Avior Capital Markets - Famous Brands Ltd. (10BJ) Famous Brands | Trimming the fat

Report

Avior Capital Markets

Famous Brands | Trimming the fat

Famous Brands' (FBR) recent half year update was indicative of the two divergent regions it operates in: 1) SA's revenue growth of 7.2% (despite discretionary spend being under pressure, a water shortage and continued service delivery strikes) reiterates FBR's strong market position in the country. 2) The UK operations continued to underperform. However, the recent announcement of a Company Voluntary Arrangement (CVA) provides potential relief to restructure the Gourmet Burger Kitchen (GBK) operations.

08/11/2018 12 EN

Underlying

Famous Brands Ltd.

Famous Brands is a holding company. Through its subsidiaries, Co. is engaged as branded food services franchisor. Co.'s business model comprises a portfolio of 25 brands represented by a franchise network of 2 545 restaurants. and the Middle East. Co. operates in three operating divisions namely, Franchising and Development, Manufacturing, and Logistics. Co.'s operations are divided into two geographical areas, South Africa and International. The South African segment houses the South African operations of Co. and the International segment houses the operations in the U.K. and the Rest of Africa. The International segment only represents franchising operations.

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ZAE000053328 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Famous Brands | Trimming the fat

1 director sold

Famous Brands Ltd in Packaged Food (South Africa)

Tiger Brands | ESG | Pressed to execute

SA Investment Strategy | Review of January 2020 for SA investors: Coronavirus weighs on the ZAR

SA Banks | Low credit risk in commercial property | Time to buy SA banks

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