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
  +0.00p +0.00% 191.00p 0 06:42:18
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Food Producers 900.1 23.4 6.8 23.5 630.17

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Date Time Title Posts
21/2/201703:53Price curving upwards?1,481
12/6/201512:48Fyffes to bid for Chiquita?4
25/6/200914:17Fyffes Bananas - Results and current trading very good.75
01/6/200317:02FFY about to break out....which way???45

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greg the grinch: 'Is that a banana in your pocket or are you just glad to see the share price?'
battlebus2: Yes knew something was up with the share price moving over the last few days. A sensible acquisition indeed.
ibug: Fyffes earnings jump 27 February 2015 | 09:34am - Fyffes reports strong growth in earnings for the sixth year in a row. Total revenues - including joint ventures - rose by 0.8% to €1,090.9m while group revenue, excluding its share of its joint ventures, amounted to €853m in the year, an increase of 2.0%. The increase in turnover in the year reflected organic volume growth in the pineapple and melon categories, offset by price deflation in bananas and pineapples. Adjusted EBITA was €7.5m higher (+22.9%) at €40.1m, compared to €32.7m in 2013. Adjusted EBIT also amounted to €40.1m, up 28.1% year on year, as there were no amortisation charges in 2014. Adjusted EBITDA was up 20.5% year on year, to €48.2m. The key drivers of performance in the group's tropical produce operations are average selling prices, exchange rates and the costs of fruit, shipping and fuel. Adjusted profit before tax for the year to the end of December amounted to €39.0m, 25.3% up on the previous year, ahead of the increase in EBITA due to the lower interest charges. Adjusted profit before tax excludes exceptional items and the group's share of the tax charge of its joint ventures, which is reflected in profit before tax under IFRS rules, and, in previous years, the amortisation of intangible assets and the group's share of Balmoral's result. Profit before tax, excluding these adjustments, amounted to €38.2m compared to €28.7m in 2013, an increase of 33.1%, reflecting a reduction in amortisation charges to nil in 2014. At 9:34am: [LON:FFY] Fyffes PLC share price was 0p at 87.5p Story provided by - See more at: hTTp://
ibug: 24 February 2015 | 15:56pm - Fyffes will release its preliminary results for the year ended 31 December on 27 February. At 3:56pm: [LON:FFY] Fyffes PLC share price was 0p at 86p Story provided by - See more at: hTTp://
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.
battlebus2: Wynnefield: Increase in Cutrale-Safra Offer is “Significant” Print Alert Chiquita (NYSE:CQB) Intraday Stock Chart Today : Thursday 23 October 2014 Calls on ISS to Swiftly Review Updated Proposal; Insists Meeting Be Conducted Tomorrow, As Scheduled Wynnefield Capital, a long-term holder of Chiquita Brands (NYSE:CQB), owning 1,646,103 shares or 3.5% of the company, today announced that it views today’s updated offer by Cutrale-Safra to $14.50 per share in cash as a “significant” increase in the offer price and affirmed its support for the Cutrale-Safra transaction. WYNNEFIELD EMPHASIZED THAT THE SPECIAL MEETING OF SHAREHOLDERS OF CHIQUITA SHOULD BE CONDUCTED AS SCHEDULED ON OCTOBER 24, 2014. Also, in light of the offer increase, Wynnefield called on proxy advisory firm ISS to swiftly re-consider its prior recommendation. Wynnefield reiterated its previously stated belief that ISS’ prior recommendation was flawed, relying on dubious long-term projections devised by the partisan Fyffes/Chiquita investment bankers that failed to account for the commoditized and unpredictable nature of operational risks in Chiquita’s business, as well as flawed projections of synergies that failed to properly account for EU regulatory developments. That view was validated by a resounding market reaction. On the day ISS issued its recommended support for the Fyffes scheme, Chiquita Brands’ share price fell by about 4.2%, even as broader markets were flat to slightly up. Wynnefield reiterated that its analysis demonstrates that the all-cash Cutrale-Safra proposal would provide superior value and eliminate the risks associated with a merger contemplated in the Fyffes proposal. Wynnefield projects that Chiquita’s shares would fall by $2.00 – $2.50 if the Fyffes scheme were approved. In fact, the revised Cutrale-Safra offer could have been $14.70 per share had the Chiquita Board of Directors not increased the break-up fee from 1% to 3.5% as part of its revised Fyffes scheme, thus limiting the potential upside to shareholders, while further entrenching themselves. The Wynnefield analysis concludes that, as a company analyzed on a cash-flow basis, rather than an Earnings per Share (EPS) basis, Chiquita Brands would be a better company for all stakeholders as a private enterprise, and that today’s increased offer reflects Cutrale-Safra’s commitment to appropriately taking the company private.
leebong: With this backing the merger will probably go 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: hTTp://
leebong: Cutrale-Safra have made their final offer of $14 USD/ Share to buy Chiquita in an all cash offer for shares. This might be the end of the Fyffes - Chiquita merger deal. But in the event that the merger fails Fyffes will get about 16 million euros compensation. hTTp:// NEW YORK, Oct. 15, 2014 /PRNewswire/ -- Cutrale-Safra today announced its definitive offer to acquire all the outstanding stock of Chiquita Brands International Inc. ("Chiquita") (NYSE: CQB) for $14 per share in cash. Having completed its due diligence, Cutrale-Safra has submitted its offer to the Chiquita Board of Directors, together with a form of merger agreement that Cutrale-Safra would be prepared to execute and deliver concurrently with Chiquita entering into such merger agreement and associated disclosure letters. Cutrale-Safra is also delivering to Chiquita equity and debt commitment letters for the transaction. The offer reflects Cutrale-Safra's assessment and analysis of Chiquita's current condition and prospects. Unlike the proposed combination with Fyffes, the superior Cutrale-Safra offer provides Chiquita shareholders complete certainty with respect to the value of their Chiquita investment. This offer represents a highly attractive premium of approximately 40% to the market's valuation of the original proposed transaction with Fyffes based on Chiquita's undisturbed closing share price of $10.06 as of August 8, 2014 and an approximately 19% premium to the adjusted stock price of $11.80, based upon the revised Fyffes transaction. Moreover, the proposed cash consideration of the Cutrale-Safra offer, including the assumption of Chiquita net debt, represents a multiple of approximately 12.4x EBITDA for the twelve months ended June 30, 2014. The Cutrale-Safra definitive offer is the highest comparable transaction multiple for an acquisition of this scale in the fresh produce sector based on the EBITDA multiples of comparable transactions. Cutrale-Safra expects to be able to close its offer promptly following entry into the merger agreement. Cutrale-Safra stated: "Our all-cash offer provides certain value to Chiquita shareholders on a timely basis. It constitutes a "Chiquita Superior Proposal" under the terms of the Fyffes Transaction Agreement because it is more favorable to the Chiquita shareholders than the proposed combination with Fyffes, taking into account all financial, regulatory, legal and other aspects of our offer. In contrast, we believe the investment marketplace recognizes the significant risks and issues inherent in the Chiquita-Fyffes combination, all of which cast serious doubts about the potential business performance of the combined ChiquitaFyffes and the ability to integrate as well as realize potential synergies. Additionally, the financial data Chiquita provided to the market yesterday indicates the difficulty Chiquita will face in meeting its stated 2014 targets, based on historical performance."
leebong: RNS Number : 9673R Fyffes 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: 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.
battlebus2: Transaction Details Under the terms of the Transaction Agreement, Fyffes shareholders will receive 0.1567 ChiquitaFyffes shares for each Fyffes share they hold upon completion of the scheme contemplated as part of the overall transaction. Chiquita shareholders will also become shareholders of ChiquitaFyffes and receive one ChiquitaFyffes share for each Chiquita share that they hold upon closing of the merger contemplated as part of the overall transaction. The transaction values the entire issued and to be issued share capital of Fyffes at approximately $526 million (€379 million) and each Fyffes share at €1.22 based on Chiquita's closing share price on March 7, 2014 and a Euro/U.S. dollar exchange rate of 1.39, which represents a premium of approximately 36% compared to €0.90, Fyffes volume-weighted average trading price for the 30 trading day period ending March 7, 2014 (the last trading day prior to this announcement), and a 38% premium to the Fyffes closing share price on March 7, 2014 of €0.89. On this basis, the transaction will result in a combined equity value of approximately $1.07 billion (€770 million). The actual values received will depend on the trading price of ChiquitaFyffes Shares following consummation of the transaction. On completion of the transaction, Chiquita shareholders will own approximately 50.7% of ChiquitaFyffes, and Fyffes shareholders will own approximately 49.3% of ChiquitaFyffes, on a fully diluted basis. The scheme transaction is expected to be tax-free, for Irish tax purposes, to Fyffes shareholders. The merger is expected to be taxable, for U.S. federal income tax purposes, to Chiquita shareholders.
Fyffes share price data is direct from the London Stock Exchange
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