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Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Update: Luo Han Guo drives revenue growth
While Q215 stevia revenue was below our forecasts, net results matched our expectations of an adjusted C$0.11 EPS loss. We expect margins to improve in the coming quarters, through increased LHG sales and overall capacity utilisation, and the deployment of higher extract-yielding proprietary stevia leaf. We continue to anticipate GLG will reach break-even EBITDA in 2016 and generate positive operating income in 2017.
Update: Luo Han Guo sales add to top line in Q115
Q115 net results were in line with our forecasts, as GLG has started recognizing revenue from its initial $9-12m LHG contract with Tate & Lyle. We expect margins to improve in the coming quarters, through increased LHG sales and overall capacity utilisation, and the deployment of higher extract-yielding proprietary stevia leaf. We anticipate GLG will reach break-even EBITDA in 2016 and positive operating income in 2017.
Update: Luo Han Guo to help diversify 2015 revenues
Q414 revenues were in line with expectations, despite the pushing back of initial Luo Han Guo (LHG) extract sales into 2015. Margins should improve in 2015, given the growth in the deployment of high extract-yielding Huinong 3 (H3) leaf and the expected fulfilment of a US$9-12m initial LHG purchase order. We continue to expect GLG to return to positive EBITDA in 2016, which could be further supported by the future implementation of recently discovered, even higher-yielding, proprietary stevia le...
Update: Q314 results light, looking ahead
Q314 results were below our expectations and we are reducing 2014 and 2015 estimates. We retain confidence in GLG’s prospects, as growth in deployment of its high extract-yielding Huinong 3 (H3) leaf and the start of Luo Han Guo (LHG) extract sales in Q414 should improve margins. Recent stevia pricing increases may help GLG return to positive EBITDA in 2016.
Update: Moving ahead with formal Luo Han Guo deal
GLG has signed a 12-month agreement to sell between US$9m and US$12m of Luo Han Guo (LHG) extract to an undisclosed customer. This transaction cements the firm’s move to diversify its revenue stream beyond stevia, and should help improve margins starting in Q414. Our C$144.2m NPV is derived from our projection that the company will return to generating consistently positive EBITDA in 2016, supported by the LHG business and the harvesting of higher-yielding leaf as part of GLG’s core stevia b...
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