reports
- Guy Sips
Miko 1H25 saw significant price increases next to a 7% y/y volume incr...
The significant price increases next to a 7% y/y volume increase helped to protect its 1H25 results. We updated our model incorporating that coffee prices remain high and volatile. Also Miko indicated that thanks to these price evolutions it is very difficult to make any predictions about the future. We also incorporated that recently Miko has secured a €6.75m settlement in a dispute over the earn-out following the sale of the plastics processing division in 2021. The result of this settlement ...
- Guy Sips
Miko Secured a full and final settlement of € 6.75min dispute over ear...
Miko has received a final earn-out payment of €6.75m on the sale of its plastics processing division in 2021. We agree with Miko that they can be very satisfied with this result as they have avoided the high costs, uncertainty, and extended process of arbitration and litigation by reaching this agreement.
- Guy Sips
Miko Facing profit pressure amid rising coffee prices and bonus disput...
We updated our model after Miko, the Turnhout-based coffee producer, delivered two key warnings during its recent shareholders' meeting. First, the company is struggling to fully pass on the steep rise in coffee bean prices to its customers. Second, a €5m earn-out bonus from the 2021 sale of its packaging division Miko Pac is being disputed by the buyer, Paccor. As a result we lower our DCF-based TP from €67 to €60 but maintain our Accumulate rating.
- Guy Sips
Miko FY24 Results after “a very turbulent year”
Miko announced that the results of its continued recurring business in 2024 posted double-digit growth over last year. Miko's good recurring core business in FY24 was overshadowed by a non-recurring loss of € 15.5m; On the one hand, there was exceptional earn-out of € 5m on Miko Pac (sold in FY21) and on the other hand the sale of SAS (May'24) resulted in a significant loss of € 20.5m. So, 2024 was a very turbulent year. The decision to exit from SAS was very painful. Miko took this decision ...
- Guy Sips
- Guy Sips
Miko Latte focus 100% on what they are good at: coffee service
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...
- Guy Sips
Miko Receiving earn-out of € 5m from the sale of Miko Pac in 2021
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...
- Guy Sips
- Guy Sips
Miko Significantly strengthening its market position in the BeNeLux
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...
- Guy Sips
Miko Acquiring Capriole Coffee Service
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.
- Guy Sips
Miko Model update with lower Target Price as retail private label rema...
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).
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Thomas Couvreur
- Wim Lewi
- Guy Sips
- Jacob Mekhael
- Jeroen Van Den Bossche
- Kristof Samoy
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Jacob Mekhael
- Thibault Leneeuw
- Thomas Vranken
- Wim Lewi
- Benjamin Wolff
- Guy Sips
- Wim Lewi
- Guy Sips
- Olivier Vandewoude
- Wim Hoste
- Wim Lewi
- Guy Sips
- Jeroen Van Den Bossche
- Olivier Vandewoude
- Ruben Devos
- Thomas Vranken
- Wim Hoste
KBC Securities Morning Note 25-3-2022 FUR NA, GLPG NA, MIKO BB, TNET B...
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
- Guy Sips
- Lenny Van Steenhuyse
- Michiel Declercq
- Thomas Couvreur
- Wim Hoste
Morning Note: OPTI BB , DIE BB, MIKO BB, SEQUA BB, WKL NA
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
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