Total Produce Share Discussion Threads

[drh3] 09/12/2016 09:09

It's because sister company fyfes has been sold this morning

[quepassa] 09/12/2016 09:07

something going on here.

doesn't normally leap like this morning.

let's research.

ALL IMO. DYOR.
QP

[hardupfedup] 09/12/2016 09:01

offer for fyffes possibly

[petes5] 09/12/2016 08:51

It's been quiet here for a while. Any ideas as to the overdue increase today?

[battlebus2] 14/10/2016 15:08

Thanks loafingchard, good to see us moving higher today....

[loafingchard] 14/10/2016 13:50

Welcome back BB Good weekend all

[battlebus2] 14/10/2016 11:17

Yes, I rejoined the party yesterday.

[quepassa] 13/10/2016 14:27

Pushing ahead mightily since beginning October.

ALL IMO. DYOR.
QP

[loafingchard] 29/9/2016 09:56

Testing a new trading range, slowly creeping the last few sessions.

[quepassa] 29/9/2016 07:23

Big jump this morning.

QP

[loafingchard] 30/8/2016 13:43

Looking to break out from a charting perspective. ...

[hardupfedup] 30/8/2016 06:59

stellar results 150 target imo

[quepassa] 30/8/2016 06:40

-Superb results.

-Interim divi up 10%. - This normally is a reliable forecaster for a similar or higher increase in final dividend.

- Very strong OUTLOOK

-Now Targeting INCREASED FULL YEAR EARNINGS AT TOP END OF FORECAST

-REMAINS ACQUISITIVE, EXPANSIONARY and GROWTH ORIENTED.



The biggest Company few have heard of on AIM. Still off the UK radar.


New all-time highs being achieved.

ALL IMO. DYOR.
QP

[quepassa] 16/8/2016 11:41

Strong.

The North American businesses will revalue very buoyantly into Euro's.

ALL IMO. DYOR.
QP

[quepassa] 12/7/2016 06:49

Health foods, naturals and organics appear to be an unstoppable consumer trend.

Danone have just paid a hefty $12.5bn for Whitewave.

A very interesting 4 minute video interview on CNBC talking about the market for health foods and organics.




All bodes well for the industry backdrop and consumer trends in Total Produce's chosen market areas.

ALL IMO. DYOR.
QP

[gateside] 20/6/2016 15:05

Profit taking... Investors putting money into FTSE100 which could rally big time, if EU vote is Remain.

[thales1] 20/6/2016 12:14

Why the 10%+ drop?

[thales1] 20/6/2016 12:01

Why the 10%+ drop?

[wexboy] 06/6/2016 17:37

2016 – The Great Irish Share Valuation Project (Part II):

Company: Total Produce (TOT:ID)

Last TGISVP Post: Here (former holding, also see here & esp. here)

Market Cap: EUR 538 M

Price: EUR 1.69

For such a dull stock originally, Total Produce has had an incredible run…actually quadrupling in the last 3-4 years! All despite the fact its fundamentals haven’t really changed – management continues to make 1-2 acquisitions a year (generally buying a 35-65% stake), adjusted EBITA margins remain in the 1.8-1.9% range, and earnings continue to grow at an average 9% clip in the last few years. Fortunately, I managed to capture a major portion of this revaluation…and to enjoy seeing so many investors only become interested after the stock doubled/tripled!? [Tom Claugus of GMT Capital (one of Jack Schwager’s new Market Wizards) has been building a 9% stake since late-2014, while Daniel Gladis of Vltava Fund now lists it as a top 5 position after (presumably) building his stake since late-2013].

But TOT management really takes the cake here: They finally pulled the trigger on a €20 million share buyback towards the end of last year…yup, I kid you not, the buyback actually came AFTER the share price quadrupled!?! And no, it’s not like there was some kind of prior financial constraint – management actually wallowed in €100 million+ of surplus cash for the past few years. Granted, I always had a pretty dim view of TOT’s capital allocation strategy anyway…but this must surely be the stupidest management decision I’ve seen in a long time.

Anyway, FY-2015 results confirm a 1.9% adjusted EBITA margin – but if we allow for an average 19% minority interest in profits, this is equivalent to an underlying 1.5% margin, which deserves a 0.15 P/S multiple. And with a mere €18 million of net debt outstanding, we can adjust for cash (& investment property), plus an incremental debt adjustment – noting actual finance expense paid of €7.2 million, we could comfortably add another €49 million of debt, but let’s haircut that by our usual 50%. In terms of earnings, we can award a bit of a premium to TOT’s growth rate, recognising the underlying stability of the business (but not forgetting management’s poor capital allocation record) – a notch higher (for a 12.0 P/E ratio) now seems in order – and noting the Progressive Produce acquisition early this year & the recent trading update, using the top end of the €0.105-115 EPS range also seems appropriate:

(EUR 0.115 Pros Adj Dil EPS * 12.0 P/E + (3,454 M Revenue * 0.15 P/S + 142 M Cash/Inv Property + 49 M Debt Adjustment * 50%) / 318 M Shares) / 2 = EUR 1.77

Total Produce is now fairly-valued. But there’s an obvious value-enhancing event still lurking on the horizon…a potential re-merger with Fyffes (FFY:ID). I mean, how ludicrous is it seeing two Irish fruit & veg companies (with basically the same €0.5 billion market caps) compete with each other, with both dead-set now on buying their way (however quixotically) into the North American market – the cost savings & revenue synergies to be harvested from, say, a nil-premium merger are blindingly obvious. But expecting something so rational from the TOT management team may be asking too much…we may have a very reluctant bride & groom on our hands still.

Price Target: EUR 1.77

Upside/(Downside): 4%

For related links/graphs/files, and more TGISVP analyses/price targets: Google the Wexboy investment blog.

[quepassa] 25/5/2016 10:07

What more can you ask for?

Total Produce have today increased their earnings guidance for the full year.

The management are gradually building this Company into a very important global distributor of fresh food.

Moreover, Total Produce describe themselves today as being in a " strong financial position" and still on the acquisition trail.

ALL IMO. DYOR.
QP

[loafingchard] 26/4/2016 13:42

Irish exchange is more liquid as well as tighter spread .

[grabster] 12/4/2016 21:36

The company is listed on both the London exchange and the Irish. IG quote both. Bid/offer spread appears tighter on the Irish.

What are the arguments for buying one rather than the other?

[quepassa] 11/4/2016 08:26

This week's Investors Chronicle runs a feature on Irish stocks.
Total Produce gets a brief mention.

"Fyffes isn't the only agriculture producer flying high on Ireland's equity markets. Since floating in 2007, Total Produce has seen its share price rise steadily as it's recycled strong cash flows into acquisitions to build up a leading position in global fresh fruit and vegetable markets".

Page 23.


Cannot disagree with a word of that!

ALL IMO. DYOR.
QP

[loafingchard] 03/3/2016 10:52

Yes , reads well. Happy with that , happy to hold .

[battlebus2] 03/3/2016 10:11

All the shares bought back can only leave the free shares in tighter hands.