Seguimiento de sector tabaco

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Seguimiento de sector tabaco
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Seguimiento de sector tabaco
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#26

Re: Re:Lorillard

Hola Tywin,

Seguimos con la concentración del sector que como siempre debería ser bueno para las empresas. Yo estuve metido en Imperial Tobacco pero me salí para rotar a otros sectores más castigados.
El problema en este caso puede ser de deuda pero bueno estamos en una época en que sobra el dinero. Si no que se lo digan a AT&T que lleva de compras 2 años y que va a estar con 150 billones de dolares de deuda si no me equivoco...

un saludo.

#27

Re: Seguimiento de sector tabaco

Por tener una idea os dejo la evolución de valores de BAT y Philip Morris:

¿Se huelen caídas en Phlip Morris después de esta tendencia lateral?

 

 

#28

Re: Seguimiento de sector tabaco

Buenas tardes,

Hago un megareflote ... Imperial Brands (antigua Imperial Tobacco). Está regalada, yo creo que ni el Brexit justifica estos precios...

¿Hay algo que no veo? He leído acerca de la transformación del sector y el paso que dan desde tabaco tradicional a vapeadores y cigarrillos electrónicos. Es muy interesante. De las grandes, parece que sólo esta apuesta poco por vapeadores y más por electrónicos. http://www.eleconomista.es/empresas-finanzas/noticias/8842028/01/18/El-cigarrillo-sin-humo-la-salvacion-de-las-tabaqueras.html

Financieramente veo números robustos, salvo error de novato. Parece una perita en dulce por valoración y ratios. Pero lo cierto es que no para de caer, eso es síntoma de algo SIEMPRE.

Saludos.

Ni caso a lo que escribo, si se lee esto que sepa que hablo sin saber.

#29

Imperial Brands vende su participación en Habanos SA

Imperial Brands PLC (“Imperial”) is pleased to announce it has agreed the sale of its worldwide premium cigar businesses (“Premium Cigars”) to investment consortia of individual investors in two distinct transactions for a total consideration of €1,225 million (£1,074 million), which represents a multiple of 11.8x FY19 EBITDA on a standalone basis. The disposal reinforces Imperial’s focus on simplifying its business and realising value for shareholders.

The sale multiple recognises the luxury nature of the businesses’ products and their international growth profile. After adjusting for tax and other costs, the disposals are expected to realise net cash proceeds of around €1,094 million (£958 million). The proceeds will be used for debt reduction and will reduce September 2019 pro-forma net debt to EBITDA leverage by c 0.2 times.

Joint Interim Chief Executives Dominic Brisby and Joerg Biebernick said: “We are delighted to be able to announce the sale of Premium Cigars in the current challenging global environment. It has been a complex transaction involving joint venture partners and assets across multiple geographies and we would like to thank everyone involved for working so hard to get the deal agreed.”

“This disposal reinforces our strategic ambition of becoming a leaner and more agile organisation and the proceeds will realise value for shareholders by reducing debt as part of our ongoing focus on active capital management.”

“We believe we have found the right long-term owners for Premium Cigars; they are committed to investing in the business to maximise future growth opportunities and are well positioned to further develop operations internationally.”

The sale will take place in two transactions documented under two sale agreements: one for the USA business (“Premium Cigar USA”); and another for the Rest of the World business (“Premium Cigar RoW”).

In respect of the transactions:

  • Gemstone Investment Holding Ltd will acquire Premium Cigar USA for a total consideration of €185 million (£162 million). This transaction is subject to the fulfilment of certain conditions, including customary antitrust and other regulatory clearances.
  • Allied Cigar Corporation, S.L will acquire Premium Cigar RoW for a total consideration of €1,040 million (£912 million). This transaction is subject to the fulfilment of certain conditions, including customary antitrust and other regulatory clearances.
  • The transactions are expected to close in the third quarter of calendar year 2020. The Premium Cigar RoW transaction includes the sale of the Dominican Republic handmade premium cigar factory which is expected to close in 2021.
  • Of the Premium Cigar RoW transaction consideration, €88 million (£77 million) will be deferred for 12 months from close and €69 million (£61 million) will be deferred and contingent upon transfer of the Dominican Republic factory.
The Premium Cigar business contributed £80 million of profit before tax in the year to 30 September 2019. The business comprises assets that are wholly owned as well as investments in a number of joint ventures, which results in a different accounting treatment for the two asset types:

  • The wholly owned assets represented £226 million of net revenue and £30 million of adjusted operating profit of the Africa, Asia and Australasia division for the year to 30 September 2019.
  • Our investments in the Premium Cigar joint ventures are accounted for using the equity method and our share of the profit after tax is £50 million for the year to 30 September 2019.
Pro-forma earnings dilution in the financial year to 30 September 2019 is around 6 pence per share*. As at 30 September 2019, the gross assets of Premium Cigars were £1,287 million and net assets were £1,111 million. An update on asset values and expected adjustments to foreign exchange reserves resulting from the transaction will be provided on publication of Imperial’s interim results for the 6 months to 31 March 2020.

Imperial is being advised by AZ Capital on the agreed sales of Premium Cigar USA and Premium Cigar RoW.

#30

Re: Seguimiento de sector tabaco

Bueno yo estoy dentro de MO y PM,, la primera con un dividendo de 8,5% y un PER menor a 10...
La segunda con un dividendo del 6,5% y un PER, de 15...

Vamos números increíbles, de los mejores "bonos" de la bolsa...

La verdad es sorprendente lo poco que se sigue este sector...

El Conocimiento es Poder...

#32

Nuevo plan estratégico de Imperial Brands

Our Transformation To Unlock Value

  • New strategy and five-year plan to transform the business
  • Revitalised tobacco business will be the key driver of value creation
  • Increased focus on our top five markets representing c. 72% of combustible operating profit
  • Disciplined NGP business committed to harm reduction and providing options for growth
  • Reshaping our culture and ways of working to place the consumer at the centre of our business
  • Delivering a stronger, more consistent performance without a margin reset
  • A clear capital allocation framework to underpin the strategy and enhance returns
Imperial Brands plc will today host a virtual capital markets event for analysts and investors. Chief Executive, Stefan Bomhard, and members of the executive team, will provide details of their new strategy to transform Imperial Brands and create long-term value.

Stefan Bomhard said: “We have undertaken a comprehensive strategic review, examining all opportunities for unlocking value. This process has reinforced my view that the Group has solid foundations on which we can build a better and stronger business. Our new detailed five-year plan sets out clear strategic priorities, which will drive targeted investment behind those markets and brands with the greatest opportunities for value creation. We have put the consumer at the centre of everything we do and are beginning to reshape our culture to support the new strategy. This will improve our ways of working and create an agile, collaborative and performance-based business that will deliver a stronger, more consistent performance.”

Strategic priorities

The new strategy is founded on three pillars:

Focus on priority combustible markets: We will focus our investment and resources around our five most important markets of USA, Germany, UK, Australia and Spain, which represent c. 72 per cent of our combustible operating profit.  We have developed highly detailed brand and market plans to support this approach and will increase investment behind a focused set of operational levers to strengthen performance and unlock value.

Drive value from our broader market portfolio: Our review of our broader market portfolio has identified additional opportunities to drive future growth whilst realising efficiencies in how we operate these markets. Although these markets are smaller, they benefit from attractive margins and relatively limited investment requirements. We will selectively build those where we have attractive leadership positions, such as Africa and other European markets, and will selectively exit a small number of others where we have a relatively weaker presence.

Build a targeted NGP business: We are resetting our NGP strategy with a significantly different approach, informed by consumer insights and validation. We will focus our investment behind heated tobacco opportunities in Europe, and in selective market opportunities in vapour, particularly in the USA. Our oral nicotine business will remain focused on its existing markets within Europe. Our investment will be disciplined and based on detailed market testing. Our aim is to develop a sustainable NGP business that supports our ESG agenda by making a meaningful contribution to harm reduction.

Improving our ways of working

To support the delivery of our strategic priorities, we are changing how we operate to embrace new ways of working and to enhance our culture.  We have identified three critical enablers to drive these changes:

Consumer at the centre of the business: Too often our decisions in the past have not been sufficiently informed by consumer insights and data. This is changing and we are investing to support a consistent approach to consumer insight, including better capabilities in brand and trade marketing, portfolio management, innovation and sales excellence. This transformation will be overseen by the appointment of a new Chief Consumer Officer.

Performance-based culture and capabilities: We are embedding a performance-based culture to enhance accountability, improve our agility and support teamwork and collaboration throughout the business. Rewards and incentives will be aligned to reinforce performance and delivery of the Group objectives. This is already being reinforced through senior monthly performance reviews.

Simplified and efficient operations: We will ensure resources and capabilities are focused on our most important combustibles markets. Our NGP operations have been brought together within a unified, entrepreneurial business unit to more effectively leverage capabilities and resources. Our global enabling functions, such as Finance and HR, will be aligned to support delivery of the new strategy and ensure efficient allocation of resources.

As a result of these changes, we will be increasing our investment in core capabilities, such as sales and marketing, by c. £50-60m per year.  This additional investment will be funded by efficiency savings as we reorganise and simplify the business, generating annualised savings of c. £100-150m by the end of FY23.  To deliver these efficiencies, we will embed new ways of working, which are expected to be fully implemented by the end of FY22. The anticipated cash costs of the initiatives are c. £245-£275m, with the majority of the spend occurring in FY22.  In addition, we also expect to incur associated non-cash restructuring charges, which we currently expect to be around £150m. This programme is necessary to reshape the business and support delivery of the strategy. As a one-off and time-bound programme, we intend to treat the costs as an adjusting item to aid comparison of performance over time. Any additional restructuring charges beyond FY22 will not be treated as an adjusting item.

Delivering a stronger and more consistent performance

Over time, this new strategic plan will deliver a stronger and more consistent performance in both combustibles and NGP.

Our outlook for FY21 remains in line with the statement provided at the preliminary results on 17 November 2020 and there will be no further update on current trading.

We expect the new plan will deliver a gradually improving trajectory in net revenue over the five years with a CAGR of c. 1-2% for FY20 to FY25.

Our increased investment will be funded through a reallocation of resources and the realisation of cost savings over time. As a result, no major reset to operating profit will be necessary over the first two years of the plan, with relatively flat organic operating profit expected in FY22 at constant currencies against FY21.  Adjusted operating profit is expected to improve to deliver mid-single digit organic CAGR over the three year period FY23 to FY25.

Capital allocation framework

The new strategy will be supported by a clear capital allocation framework, which will optimise returns for all stakeholders.

The business benefits from high margins and strong cash generation, which will underpin the following capital priorities:

  • Investment behind the new strategy to deliver the targeted organic growth initiatives in combustibles and NGP.  We will also invest in strengthening capabilities, new ways of working and a streamlined organisation to improve effectiveness and realise efficiencies. Investment decisions will be rigorously evaluated and monitored within a more disciplined, returns-focused framework.
  • A strong and efficient balance sheet to support our investment grade credit rating. To begin with, debt reduction will remain a priority to deliver our target leverage towards the lower end of our net debt to EBITDA range of 2-2.5 times. We believe a stronger balance sheet will provide the business with greater flexibility for the future, improving resilience to manage uncertainties and further underscoring the defensive characteristics of our business.
  • A progressive dividend policy to provide a reliable, consistent cash return to shareholders. The dividend will grow annually from the current rebased level taking into account underlying business performance.
  • Surplus capital returns to shareholders to be considered once target leverage has been achieved. Our strong cash characteristics support additional capital returns via share buybacks and/or special dividends. We will adopt a disciplined approach to optimising these surplus returns subject to market conditions such as valuation at that time.


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