Premier Foods Share Price (PFD)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Premier Foods Plc	LSE:PFD	London	Ordinary Share	GB00B7N0K053	ORD 10P

	Price Change	% Change	Share Price	Shares Traded	Last Trade
	+0.40p	+1.13%	35.95p	182,919	16:35:04

Bid Price		Offer Price	High Price	Low Price	Open Price
36.30p		36.50p	37.00p	35.55p	35.55p

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Food Producers	819.20	20.90	0.90	39.9	303.8

Related Shares
Unilever (ULVR), Associated British Foods (ABF), Hidong Estate (HID), Walcom (WALG)

Premier Foods (PFD) Latest News (2)

Premier Foods News

Date	Time	Source	Headline
24/5/2019	15:02	ALNC	Deutsche Bank Now Holds 8.42% Stake In Premier Foods (ALLISS)
24/5/2019	14:58	UKREG	Premier Foods plc Holding(s) in Company
20/5/2019	06:35	ALNCF	Alliance News Flash Headline
14/5/2019	09:35	ALNC	Premier Foods Swings To Loss After Pension And Impairment Costs
14/5/2019	07:01	UKREG	Premier Foods plc Preliminary Results
01/5/2019	11:58	UKREG	Premier Foods plc Total Voting Rights
17/4/2019	11:09	ALNC	PRESS: Premier Foods Still Looking For CEO As Turrell Drops Out
16/4/2019	12:43	ALNC	Premier Foods Hires Advisers As It Explores Break-Up
16/4/2019	09:00	UKREG	Premier Foods plc Notification of Results
08/4/2019	14:08	UKREG	Premier Foods plc Holding(s) in Company

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Premier Foods Forums and Chat

Date	Time	Title	Posts
25/5/2019	06:38	Premier Foods - Charts & News	19,911
22/4/2016	16:32	* WARNING * Sell Premier Foods while you still can !	72
24/8/2015	09:02	Premier Foods (Positive News, Moderated) FEB 2013	1,196
27/4/2014	12:21	Premier Foods PLC -	30
26/7/2013	11:21	Premier Foods	-

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Premier Foods (PFD) Top Chat Posts

Date	Subject
26/5/2019 09:20	Premier Foods Daily Update: Premier Foods Plc is listed in the Food Producers sector of the London Stock Exchange with ticker PFD. The last closing price for Premier Foods was 35.55p. Premier Foods Plc has a 4 week average price of 35.40p and a 12 week average price of 33.80p. The 1 year high share price is 46.85p while the 1 year low share price is currently 29.45p. There are currently 844,928,687 shares in issue and the average daily traded volume is 392,684 shares. The market capitalisation of Premier Foods Plc is £303,751,862.98. Read Full Thread Reply
10/7/2018 06:07	lammylover: Oasis / Paulson forcing issue of ownership of PFD. Hopefully Nissin will buy out Batchelors for £300m or better still the whole company. Company Mkt cap worth less than sum of parts, as these fund holders know. Expect share price to continue to rise to AGM. Read Full Thread Follow Reply
09/7/2018 17:15	vinceelliott: Surprised it has been so quiet here, as: share price up 12% since start of month; clashes on re-election of ceo; RNS and 6% plus holding by Paulson & co, a backer of undervalued companies who are takeover candidates; I am long and have held for over a year on recovery grounds rather than takeover. See also #19867 and RNS re Oasis challenging ceo Read Full Thread Follow Reply
09/10/2017 15:58	grabster: Sadly, glenglen, the company's prospects as a competitive supplier of foods are poor, and in my view it will never succeed. I have argued the same for years - notwithstanding the spikes that have occurred in the share price along the way. None of the retailer groups owe them any favours - they each have the company over a barrel when it comes to agreeing the terms on which they will stock and display PFD products - they know the company is in poor shape and will continue to exploit that. This stock has passed its sell-by date and is heading for sub-10p in my opinion. Those wishful-thinking dreamers who insist that a bidder will surely step in and save it are kidding themselves and each other. Read Full Thread Follow Reply
09/3/2017 09:40	grabster: My expectation is that the share price, regardless of momentary upward spikes, will sink to 30p this year. The cost of advertising and promotion will continue to be a killer - and none of the supermarkets will do Premier any favours. Read Full Thread Follow Reply
23/1/2017 23:02	yinyang888: grabster, why don't you short pfd then? let's see what the share price will be by the end of the year! Read Full Thread Follow Reply
25/10/2016 10:31	grabster: Share price that has continued drifting down has dived faster this morning. Wassup now? Read Full Thread Follow Reply
12/10/2016 10:18	boffster: Another lousy update from this company which never fails to disappoint. If not for the recent bid interest the share price would be down at 25p. I would suggest current holders might consider capitalising on this disparity, as I can see nothing to drive the share price forward in the medium term. I very much doubt that McCormick or anyone else will be back to bid for this, with declining sales and a still huge debt Read Full Thread Follow Reply
19/5/2016 15:27	dexdringle: I suspect McCormick weren't interested in a hostile takeover. Quite why the board of PFD thought than an offer at around a 100% premium to the share price beforehand "undervalued" the business I don't know. What the hell do they think the shares are worth - and what is their plan to achieve that ? Presumably, if it is so clear that the shares are worth more than the McCormick offer, we should be looking at amazing news that will mean the share price is more than 65p within the next, say, 3 to 6 months..... Read Full Thread Follow Reply
08/10/2014 19:34	baron83: Broker Jefferies today (some snippets): - Valuation/Risks We value PFD on a target EV:EBITDA multiple of 9x (was 9.5x). After allowing for debt & the pension deficit, this projects a fair value on the equity of 60p in round numbers. Risks to our PT include the UK retail price environment UK pension macros. - How much damage is being done to PFD by the UK supermarket ‘price war?’ Very little to date. PFD shelf pricing remains resilient. The problem is one of volume, not pricing. We continue to think that branded ambient grocery is not in the retailers’ price cut crosshairs and is, if anything, cross-subsidising deep price cuts elsewhere. However the fast-degrading environment for the big 4 and the imponderable of Tesco’s ‘strategic review’ on 23 October leaves no room for complacency. The evidence persists that there is no – repeat no – downward pressure on the shelf prices of Premier’s Power Brands. If anything prices have risen by 5-10% of so since the Spring trough. It’s also the case that Morrisons – the most aggressive price cutter in the Big 4 thus far on an across-the-board basis – have increased prices on Premier’s brands slightly faster since the Spring trough. This supports our thesis that the ‘price war’ is taking place is proportionately in categories such as Fresh Fruit & Veg, fresh meat & poultry, Dairy and Bread2 , with branded ambient grocery being treated as a ‘banker’ category with no or few price cuts. - Can FY14 profit guidance be delivered? Yes, despite what the share price seems to be voting for. PFD left FY14 trading profit expectations unchanged at H2, which has led to a current consensus of £138m. We continue to see this as achievable. However much rests on H2 weather, new launches and an unchanged pricing climate. Ultimately we opt for prudence in the face of the storm and trim our forecast to £135m. Exhibit 7 sets out our analysis of the ‘moving parts’ the FY14 Trading Profit (EBITA) equation. The big picture remains the same as at H1. Expected good progress on Manufacturing Controllable Costs (MCC) and Procurement, plus positive mix benefits from the slower decline of Power Brands relative to Support Brands and Own Label, should deliver substantial positive benefits. Against this Premier have guided to a ‘double digit’ increase in marketing and should see some sharp volume de-leverage (where we assume a 50% contribution margin on lost volume). A sanity check on our forecast would be that our implied organic movement in gross profit is about £8m3 , which equates to a c.100bps improvement in gross margin. This compares to an improvement of 150bps in H1. So our numbers in could be conservative, particularly as we expect an even more benign input cost environment in H2 Purely and simply, it’s a question of being appropriately prudent in the face of the perfect storm. We can’t rule out that Premier might still deliver £140m of trading profit in FY14. But neither can we rule out that they might come under renewed volume and pricing pressure in Q4, or that new launches might disappoint, or that the weather might be unseasonably warm in Q4. Given that what follows this section is some fresh fundamental valuation analysis, we judge it preferable to ground this on some suitably conservative and achievable forecasts. Can the shares go any lower? It’s possible. Both the equity and enterprise valuations have been lower than this. But only during periods of acute financial distress and uncertainty. Despite the difficult near term outlook, we continue to think that PFD is undervalued at this level. The shares are under fresh pressure as we write and are down by 70% from their post-refi peak. The result is that Premier is trading on a prospective 12 month PER per the FactSet consensus of 3.5x. The market cap of £270m is less than the value of the rights issue in March. What will it take to make them go higher? A return to growth and/or better UK pension deficit macros, in a nutshell. We think the upside sensitivity to both is substantial. But we don’t expect either of these catalysts to materialise until well into 2015. Premier’s equity remains volatile and heavily sensitised to small changes in its Enterprise valuation. Every half a turn on or off the EV:EBITDA multiple will move the share price by 30%, up or down. Even without any change in the Enterprise multiple, the fact that Premier should be paying down its debt at an average rate of c. £50m pa by FY15 onwards should deliver a c.20% return to equity (the corollary of a c.20% Free Cash Flow yield). But in the current climate we suspect it will take time for the market to capitalise this into forecasts. Aside from organic debt paydown, there are to our eyes only two things that can increase the equity value: a higher Enterprise valuation or a lower pension deficit. Exhibit 9 explores the former by looking at the relevant peer comparables on a conservative basis including IAS19 deficits. Premier remains towards the bottom of the peer group and is on a slightly narrowing premium to Dairy Crest, which is heavily exposed to commodity milk and very much in the price war crosshairs. We continue to think that a modestly growing, de-leveraging Premier should be capable of trading at a modest discount to Britvic, which is similarly a UK-centric, primarily branded player. This leads us to adopt a target valuation for Premier of 9x EBITDA. This represents a half a turn reduction in our target multiple, from 9.5x, reflecting multiple compression for Britvic and the broader peer group. If the market was prepared to value Premier at 9x EBITDA this would double the equity value to £510m, equivalent to a share price of 62p. GLA twitter: @barondaytrading Read Full Thread Follow Reply
29/6/2012 16:24	jimrclark: Just been reading some articles on this LIBOR fiasco. Having spent quite a few years in financial services, it isn't surprising that this kind of activity went on. What is a surprise is that someone has been bold enough to investigate and blow the whistle. I wouldn't want to suggest that the whole system is corrupt but there are plenty of people who act without scruples and for personal gain. It makes it really difficult for minnows like us to succeed on what is not a level playing field. I've been investing for a few years and some events make you scratch your head in complete puzzlement. The recent cw. takeover by Vodafone is a prime example. How on earth was the cw. share price maintained at below 38p without manipulation? When you look at the pfd share price over the last year, the pre-consolidation share price and the share price today, the volume of trades, the lack of bad news, the encouraging signs from pfd management, you just have to wonder if the share price has been manipulated down!! Read Full Thread Follow Reply

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