reports
- Nikolaas Faes
White Paper: Insects as a sustainable feed ingredient for aquaculture
As the world population continues to grow, income per capita in developing countries is increasing and the population in these countries is adapting to western-style diets meaning demand for meat and seafood is set to increase by 70% to 2bn tonnes in 2050 from 1.2bn tonnes in 2020. However, land an
- Nikolaas Faes
Improvement in Q2 operating performance
An ongoing strong performance in Northern Europe coupled with a halt to destocking in Italy enabled Royal Unibrew to not only report organic revenue growth of 5% and EBIT growth of 3%, but also to increase its full year mid-point EBIT guidance to DKK1,600-1,750m (previously: DKK1,550-1,750m).
- Nikolaas Faes
German cannabis legalisation inches ahead - stocks jump
On Tuesday the German federal cabinet approved a draft cannabis legalisation measure that would serve as the first phase of an ongoing cannabis policy modernisation effort largely led by Germany’s Health Minster Karl Lauterbach. The measure now heads to the Bundestag and the Bundesrat for considera
- Nikolaas Faes
H1 results slightly better than expected. Upgrade to 2023 profit expec...
Carlsberg published first half results this morning, with H1 revenue at DKK37,788m in line with consensus of DKK37,920, and EBIT at DKK6,286m, 2% ahead of the consensus at DKK6,171m.Organic revenue growth was 11.2% and across all regions: Western Europe +9.2%, Asia +11.7% and Central & Eastern
- Nikolaas Faes
Mixed bag of performances
AB InBev reported Q2 results that reflect mixed performances. Overall revenue came in at USD15.12bn vs consensus expectation of USD15.32bn and normalised EBITDA came in at USD4.91bn vs consensus at USD4.86bn. AB InBev has maintained its outlook to grow EBITDA in line with its medium-term outlook of
- Nikolaas Faes
- Nikolaas Faes
- Nikolaas Faes
Weak first quarter
Royal Unibrew has released its Q1 2023 trading statement ahead of this afternoon’s AGM. Royal Unibrew’s organic growth for volume/revenue/revenue per hl was -2%/7%/9%, much weaker than Carlsberg’s 2.4%/14.2%/12.0% and Heineken’s -3.1%/8.9%/12.3%. Whereas Carlsberg and Heineken did not publish profi
- Nikolaas Faes
Positive Q1 trading statement
Carlsberg published a positive trading statement with figures that came in ahead of Heineken's last week. More importantly, both are showing continued strong revenue per hl growth which should be a key driver of profits in H2. Carlsberg’s organic growth for volume/revenue/revenue per hl was 2.4%/14
- Nikolaas Faes
Q1 revenue per hl up by 12.3%
Heineken’s first quarter revenues of EUR6.38bn were in line with consensus estimates, however the organic volume decline of 3.1% was sharper than the expected 1.9% decline. On the positive side, this means that growth in revenue per hl (+12.3%) was stronger than expected and that should be a key dr
- Nikolaas Faes
Canadian cannabis producers remain lossmaking
In 2022, the overall Canadian cannabis market grew another 4% to CAD7.9bn with the legal part growing by 15% to CAD5.5bn and accounting for nearly 70% of the total market. While consumers continue to shift away from the legacy cannabis trade, growth in the legal marketplace continued quarter after
- Nikolaas Faes
German cannabis legalisation plan announced
Yesterday, the German government announced that cannabis legalisation as initially promised by the current coalition, is not going to happen. Instead there will be: 1) own cultivation and social cannabis clubs and 2) regional projects. Eventually, this two-phase approach (“ C lub A nbau & Regio
- Nikolaas Faes
Tilray: Underwhelming Q3 results overshadowed by doubtful Hexo acquisi...
Tilray published underwhelming Q3 results with revenue rising sequentially 1% to USD 145.6m (of which 33% or USD 47.5m from cannabis, down 5% sequentially), underlying gross margin being more or less stable and on the positive side decreasing operating expenses. Nevertheless, Tilray continues to lo
- Nikolaas Faes
Brewers: FY results review and key themes for 2023
The two key investment themes for brewers in 2023 are the re-opening of on-trade in China and sliding production costs in the second half of the year:The re-opening of Chinese on-trade (after the Covid lockdown-policy was abolished) and souring consumer confidence, could spell good news for brewers
- Nikolaas Faes
Distell acquisition to create Southern African beverages leader
We have updated our model to take account of Heineken’s acquisition of Distell and the purchase of Heineken shares sold by Femsa. With the acquisition of Distell and Namibia Breweries, Heineken not only strengthens its route-to-market in South Africa but also creates a strong beverages player in So
- Nikolaas Faes
Updating model post results
We have updated our model post results and outlook and have not changed our expectations for the years ahead. We expect for 2023 organic revenue growth of 9.8% and organic EBIT growth of 8.5%. In particular, we believe that AB InBev can benefit from a positive carryover of the 11.2% average price i
- Nikolaas Faes
Updating model post results
We have updated our model in the light of 2022 results. The results itself were very much in line with our expectations (1% lower on revenue and 1% higher on EBIT). We have made no changes to our 2023 and 2024 revenue expectations and have lowered our 2023 EBIT expectation by 1% (0% on 2024). Conse
- Nikolaas Faes
Updating model post results
Royal Unibrew published FY2022 results yesterday with EBIT at DKK1,516m on net revenues of DKK11,487m. It also issued 2023 guidance for EBIT in the range of DKK1,550-1,750m based on net revenue of DKK13-14bn. Following the results announcement and the company’s guidance, we have updated our model a
- Nikolaas Faes
2022 results in line with guidance
AB InBev has reported Q4 revenues of USD14.67bn (organic growth of 10.2%) which was light compared with the consensus at USD15.21bn. Normalised EBITDA of USD4.95bn (organic growth of 7.6%) was also below the consensus of USD5.06bn. Full year organic EBITDA growth of 7.2% on organic revenue growth o
- Nikolaas Faes
2022 was a tough year
Royal Unibrew has published underwhelming FY 2022 results, with EBIT of DKK1,516m on net revenues of DKK11,487m. EBIT declined 14% organically on an 11% organic increase in net revenues. We were expecting EBIT of DKK1,567m on revenues of DKK11,568m. Factset consensus figures called for EBIT of DKK1
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