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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Vivo Energy Plc | VVO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 149.40 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 149.40 |
| Top Posts |
|---|
Posted at 03/3/2021 10:49 by dickbush VIVO reported today and EBITDA is just as they said it would be, i.e. the second half the same as 2019. See the presentation on the website,Despite the very poor markets for air and marine, the Gross Cash Profit number increased y/y in the 4th qtr. Dividends to be at least 50% of eps. No problem given the free cash flow in normal times. Obviously, we want to see the first half EBITDA similar to the first half of 2019 with growth coming from a gradual return of the air and shipping business. So, it seems safe to assume good growth in 2022. Beyond 2022, the IMF is forecasting above average growth for the continent, and at some point global investors should rotate, as they have in the past, into African based companies. Fingers crossed for no SNAFU's. |
Posted at 17/2/2021 22:18 by queenbreguet London, 15 February 2021 -- Moody's Investors Service ("Moody's") has today affirmed the Baa3 long-term issuer rating of Vivo Energy Plc ("Vivo Energy") and affirmed the Baa3 instrument rating assigned to the $350 million guaranteed senior unsecured notes due 2027 issued by Vivo Energy Investments B.V., a wholly owned subsidiary of Vivo Energy. The rating outlook for all ratings has changed to negative from stable."The change of the rating outlook to negative primarily reflects Vivo Energy's increased sovereign risk exposure. This is reflected by the recent change in rating outlook on the Ba1 rating of Morocco, Vivo Energy's largest market, as well as a number of recent negative rating outlooks assigned to other African countries where Vivo operates. This exposes Vivo Energy to increased sovereign risks and greater uncertainty around governments' responses to higher debt burdens and a slowing growth environment triggered by the spread of the coronavirus. " says Dion Bate, a Moody's Vice President -- Senior Analyst and local market analyst. "The affirmation of Vivo Energy's Baa3 rating, however, recognizes the company's broad geographical diversification, a strong financial profile with leverage expected to decrease this year and good liquidity, providing a degree of insulation against sudden market disruptions." adds Mr Bate. RATINGS RATIONALE The negative rating outlook reflects the weakening sovereign credit quality across Vivo Energy's countries of operation, including Vivo Energy's top three largest markets, namely Morocco (Government of Morocco; Ba1 negative), Kenya (Government of Kenya; B2 negative) and Tunisia (Government of Tunisia; B2 negative). These countries accounted for 43% of volumes sold in 2019. As of 10 February 2021, 11 out of 16 Moody's rated African countries where Vivo Energy operates had a negative rating outlook, signaling a widespread deterioration of sovereign credit quality and heightened business risks for Vivo Energy. While Vivo Energy has a good track record of navigating through the challenges of operating in Africa, the probability of event risks crystallizing are increasing as country ratings move lower. Moody's continues to believe that the company's geographic diversification across 23 African countries is a credit strength and it mitigates significantly the financial impact that unexpected changes to regulatory frameworks or other sovereign driven actions that could be detrimental to Vivo Energy's cash flows. The distribution of petroleum products for retail and industrial use remains essential to the functioning and development of African countries. These considerations are fully reflected in the Baa3 rating despite the mostly sub-investment grade countries that Vivo Energy operates in. However, there are credit linkages between Vivo Energy's rating and the relevant sovereign ratings because of the company's local operations, which are subject to local laws and regulations, and to the risk of currency repatriation, amongst others. Therefore, further deterioration of sovereign credit quality is likely to have an adverse impact on Vivo Energy's rating. The Baa3 issuer rating continues to recognize Vivo Energy's robust business profile, as shown by (1) its limited exposure to petroleum product price risk through arrangements with suppliers to land products at prevailing prices set by regulators; (2) the fact that most of its markets are regulated with absolute margins granted on fuel prices, providing certainty on gross profit margins; (3) the strength of the Shell and Engen brands in Africa; and (4) the critical socioeconomic role that fuel retailers play in African countries. In addition, the Baa3 rating takes into account the company's conservative financial policy (maintaining net debt/ EBITDA below 1.5x) and a good liquidity. This is in combination with low exposure to any single country, helps insulate the business from single market event risks. Moody's expect a stable recovery of fuel volumes following lockdowns across African countries during the second quarter of 2020 and that Vivo Energy's operating and financial performance will continue to improve back to historical levels. For the twelve months to 30 June 2020, gross debt to EBITDA increased to 2.8x from 1.9x in 2019 but is expected to improve to below 2.0x during 2021. While mobility restrictions remain a risk for 2021, Moody's base case assumes mobility restrictions are likely to be less severe than in 2020, leading to more stable volume demand in 2021. Vivo Energy's liquidity is good and supported by a large cash balance of $460 million as of 30 June 2020, of which $240 million is held in offshore accounts. Moody's understands that the company aims to keep around $400 million of gross cash on its balance sheet. In response to COVID-19, the company drew $110 million from the $300 million revolving credit facility (RCF) in the first half of 2020 and deposited it in cash as a precautionary measure. The company has also demonstrated its flexibility to reduce its capital expenditure and to amend its dividend policy to preserve cash. Moody's expects Vivo Energy to have sufficient sources of cash flows in 2021 to meet its working capital requirements; capex of around $175 million and pay dividends in line with its dividend policy. Moody's understand that Vivo Energy has $1.3 billion worth of trade finance lines, of which $323 million are utilised as of 30 June 2020, for working capital purposes to fund fuel purchases within the various countries of operation. These facilities are material in size but Moody's expect them to be only partly utilised in future. As these credit lines are uncommitted Moody's do not consider them as a source of liquidity. |
Posted at 19/12/2020 13:21 by sam 4224 Hi ,Have you received any dividend yet ? I thought it was going to be issued on the 18 dec but nothing in my interactive investor account to date . All boards on this company seem very quite. Surprised as I think it will do well |
Posted at 03/11/2020 15:47 by dickbush "9,408,591 shares acquired at nil cost, following receipt of a distribution in specie from Helios Investors, L.P. "The Director of Vivo is one of the two founders of Helios which in turn was one of the two companies that created Vivo following the deal with Shell. It doesn't suggest to me that more shares have been issued. Possibly tax related. Nice work if you can get it, though. |
Posted at 07/4/2020 09:49 by robsy2 I've bought a few. It seems under the radar. The share price has fallen steadily since flotation but to my eyes the results have been better than the share price would suggest. I picked up on it in Sharepad where it has an conscensus BUY recommendation from 9 analysts .They can't all be wrong, Can they? Or all be in someones pocket?There wouldn't be room! IC also covers it and is broadly supportive. They have big serious cornerstone investors with deep experience in Africa. They sell Shell products and have them as partners as well.The business seems fairly risk free, a steady plodding business that should have a decent valuation supported by decent dividendds. It doesn't have either at the moment.They run thousands of petrol stations and in most cases the people who run the stations take on the operational challenges involved rather like franchisees. They have solid institutional investors and operate in a growth market. It is nearly dividend paying,the website and corporate video both look good as do the accounts. Bear Points- wafer thin margins, Africa = higher risk? the share price tells us that it has no real support in the market place so what needs to happen to get investors excited? Threats:Corona virus ? Who knows? It will be a negative but perhaps less so than in more developed countries,an ongoing situation where some areas are shutting down and restricting travel,especially the marine business which is small but affected . Recession?again, no idea but in general the economies they serve are growing so there is a structural tailwind there. Falling oil prices. This is an interesting one , reading the accounts etc they indicate that in the vast majority of the jurisdictions they work in, the pump prices are regulated with fixed margins for operators so profits are not that correlated to oil prices.one way or the other. On balance, it looks cheap enough to be worth a punt. It is a very cash generative business, it is a utility type business, so low risk . they have good business partners with sizeable stakes , a strong market position, it makes good returns on capital , promises a 30% dividend payout ratio, first one pending confirmation,and has debt but is repaying that quite rapidly with the strong cashflow. The share price is beaten down badly so it could be cheap now. |
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