Tiger Brands 6m numbers - lower volume

26-MAY-17

Tiger Brands reported their half year numbers to March yesterday. I saw the CEO, who is now a year in the job on the box with the CFO, who has done some hard yards at that business. They were talking about how tough it has been to operate, suggesting that much unrest in South Africa has been logistically challenging at times. i.e., if a bakery needs to send their trucks out to deliver and roads are blocked, that means that there is an extra insuring cost to the company and by extension to you the shareholder. And ironically, in trying to recuperate the costs, staples prices would have to go up a little.


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Tiger Brands - Good earnings growth

24-NOV-16

Tiger brands reported their full numbers to end September, both the CEO Lawrence Macdougall, (relatively new at the business) and the CFO, Noel Doyle, (an old timer at the business) were on the telly yesterday on CNBC - Tiger Brands FY profit up after Nigeria sale. It is tough out there, solid numbers, not altogether any volume growth, steady enough though. It is interesting how the CFO Noel Doyle reckons there is still likely to be heightened cost inflation with regards to their inputs (grains), not all of that can be passed onto the customer.


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Tiger Brands 1Q numbers - New Era

27-MAY-16

Peer into any larder or kitchen storage space in South Africa and you are more than likely to find some Black Cat peanut butter, Fatti's and Moni's spaghetti (or penne if you will), Ace mealie meal (or instant porridge), Tastic rice, Golden Cloud flour, All Gold tomato sauce, Oros on the drinks front, along with Energade, Rose's and Hall's, Koo jams as well as Albany bread in the bread bin. A look in the fridge may reveal some Mrs. Balls, Colman's mustard, Crosse & Blackwell Mayonnaise as well as other well known perishable goods such as Renown and Enterprise sausages.


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Tiger FY results, South Africa solid

27-NOV-15

With everything going on we have had to delay the bringing of the Tiger Brands results for a while, apologies. Rather late than never I say. The results themselves are available via the company website, Key financial indicators. As you can no doubt see, the stronger domestic performance, i.e. in South Africa offset the well documented problem business in Nigeria and irregularities at Haco in Kenya, as well as the failure of a key supplier in Mozambique. Remember that not so long ago the company decided not to fund their business in Nigeria any more. School fees. Equally they wrote the business off to nothing, and will carry that business as a discontinued operation.


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DFM 3Q update

04-AUG-15

Yesterday Tiger Brands's, Dangote Flower Mills (DFM) released their 3Q numbers. Revenue is up 15%, cost of sales is down 13% and gross profit is up 49%, so things in the operating department are moving in the correct direction. That is where the good numbers stop though. Thanks to the weakening currency (Nigerian Niara) their operating loss worsened by 66% compared to the same time last year and the loss per share went from 89.89 to 181.31. Given how big their losses have been they currently have negative cash flow which means that they are having to borrow to keep things going. The only good news from the weaker currency is that it makes it cheaper for Tiger to send funds to the Nigerian operation. I don't see the oil price recovering anytime soon and as such I don't see the Nigerian Naira recovering. What is required now is a stable currency, which is tricky given that there is a black market rate now. Expect DFM to be a loss maker for Tiger for the foreseeable future.


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Tiger Brands 6 month numbers

22-MAY-15

As mentioned earlier in the week, Tiger Brands released their 6 month interim numbers on Wednesday. It is a storey of their local division that has done well and the international businesses pulling the group down.


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Tiger Brands trading statement

10-FEB-15

Tiger Brands released a trading update yesterday that Mr(s). Market definitely did not like. This was for their first quarter to end 31 December 2014. There was only a 7 percent increase in turnover to 8.2 billion Rand, the company suggested that tough trading conditions persist locally here in South Africa, as well as across the continent in terms of their business operations. Higher pricing, having to pass on the costs to the consumer, has impacted sales. The weaker Rand has not helped, many prices of raw commodities are set in US Dollars. The company has however still maintained their market share. There is a conference call at midday today, we can get a sense of how the weaker Nigerian market has been impacting the group, that no doubt will be one of the talking points. As the company points out in the trading update, currency issues (as a result of lower oil prices) have created liquidity issues with the currency in Nigeria.


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DFM quarterly update

04-FEB-15

Vodacom have released quarterly numbers this morning, they look pretty average. That is to be expected I guess. Local revenues getting squeezed, CEO Shameel Joosub had this to say in the commentary: There was a significant impact from the 50% decline in mobile termination rates in South Africa, increased competition and we're seeing increased pressure on consumer spending. Data spend continues to be the only bright spot in these numbers, data traffic grew a whopping 62 percent here and an astonishing (off a low base) almost threefold in their international operations. Active smartphones and tablets across the network here in South Africa is 9.5 million devices. Forget about broadband, the people have spoken, the continued investment in 3G and LTE networks will continue to see customers view the mobile networks as their goto for data.


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Full year results looking up

20-NOV-14

Yesterday morning we received full year results from one of our recommended stocks, Tiger Brands. Before we delve into the numbers let's just reflect on what the share price has done over the last three and a half years. Thanks Google Finance for the below graph.


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Stock soars higher on trading statement

07-NOV-14

Here is a good example of companies being proactive in changing their business, Tiger Brands embarked on trying to become to the rest of the continent what they are here. With mixed success it must be said, at least in the short term! Tiger clearly overpaid in Nigeria for a business that was perhaps not what they thought it was, that is however water under the bridge.


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Dangote once off, otherwise

21-MAY-14

This morning we received interim results from Tiger Brands for the 6 month period ending 31 March 2014. As Sasha mentioned a few days back they are taking a write down from the 63.35% Dangote Flour Mills (DFM) stake which will have an effect on Earnings. Lets first look at current operations then we can look at the Dangote Mills issue.


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Trading update

15-MAY-14

Also with an announcement, but not results from Tiger Brands, but rather a trading update for the six months to end March. At face value it hardly looks exciting, EPS (excluding once offs) will increase by 6 to 10 percent. Once off? Well, it is something that we knew, right? Dangote Flour Mills, or DFM. The Nigerian business. Dangote of course is surname of Aliko, the richest man in Africa. He sold this business to Tiger and clearly they overpaid. They have decided to "impair the full carrying value of the goodwill and intangible assets relating to the investment." I hear you with a tentative "yes" say, "well, what is the amount?" Here goes, and make sure that you are sitting down: "The value of the impairment amounts to R849 million which will be included in abnormal items in the group income statement for the half year ended 31 March 2014." You can tell that the market was anticipating this, in fact worse, because Tiger Brands share price is up nearly three percent. More when the results are released on the 21st of May. Next week Wednesday.


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Weak trading update for Q1

12-FEB-14

Yesterday we received a trading update from Tiger Brands. Let's get straight into it, Here are the highlights.


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The Tiger within your Brands.

22-NOV-13

Tiger Brands released their results yesterday, with the Key financial indicators according to the SENS are:


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Tiger Brands amazing long term performance

30-MAY-13

Byron beats the streets on Tiger Brands today. The company that was founded seemingly in 1896, well according to their website anyhow. Tiger Oats, the company that renamed to Tiger Brands in the year 2000. Fifteen years ago the share price low was 21.13 ZAR. Before you say, well, it is not even 300 now, remember that the company unbundled Astral in April 2001, Spar in August 2004 and Adcock Ingram in late August 2008. If you had continue to hold those, notwithstanding recent underperformance by Astral and Adcock, you would have done fabulously well. For the record, you got 1 Spar and 1 Adcock for every 1 Tiger you held, and 0.25 shares of Astral for every 1 Tiger Brands shares. The collective value of those companies is close to 500 bucks, 495.6 ZAR as of this morning.


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