Stylish 1Q Trading Update for ABF With Primark Gaining Share in Tough U.K. Market; Shares Cheap
In Associated British Foods' first-quarter trading update for the 16 weeks to Jan. 5, revenue from continuing operations was up 2% in constant currency (1% at actual rates). Guidance for flat adjusted operating profit and adjusted earnings per share for the next year is unchanged. We maintain our no-moat rating and GBX 2,660 fair value estimate.Primark's outperformance continues with sales up 4% (at both constant and actual exchange rates) and profit well ahead, the latter due to currency gains...
Associated British Foods is an international food, ingredients and retail group. Co. operates in five segments: Grocery, which manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products; Sugar, which grows and processes sugar beet and sugar cane for sale to industrial users; Agriculture, which manufactures animal feeds and provides other products and services for the agriculture sector; Ingredients, which manufactures bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities; and Retail, which buys and merchandises value clothing and accessories.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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