 16:11	Very promising.	spaceparallax	Read Full Thread Reply
19/3/2018 20:27	Yes, they always seem to do reasonably well. Tope line has gone a bit flat, but will hopefully move on up again soon. Quite a resilient and defensive business.	topvest	Read Full Thread Reply
19/3/2018 17:51	Quite happy with the results All the key metrics have improved as far as I can see I suspect that there are a few potential acquisitions that FIF would be interested in out there, but that the expectations of the current owners are a bit ambitious I have a niggling concern about the pension deficit, but it is minor in the scheme of things Overall I think FIF is in great shape for the future. Even without an acquistion, I think we can expect similar improvements to hold over for the full year I have a niggling slight concern about the pension deficit, but it is minor in the scheme of things	jpjp100	Read Full Thread Reply
19/3/2018 13:34	Great results, FIF continue to move forward solidly and sensibly - I particularly like the reduction in debt by 25%(relative EBITDA) from the previous year. Such progress positions the Company well to make strategic investment organically or acquisitively that will really benefit immediate and future performance. Also, a handsome divi that should attract more longer term investors rather than short-termist speculators. All compelling reasons for the share price to advance towards the 130s.	spaceparallax	Read Full Thread Reply
02/3/2018 13:04	Sensible strategy - introduces certainty	spaceparallax	Read Full Thread Reply

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