Primaresearch - Famous Brands Ltd. (10BJ) Famous Brands (FBR) - In a Pickle

Report

Primaresearch

Jasmine Lin

EUR 173.18 For Business Accounts Only

Famous Brands (FBR) - In a Pickle

Summary

There are some structural changes to the cost base of FBR’s UK business which we think will result in a protracted weakening in performance from GBK. We look at labour costs and business rates and show that they have increased significantly relative to last year.

We think a restructure of its debt profile should be a priority as its first bullet repayment is due in less than two years’ time. We show that even with no dividend payout in FY18, FBR may still fall short of funds required to repay its debt.

15/11/2017 11 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

Primaresearch

Primaresearch is an independent, sell-side, equity research firm based in Cape Town, South Africa. We focus our research on consumer-facing companies as we have credible experience in this space. The name “primaresearch” invokes both high quality (prime) as well as “primary” research – being novel and offering value-add investment insights for our clients.

Our Vision

Our vision is to be the leading independent sell-side research firm in Africa. While we start with South Africa, we are looking into providing our clients with comprehensive, Africa-wide consumer-facing company and market research. Africa is poised to emerge as a significant consumer market, for which investors in South Africa and abroad will require thorough research and insights on. We aim to be the “go-to” research firm for these investors.

Our Culture

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Analysts

Jasmine Lin

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Famous Brands (FBR) - In a Pickle

1 director sold

Famous Brands | Trimming the fat

Famous Brands Ltd in Packaged Food (South Africa)

Blue Label Telecoms (BLU) â€“ Building an ecosystem

Novus Holdings - Overvalued

Steinhoff (SNH) ; Price Discovery - How we value Steinhoff

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