Beruflich Dokumente
Kultur Dokumente
Target
tion:
Price:
Moderate
292.96
sell
Recommendation
Shareprice (20/11/14)
308.99
:
293
Target price:
-5.2 %
Potential:
Share price
performance
+137.70%
314.00
115.00
Equity
performance- LTM
France
Company
In 2013, the Group Bel achieved good results with sales growth
by 5.3% and an operating income increased by 10.9% year-onyear to 234 million. It is important to underline that the second
half of the year was less good in term of results. The main
reason is that raw material prices have risen sharply since the
middle of 2013.
Despite its growing strategy for 2014 the uncertain economic
conditions in some markets and the ongoing process of rawmaterial price increase is damaging on the year's activity and
profitability. In addition to that the fast development of local
competitors on the emerging markets will strengthen the
competition to capture new market shares.
In the first half of 2014, the consolidated sales are up 1,7% but
the operating income fall to 38,9% compared to last year. The
Group's sales efforts were not enough to offset the sharp
increase in raw material prices and the negative foreign
exchange impact.
After two consecutive years characterized by 6.25 dividends
level, the Group Bell does not seem able to follow the same
policy for 2014 and a decline in dividend and market price is
expected.
The Bell stock is almost at its highest level of the year and is
overvalued and expected to drop in price during the next
months.
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
STRENGTHS
WEAKNESSES
Lots of subsidaries
International presence
OPPORTUNITIES
THREATS
Health issues
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Bel Group share price performance since January 2011 (vs. CAC 40)
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Key indicators
Description
Bright Dairy & Food Co., Ltd is engaged in the
development, production, and sale of milk and dairy
products in China. The company offers pasteurized milk,
fresh milk, yoghurt, ultra-high heat pasteurized milk, milk
powder, butter and cheese, and fruit juices. It is also
involved in the rearing and fostering of milk cows and
bulls; logistic distribution; and the development,
production, and sale of health and nutrition products. The
company is headquartered in Shanghai, China.
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
1,383 M
1,690 M
1,718 M
2,100 M
2,159
M
Equity Value
en M
2,639 M
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Leveraged
Unleveraged
0,94
0,66
0,51
0,41
0,92
0,58
0,32
0,48
Average :
0,58
0,68
173,4 M
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Ke
8,7%
Kd
4,5%
Net Debt
2,573 M
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Considerations
Croissance
1,5% growth. des
EBITDA
10.0% EBITDA
margin
Investments
4% of revenue.
Amortization
4% of revenue.
NWC
4% of revenue.
Historical NWCBFR
analysis
Croissance
1,0%.
Expected
Croissance
growth
long terme
mondial
Sales increase
Long term
growth
ventes
long terme
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France
PGR
WACC
PGR
WACC
PGR
WACC
Recommenda
Target
tion:
Price:
Moderate
292.96
sell
France