Miko's core activity is running well. We updated our model (new € 67 Target Price) knowing that today there is some uncertainty due to the very erratic movements in commodity prices. Coffee prices recently reached historic highs. Miko highlighted that calculating such increases always remains a challenge. But Miko ‘s coffee service managed to post a good 1H24. Within the recurring core business, all domestic markets are demonstrating good results. Miko indicated that the decision to exit the p...
Summary Turism Hoteluri Restaurante Marea Neagra SA - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Turism Hoteluri Restaurante Marea Neagra SA (THRMN) is a provider of tourist services. The company provides a wide range of accommodation and catering services. It owns a cha...
Miko announced that it received an earn-out of € 5m on the 2021 sale of its plastics processing division Miko Pac, which was sold to Paccor (Germany). This positive news came after the negative news last Friday when Miko announced - a little to our surprise - that it has sold subsidiary ‘SAS Koffie' (Beerse, Belgium) to a Dutch investment company and to return to its core business. Miko stated that this transaction does involve a significant accounting impairment and also one-time costs, which w...
Miko announced that, despite a difficult year, it closed FY23 with a record EBITDA of over €30m (10.4% FY23 EBITDA-margin compared to € 26.1m (9.8%) in FY22. Private label in retail remains a struggle, but Miko continues to see its out-of-home market grow, not only in euros, but also in volume in a market that is “a victim of out-of-home”. Meanwhile, Miko is significantly strengthening its market position in the BeNeLux by acquiring the out-of-home business of Beyers at the end of 2022, and of C...
Miko announced yesterday the acquisition of the Dutch and Belgian coffee service company Capriole Coffee Service. Capriole achieves sales of over €12m with about 60 employees. We see this, after the acquisition of Beyers coffee's out-of-home business in December last year, a next cornerstone investment in Miko's buy-and-build strategy. Accumulate rating and € 85 Target Price maintained.
We updated our Miko model after the 1H23 trading update indicting that 1H23 was characterized by a positive sales evolution in Miko's traditional business, focusing on the out-of-home market, which again recorded a nice growth. We incorporated in our model that Miko indicated that the business of private label for the retail market remains difficult. As a result we lower our Target Price to € 85, in line with our updated DCF-valuation (€ 85.3).
Fugro: Model Update: energy independence starts here Galapagos: Proposes New Board Structure and Annual Report Miko: Still a great piggy bank for further external growth Telenet: TowerCo gets top valuation Tessenderlo: Model update and looking at the end game
Crescent: Paving the way for Remoticom acquisition D'Ieteren: Car registrations slide another 35.3% in October Miko: Acquiring coffee roasting company SAS for € 12.3m Sequana Medical: QMS ready for US/Canada Commercialization Wolters Kluwer: 3Q update: increasing guidance slightly
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AB InBev : 2Q21 revenue +27.6%, adj EBITDA +31% organically Arcadis : Another consensus beat for Q2 Argenx : 1H21: Ready for the next level Cofinimmo : 1H21 – Outlook increased D'Ieteren : A valuation gap waiting to be filled Fugro : Margin improvements continue Intertrust : 2Q21: bigger than expected CIMA fine impact Inventiva : 1H21 financials: cash into 3Q22 Miko : Stake in MAAS increased to 92% Ontex : 2Q21 LFL growth of 6.2%, adj EBITDA -14% RELX Group : insert the title here Solvay : 2Q21 ...
Ageas: New strategic targets, acceleration of growth, TP up Avantium: Avantium’s lignin used in test road project D'Ieteren: Car registrations in May remain flat Ekopak: Expanding its client portfolio one step at a time Melexis: It’s not only Auto Miko: Sale approved… Wake up, and smell the upside Proximus: BCA approves acquisition of Mobile Vikings Quest for Growth: Varacyte to acquire Haliodx
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