reports
- Michael Field
An Appetising 3Q Update From Narrow-Moat Compass Group
Narrow-moat Compass Group served up a positive third-quarter update, with organic revenue growth rising to 6.3% over the period. Management now expect organic revenue growth of 6% for the full year, the top end of their previously guided 4%-6% range, while reaffirming their 1H belief that operating margins will be flat year over year. Because our expectations for organic growth were already slightly above the midpoint of the guided range, we will tweak this upwards for the full year, but do not ...
- Michael Field
Morningstar | We Increase Our Fair Value Estimate for Narrow-Moat Comp...
Compass Group is one of the largest and most entrenched food-service providers. Its extensive global footprint serves a diversified mix of sectors and geographies, providing the foundation for a narrow economic moat that generates consistent revenue streams and healthy cash flow. Combining this dynamic with an asset-light operating structure leads to strong returns on invested capital. Demand for Compass' services is moderately tied to both consumer and enterprise-level discretionary spending, w...
- Michael Field
We Increase Our Fair Value Estimate for Narrow-Moat Compass to GBX 1,7...
Catering giant Compass Group romped through the first half of 2019 with organic revenue growth of 6.6%, while operating margins were held steady at all-time-highs of 7.5%. ÂÂWhile the revenue number at least was ahead of our expectations for the full year, management’s updated guidance is in line with our forecasts, indicating a slight moderation in the second half. We maintain our narrow moat rating for the company and our GBX 1670 fair value estimate for the stock. We believe the shares ar...
- Michael Field
Morningstar | Narrow-Moat Compass Points the Way in 1H
Catering giant Compass Group romped through the first half of 2019 with organic revenue growth of 6.6%, while operating margins were held steady at all-time-highs of 7.5%. ÂÂWhile the revenue number at least was ahead of our expectations for the full year, management’s updated guidance is in line with our forecasts, indicating a slight moderation in the second half. We maintain our narrow moat rating for the company and our GBX 1670 fair value estimate for the stock. We believe the shares ar...
- Michael Field
Narrow-Moat Compass Points the Way in 1H
Catering giant Compass Group romped through the first half of 2019 with organic revenue growth of 6.6%, while operating margins were held steady at all-time-highs of 7.5%. ÂÂWhile the revenue number at least was ahead of our expectations for the full year, management’s updated guidance is in line with our forecasts, indicating a slight moderation in the second half. We maintain our narrow moat rating for the company and our GBX 1670 fair value estimate for the stock. We believe the shares ar...
- Michael Field
Morningstar | Compass Group Company Report
Compass Group is one of the largest and most entrenched food-service providers. Its extensive global footprint serves a diversified mix of sectors and geographies, providing the foundation for a narrow economic moat that generates consistent revenue streams and healthy cash flow. Combining this dynamic with an asset-light operating structure leads to strong returns on invested capital. Demand for Compass' services is moderately tied to both consumer and enterprise-level discretionary spending, w...
- Michael Field
Compass Group Company Report
Catering giant Compass Group made an encouraging start to the year, with its first-quarter trading update showing organic revenue growth of almost 7%. While ahead of our expectations for the full year, we await to see how the next quarter or two pan out before making any material changes to our forecasts. We maintain our GBX 1,670 fair value estimate for the stock and our narrow-moat rating for the company. We believe the shares are currently fairly valued. Geographically the outperformance came...
- Michael Field
Morningstar | Compass Group Company Report
Compass Group is one of the largest and most entrenched food-service providers. Its extensive global footprint serves a diversified mix of sectors and geographies, providing the foundation for a narrow economic moat that generates consistent revenue streams and healthy cash flow. Combining this dynamic with an asset-light operating structure leads to strong returns on invested capital. Demand for Compass' services is moderately tied to both consumer and enterprise-level discretionary spending, w...
- Michael Field
Compass Group Company Report
Catering giant Compass Group made an encouraging start to the year, with its first-quarter trading update showing organic revenue growth of almost 7%. While ahead of our expectations for the full year, we await to see how the next quarter or two pan out before making any material changes to our forecasts. We maintain our GBX 1,670 fair value estimate for the stock and our narrow-moat rating for the company. We believe the shares are currently fairly valued. Geographically the outperformance came...
- Michael Field
Morningstar | Compass Plates Up a Solid 1Q
Catering giant Compass Group made an encouraging start to the year, with its first-quarter trading update showing organic revenue growth of almost 7%. While ahead of our expectations for the full year, we await to see how the next quarter or two pan out before making any material changes to our forecasts. We maintain our GBX 1,670 fair value estimate for the stock and our narrow-moat rating for the company. We believe the shares are currently fairly valued. Geographically the outperformance cam...
- Michael Field
Compass Plates Up a Solid 1Q
Catering giant Compass Group made an encouraging start to the year, with its first-quarter trading update showing organic revenue growth of almost 7%. While ahead of our expectations for the full year, we await to see how the next quarter or two pan out before making any material changes to our forecasts. We maintain our GBX 1,670 fair value estimate for the stock and our narrow-moat rating for the company. We believe the shares are currently fairly valued. Geographically the outperformance came...
- Michael Field
We Maintain Our GBX 1,670 Fair Value Estimate for Narrow-Moat Compass ...
Catering giant Compass Group served up a solid set of full-year numbers, with organic revenue growth of 5.5% and an operating margin of 7.4%, in line with 2017 levels. These results were almost bang in line with our forecasts for the period; and with the outlook for 2019 in line with our medium-term expectations for the firm, we do not expect to make any material changes to our numbers. We reiterate our narrow-moat rating for the company and our GBX 1,670 fair value estimate. We believe the shar...
- Michael Field
Morningstar | Compass Appears Well Positioned to Grow
Compass Group is one of the largest and most entrenched food-service providers. Its extensive global footprint serves a diversified mix of sectors and geographies, providing the foundation for a narrow economic moat that generates consistent revenue streams and healthy cash flow. Combining this dynamic with an asset-light operating structure leads to strong returns on invested capital. Demand for Compass' services is moderately tied to both consumer and enterprise-level discretionary spending, w...
- Michael Field
Compass Appears Well Positioned to Grow
Catering giant Compass Group served up a solid set of full-year numbers, with organic revenue growth of 5.5% and an operating margin of 7.4%, in line with 2017 levels. These results were almost bang in line with our forecasts for the period; and with the outlook for 2019 in line with our medium-term expectations for the firm, we do not expect to make any material changes to our numbers. We reiterate our narrow-moat rating for the company and our GBX 1,670 fair value estimate. We believe the shar...
- Michael Field
Morningstar | Narrow-Moat Compass Reports Solid FY Results
Catering giant Compass Group served up a solid set of full-year numbers, with organic revenue growth of 5.5% and an operating margin of 7.4%, in line with 2017 levels. These results were almost bang in line with our forecasts for the period; and with the outlook for 2019 in line with our medium-term expectations for the firm, we do not expect to make any material changes to our numbers. We reiterate our narrow-moat rating for the company and our GBX 1,670 fair value estimate. We believe the shar...
- Michael Field
Narrow-Moat Compass Reports Solid FY Results
Catering giant Compass Group served up a solid set of full-year numbers, with organic revenue growth of 5.5% and an operating margin of 7.4%, in line with 2017 levels. These results were almost bang in line with our forecasts for the period; and with the outlook for 2019 in line with our medium-term expectations for the firm, we do not expect to make any material changes to our numbers. We reiterate our narrow-moat rating for the company and our GBX 1,670 fair value estimate. We believe the shar...
- Michael Field
Morningstar | Industry Leader Compass Serves Up a Solid 3Q
Catering giant Compass Group put further distance between itself and the difficulties faced earlier this year by peers Sodexo and Elior Participations with another solid third-quarter update. Organic revenue growth hit 5.1% on an adjusted basis in the third quarter, in line with our expectations and management’s guided range of 4%-6% for full-year 2018. We do not expect to make any material changes to our forecasts, nor to our GBX 1,670 fair value estimate, on the back of these results. We rei...
- Michael Field
Industry Leader Compass Serves Up a Solid 3Q
Catering giant Compass Group put further distance between itself and the difficulties faced earlier this year by peers Sodexo and Elior Participations with another solid third-quarter update. Organic revenue growth hit 5.1% on an adjusted basis in the third quarter, in line with our expectations and management’s guided range of 4%-6% for full-year 2018. We do not expect to make any material changes to our forecasts, nor to our GBX 1,670 fair value estimate, on the back of these results. We rei...
- Michael Field
Compass Group on Track for a Decent 2018
Narrow-moat Compass Group reported a robust set of first-half results with organic revenue growth of close to 5%. While margins declined 10 basis points year over year to 7.5%, this level is in line with the full-year 2017 result and our expectations for full-year 2018. We do not expect to make any changes to our forecasts on the back of these results and reiterate our GBX 1,670 fair value estimate. We currently see modest upside to our fair value estimate following a mini-run in the share price...
- Michael Field
Growing demand for corporate outsourcing will support longer-term oppo...
Compass Group’s full-year results were broadly in line with our expectations while coming in ahead of our estimates on the revenue line, mainly due to a favourable translational effect of weaker sterling. We are maintaining our GBX 1,570 fair value estimate and narrow moat rating for the group. The 4% organic growth was driven by North America, at 7% organic growth, the result of new business wins (Costco, Qualcomm, Cleveland Clinic, University of Houston, among others) and a high retention ...
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