Edison Investment Research - Cooks Global Foods (CGF) Update: Funded for growth

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Edison Investment Research

Update: Funded for growth

Cooks Global Foods (CGF) has reported a net loss excluding impairment charges of NZ$1.556m for H116, a 31.7% increase year-on-year. The company is very much in the investment phase of scaling up its operations offshore and has set in place the parameters to fund its growth plan for the next few years. Our DCF-valuation of NZ$0.245 per share post-transaction is based on the company successfully rolling out 710 stores by FY21.

20/12/2015 7 EN

Underlying

Cooks Global Foods

Cooks Global Foods Ltd. Cooks Global Foods Limited is a New Zealand-based company engaged in the food and beverage industry. The Company's segments include Global franchising & design, UK franchising & retail, Ireland franchising & retail, China franchising & retail, Supply and Corporate. It owns the franchising rights to the Esquires Coffee brand (excluding Australia and New Zealand). In the United Kingdom, Ireland and China, the Company directly operates and franchises Esquires Coffee stores, whilst in the Middle East, Indonesia, Northern Cyprus and Canada, the Company has master franchise agreements. The Company's Esquires franchising and retail segment receives two main income streams: Retail Sales from owned stores (the United Kingdom, Ireland and China) and Royalties from and Product Sales to Franchisees (the United Kingdom, Ireland, the Middle East and China). The Company's Supply segment represents the supply of tea/coffee/beverages and fresh produces.

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NZCFGE0001S7 NZX New Zealand

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Cooks Global Foods (CGF) has reaffirmed its 650-store budget for Esquires Coffee by March 2021, but has acknowledged that the growth path may not be smooth. The company needs to obtain additional funding to fuel this growth and in the short term has arranged a NZ$2m convertible loan facility from two of its largest shareholders. CGF also has shareholder approval to raise NZ$9m, and we understand the company is in discussions with strategic investors. The company’s auditor, PricewaterhouseCoopers, has issued a disclaimer of opinion on CGF’s going concern status. Our forecasts and valuation are ...

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Update: Funded for growth

Cooks Global Foods - Termination of coverage

Ford Equity International Rating and Forecast Report

Focused on capital requirements

Card Factory - Confident on FY25 outlook

Immix Biopharma - US CAR-T trial progresses to dose expansion

Helios Underwriting - Strategic shift from growth to consolidation

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