Associated British Foods PLC

Associated British Foods is an international food, ingredients and retail group. Co. operates in five segments: Grocery, which manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products; Sugar, which grows and processes sugar beet and sugar cane for sale to industrial users; Agriculture, which manufactures animal feeds and provides other products and services for the agriculture sector; Ingredients, which manufactures bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities; and Retail, which buys and merchandises value clothing and accessories.
  • TickerABF
  • ISINGB0006731235
  • ExchangeLondon Stock Exchange
  • SectorFood Producers
  • CountryUnited Kingdom

Analysts

Associated British Foods

Associated British Foods

Associated British Foods

Ioannis Pontikis

Morningstar | Associated British Foods Reports In-Line Fiscal 2018 Results

Associated British Foods reported fiscal 2018 results for the 52 weeks to Sept. 15, with group revenue up 3% in constant currency and adjusted operating profit up 5%, broadly in line with our estimates. There were no big surprises in this report versus the company's preclose announcement in September. We maintain our no-moat rating and do not anticipate a material change to our GBX 2,660 fair value estimate as we roll our model forward to account for these results. In Primark, retail selling space increased by 0.9 million square feet, as expected, with 15 net new store openings. Management an...

Ioannis Pontikis

Associated British Foods Reports In-Line Fiscal 2018 Results

Associated British Foods reported fiscal 2018 results for the 52 weeks to Sept. 15, with group revenue up 3% in constant currency and adjusted operating profit up 5%, broadly in line with our estimates. There were no big surprises in this report versus the company's preclose announcement in September. We maintain our no-moat rating and do not anticipate a material change to our GBX 2,660 fair value estimate as we roll our model forward to account for these results. In Primark, retail selling spa...

Ioannis Pontikis

Morningstar | Associated British Foods Reports In-Line Fiscal 2018 Results

Associated British Foods reported fiscal 2018 results for the 52 weeks to Sept. 15, with group revenue up 3% in constant currency and adjusted operating profit up 5%, broadly in line with our estimates. There were no big surprises in this report versus the company's preclose announcement in September. We maintain our no-moat rating and do not anticipate a material change to our GBX 2,660 fair value estimate as we roll our model forward to account for these results. In Primark, retail selling space increased by 0.9 million square feet, as expected, with 15 net new store openings. Management an...

Ioannis Pontikis

Associated British Foods Reports In-Line Fiscal 2018 Results

Associated British Foods reported fiscal 2018 results for the 52 weeks to Sept. 15, with group revenue up 3% in constant currency and adjusted operating profit up 5%, broadly in line with our estimates. There were no big surprises in this report versus the company's preclose announcement in September. We maintain our no-moat rating and do not anticipate a material change to our GBX 2,660 fair value estimate as we roll our model forward to account for these results. In Primark, retail selling spa...

Ioannis Pontikis

Morningstar | ABF Issues Pre-Close Update With Primark Growth Lower Than Expected; Thesis Intact

Associated British Foods has reported its pre-close period trading update for fiscal 2018. Although Primark's sales growth and sugar operating profit were both lower than expected, management reiterated full-year guidance on the back of higher margins achieved in retail. We maintain our no-moat rating and do not anticipate a material change to our fair value estimate of GBX 2,660, as lower like-for-like, or LFL, sales growth in Primark was counterbalanced by higher operating margins in the segment, driven by a weaker U.S. dollar exchange rate and better buying. More specifically, in Primark, ...

Ioannis Pontikis

ABF Issues Pre-Close Update With Primark Growth Lower Than Expected; Thesis Intact

Associated British Foods has reported its pre-close period trading update for fiscal 2018. Although Primark's sales growth and sugar operating profit were both lower than expected, management reiterated full-year guidance on the back of higher margins achieved in retail. We maintain our no-moat rating and do not anticipate a material change to our fair value estimate of GBX 2,660, as lower like-for-like, or LFL, sales growth in Primark was counterbalanced by higher operating margins in the segme...

Ioannis Pontikis

Morningstar | Strong Execution and a Niche Business Model Drive ABF’s Prospects; Shares Fairly Valued

After reassessing our assumptions for Associated British Foods, we are lifting our fair value estimate to GBX 2,660 from GBX 2,600. Our estimate implies fiscal 2018 adjusted P/E of 20 times and enterprise value/adjusted EBITDA of 10 times. We reaffirm our no-moat rating, as we believe that opportunities to support sustainable competitive differentiation in the company's fast-fashion and grocery units are limited. We see the shares as fairly valued, properly accounting for Primark’s strong value-accretive growth prospects, its competitively positioned sugar assets, and its stable but growing gr...

1 director bought

A director at Associated British Foods bought 7,500 shares at 2,688p and the significance rating of the trade was 82/100. 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 directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The ...

Associated British Foods

Associated British Foods

Associated British Foods

Associated British Foods

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Associated British Foods

MarketLine Department

Greencore Group Plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

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Associated British Foods Plc in Apparel and Footwear (Portugal)

Associated British Foods’ Primark brand is managed in Portugal by Lojas Primark Portugal – Exploração, Gestão e Administração de espaços comerciais. Remaining faithful to its initial concept, the aim of Primark is to continue to focus on providing the best value for money in the apparel and footwear market. Addressing a diverse audience, Primark’s aim is to target the whole family. As such, it will continue with its everyday low price policy rather than focus on occasional promotional periods. T... Euromonitor International Local Company Profiles are a concise set of briefings detailing the s...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 08/12/2017

Item 2: Approve the Remuneration Report. The disclosure of the remuneration package is poor and alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed.  The structure is not weighted more heavily towards short-term performance; the STI and LTI are equally weighted though 25% of the bonus is deferred.  Finally, awarded amounts are high in relation to index and sector comparisons. Item 4: Re-elect as a director, Emma Adamo. The director is affiliated due to a material business relationship with a significant shareholder.  In particular, she serves as...

Jérôme VINERIER

Short term view - ASSOCIATED BRITISH FOODS PLC : The trend is uncertain.

The trend is uncertain. Stochastics are at the overbought level. prices could fall again to 2,191.50 p.

Jérôme VINERIER

Analyse court terme - ASSOCIATED BRITISH FOODS PLC : La tendance est incertaine.

La tendance est incertaine. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 2 191,50 p.

Matthieu DRIOL

Analyse court terme - ASSOCIATED BRITISH FOODS PLC : Le rebond gagne en vigueur.

La tendance est baissière. Le rebond gagne en vigueur. Il est probable que cette reprise s'achève sur la résistance à 2 400,00 p et que les prix baissent à nouveau vers 2 043,00 p. La tendance de fond serait remise en cause en cas de franchissement de 2 483,00 p.

Matthieu DRIOL

Short term view - ASSOCIATED BRITISH FOODS PLC : The bounce is gaining strength.

The trend is bearish. The bounce is gaining strength. The bounce might end at the resistance at 2,400.00 p and prices would fall again toward 2,043.00 p. The background trend would be questioned should prices rise above 2,483.00 p.

Matthieu DRIOL

Medium term view - ASSOCIATED BRITISH FOODS PLC : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at 1,857.00 p, then 1,688.00 p. Passing 2,894.00 p would question the continuation of the fall.

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