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.
Roularta Media Group Nv: 2 directors
Two Directors at Roularta Media Group Nv sold/sold after exercising options 14,472 shares at 15.500EUR. The significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's dir...
- Guy Sips
- 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
- Jacob Mekhael
- Kristof Samoy
- Thomas Couvreur
- Thomas Vranken
- Wim Hoste
- 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
- Guy Sips
Roularta Selling its German magazines, now full focus on its 2 core ma...
Roularta Media Group as reached an agreement with Herder Verlag and Agentur2 around the acquisition of G-Geschichte, Plus Magazin and Frau Im Leben. The media group intends to focus its focus on further strategic growth in its two core markets: Belgium and the Netherlands. No impact on our investment case (Accumulate, € 17.5 Target Price) but we welcome that as from now Roularta can continue its ambitious growth strategy focused on digitalisation, innovation, consolidation and sustainability in...
- 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
Roularta A significant increase in EBITDA with stable sales
We saw € 159.5m 1H24 revenues (+0.1% y/y) and 1H24 EBITDA of € 11.4m (+36.5% y/y) so Roularta's continued investment in a multimedia market approach and the further expansion of the Dutch magazines ensured a significant increase in Roularta's EBITDA with stable sales. We updated our model (Accumulate and € 17.5 TP maintained) as Roularta indicated that -given the uncertain economic context and the budgetary restrictions that continue to confront advertisers- a certain amount of pressure on adve...
- 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
Roularta FY23 EBITDA of € 21.6m despite pressure on advertising and ri...
Like the entire media sector, Roularta has increased advertising rates, but this price effect is unable to compensate sufficiently for declining volumes due to the slowing advertising market. Roularta Media Group achieved FY23 EBITDA of € 21.6m, despite pressure on advertising revenue and rising wage costs. We maintain our Accumulate rating and use a, DCF backed, € 17.5 Target Price.
- Vincent Koppmair
Roularta - FY23 - Cost pressures remained strong
Sales down 5.7% due to a difficult advertising market, but better than H1.Cost inflation remained strong. Gross margin increased to 81.3%. EBITDA comes in at EUR 21.6m (-28% YoY) or a 6.7% margin (vs. 8.8% margin in 2022).Net profit lands at EUR 2.4m. Optional DPS proposed at EUR 1.00/share.Roularta is cautiously optimistic for 2024. The concession distribution for magazines will be the bigger question mark in 2024.We put Roularta ‘Under review' while we review our estimates.More details in...
- 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
- Hilde Van Boxstael
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- 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).
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