BELUGA GROUP (BELU RX: U/R) reported its 1Q22 operating results. Overall volume growth accelerated to 25% y/y, driven by consumers stocking-up during March, with both own brands and imported production exhibiting solid growth. Looking ahead, we see the company’s business as relatively secure. Firstly, the company does not expect a dramatic drop in exports (contributing ~ 5-6% of revenues and ~10% of EBITDA in 2021, we estimate), seeing an opportunity to generate 80-90% of 2021 shipment...
BELUGA GROUP (BELU RX: U/R) reported its 2021 IFRS financials, with both the revenue and EBITDA performance in line with our estimates. Net revenue grew 18% y/y, supported by a favorable product mix, strong Beluga export sales and sales growth in the WineLab stores. EBITDA grew 14% y/y, suggesting reinvestment of the profitability gains from the premium sales mix into WineLab chain expansion. The company as expected did not provide 2022 guidance and no dividend decision was announced.
BELUGA GROUP (BELU RX: O/W; TP RUB4,999) reported its 2021 operating results. Overall volumes remained soft at 1% y/y growth, continuing to reflect the high comparison base of 2020 in domestic sales of its own brands. At the same time, we note ongoing growth in high-margin export sales (with >30% EBITDA margin) and premium product sales on the domestic market, which should be supportive for profitability. The company is expected to report 2021 IFRS results in mid-March, along with guidance fo...
BELUGA GROUP (BELU RX: O/W; TP RUB4,999) reported its 1H21 operating results. Overall volumes growth remained soft at 1% y/y, largely reflecting the comparison base of 2020 in domestic sales of its own brands. At the same time, there is a continuing growth in premium products sales, according to the company, while the high-margin export sales (with 30%+ EBITDA margin) nearly doubled y/y. In our view, that provides positive read-through for profitability. The stock has added 41% since 19 July ...
BELUGA GROUP (BELU RX: O/W; TP RUB4,999) reported its 1H21 IFRS financials. Net revenue grew 20% y/y, supported by favorable product mix and sales growth in WineLab stores. EBITDA growth was expectedly slower (+8% y/y) – the profitability gains from more premium sales mix had been reinvested into WineLab chain expansion. That is consistent with the company’s 2021-24F strategy and our expectation of flat y/y EBITDA margin in 2021F. Revenue and EBITDA lines exceeded our estimates by 1%. At the...
Earlier today, the Sunray Investments Luxembourg announced a cash offer to buy out the entire ordinary share capital of Stock Spirits (STCK LN). According to the buyout conditions, each shareholder is to receive GBp377 per share, suggesting a 41% premium to the August 11 closing price (GBp268 pence) and a 42% premium to 3m VWAP (GBp266). We note that Stock Spirits is generally considered as the closest peer to BELUGA GROUP (BELU RX: O/W; TP RUB4,999). We thus believe the news creates a positi...
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....
We initiate coverage of Beluga Group with a 12M TP of RUB4,999 and O/W rating. Beluga Group is a leading producer and distributor of spirits in Russia, as well as the owner of one of the leading super-premium vodka brands globally (Beluga). Having a strong diversified product mix, we believe the company is well equipped for the changing alcohol market. The development of its specialized retail chain (WineLab) is set to help communicate directly with consumers, to capture additional margins a...
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.