Total Produce & FBD – Results

Tags

Capespan, Combined Operating Ratio, EHEC scare, EPS guidance, FBD Holdings, Total Produce

Total Produce (TOT:ID or LN):

I think yesterday was the first time I’ve posted as a ‘hostage to fortune‘, buying and posting just ahead of a company’s annual results! So where do we stand now?

I was unfortunately expecting to be disappointed by the level of disclosure on certain items: No mention of the dissolution of their Indian JV with Tata – but revenues weren’t significant, and profits were obviously non-existent, and I far prefer they concentrate on a consolidation strategy in Europe, so who cares…

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Total Produce – Seeing Green!

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Capespan, Fyffes, stock fungibility, technical analysis, Total Produce

[Reference here, here and here]

Total Produce (TOT:ID or LN) is releasing 2011 Preliminary Results @ 7am tomorrow, Tuesday March 6th. Consensus 2011 EPS appears to be around EUR 0.071, bang on my own estimate. This out-turn would put TOT on a 6.3 P/E – far too cheap for such a defensive stock with plenty of firepower for acquisition led growth!

In fact, one of the cheapest companies they could buy is…themselves! With Fyffes (FFY:ID or LN) buying back 32.2 mio shares in Sep-Nov last year, I was v disappointed to see no such announcement from Total Produce. Especially with such a cheap share price, and when you note they’d EUR 89.6 mio of cash lying idle when they reported their interims. I hope to see some comment/plans in this regard tomorrow – failing that, management definitely needs to justify themselves with a more aggressive future acquisition strategy…

Total Produce – Eat More Fruit!

Tags

Capespan, Net Interest/EBITA, Price/Sales, Total Produce, value investing

Total Produce (TOT:ID)

• Mkt Price:  EUR 0.38
• Mkt Cap:  EUR 125.4 mio
• Net Int/EBITA%:  8.7%
• P/E:  5.3
• P/S:  0.05
• Yield:  4.7%      

With two recent deal announcements, I decided to take another look at my TOT valuation, following on from here and here.

Total Produce – So, What You Buy Down The Market?

Tags

Bidvest, Capespan, IFG Group, Net Interest/EBITA, pdosullivan, Price/Sales, PSG Group, share buyback, Total Produce, Zeder

Total Produce (TOT:ID)

• Mkt Price:  EUR 0.39
• Mkt Cap:  EUR 128.7 mio
• Net Int/EBITA%:  9.0%
• P/E:  5.6
• P/S:  0.05
• Div Yield:  4.6%      

Time to update my recent Total Produce post. First, a shout out to Philip at pdosullivan who emailed me to highlight Total’s increased stake in Capespan Group Ltd. There are some good follow-up comments here also. A good spot – I looked some years back, and somehow concluded Total’s shareholding was in a Capespan sub. rather than the parent company?! Based on this, I mistakenly decided not to revisit this as a component of my TOT investment analysis. Then again, the lack of transparency and disclosure from Total regarding this shareholding is rather infuriating.