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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Associated British Foods Plc    ABF   GB0006731235

ASSOCIATED BRITISH FOODS PLC

(ABF)
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European shares edge higher as cyclicals back in favour

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01/18/2018 | 12:44pm EDT
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

LONDON (Reuters) - European shares notched up modest gains on Thursday, led higher by a fresh rise for so-called cyclical stocks while company updates and ratings changes from brokers spurred moves among individual names.

The pan-European STOXX 600 <.STOXX> was up 0.2 percent at its close, while the UK's FTSE <.FTSE> declined 0.3 percent.

Switzerland's Geberit (>> Geberit) posted the best performance among European stocks, with a 6.5 percent rise after reporting a 3.5 percent increase in 2017 sales.

In France, Carrefour (>> Carrefour) was among the top performers on the CAC 40 <.FCHI> with a 3 percent rise, with traders saying stronger-than-expected fourth quarter sales from the supermarket chain had offset the negative impact of a new profit forecast cut.

In Frankfurt, German chipmaker Infineon (>> Infineon Technologies) led the DAX <.GDAXI> higher, adding 5.6 percent after getting a rating upgrade from Goldman Sachs, while SocGen began its coverage of the stock with a "buy" rating.

The tech sector <.SX8P> was the best performer throughout Europe, up 1 percent with STMicro (>> STMicroelectronics) leading Milan's bourse with a 3.8 percent rise. Strong results by ASML (>> ASML) had lifted investors' spirits on the industry during the previous session.

Tech, along with financials and materials, added the most points to the STOXX, as investors continued to rotate into stocks which are more dependent on economic growth.

"We see sustained above-trend economic expansion and a steady earnings outlook supporting cyclicals," Richard Turnill, BlackRock's global chief investment strategist, said in a note.

In the UK, Whitbread  (>> Whitbread) rose 3.5 percent despite reporting tough consumer market conditions after sources told Reuters that activist investor Sachem Head was asking Britain's biggest hotel and coffee shop operator to consider splitting off the Costa Coffee chain.

"The pressure on the UK high street may indeed make this the time for Whitbread to at least look at its options. Break up rumours could support the share price even in the face of weaker LFL (like-for-like) sales growth," said ETX Capital senior market analyst Neil Wilson.

Primark owner Associated British Foods (>> Associated British Foods) was down 3.6 percent after saying that revenues and profits at its sugar business would fall by more than previously expected due to lower European Union sugar prices.

In Belgium, Ablynx (>> Ablynx) rose 1.7 percent after its largest shareholder said Denmark's Novo Nordisk (>> Novo Nordisk A/S) would need to raise its offer if it wanted to buy the Belgian biotech group.

(Reporting by Julien Ponthus and Kit Rees; Editing by Kevin Liffey and Toby Davis)

By Julien Ponthus and Kit Rees

Stocks mentioned in the article
ChangeLast1st jan.
ASML HOLDING N.V. 1.85% 313.6 Delayed Quote.16.76%
ASSOCIATED BRITISH FOODS PLC 0.35% 1884 Delayed Quote.-27.73%
BEST INC. 0.00% 4.68 Delayed Quote.-17.45%
CAC 40 0.09% 4889.52 Real-time Quote.-18.28%
CARREFOUR -1.11% 13.39 Real-time Quote.-9.43%
DAX 0.66% 12674.88 Delayed Quote.-4.96%
GEBERIT AG 0.12% 516 Delayed Quote.-5.38%
INFINEON TECHNOLOGIES AG 2.44% 22.04 Delayed Quote.5.93%
JUST GROUP PLC 2.06% 46.54 Delayed Quote.-42.28%
NOVO NORDISK A/S 1.59% 406.75 Delayed Quote.3.56%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
STMICROELECTRONICS N.V. 0.49% 24.5 Real-time Quote.1.71%
STMICROELECTRONICS N.V. 0.62% 24.49 Delayed Quote.1.54%
STOXX EUROPE 600 0.29% 363.55 Delayed Quote.-12.83%
THE GOLDMAN SACHS GROUP, INC. 0.72% 205.91 Delayed Quote.-11.05%
WHITBREAD PLC 1.11% 2379 Delayed Quote.-43.48%
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Financials
Sales 2020 14 125 M 18 435 M 18 435 M
Net income 2020 386 M 504 M 504 M
Net Debt 2020 2 671 M 3 486 M 3 486 M
P/E ratio 2020 38,8x
Yield 2020 1,31%
Capitalization 14 863 M 19 512 M 19 399 M
EV / Sales 2020 1,24x
EV / Sales 2021 1,06x
Nbr of Employees 138 000
Free-Float 43,6%
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Technical analysis trends ASSOCIATED BRITISH FOODS P
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 2 300,35 GBX
Last Close Price 1 877,50 GBX
Spread / Highest target 63,5%
Spread / Average Target 22,5%
Spread / Lowest Target -28,0%
EPS Revisions
Managers
NameTitle
George Garfield Weston Chief Executive Officer & Executive Director
Michael G. McLintock Chairman
John George Bason Executive Director & Finance Director
Emma Susan Adamo Non-Executive Director
Ruth L. Cairnie Senior Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
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THE KRAFT HEINZ COMPANY9.80%43 133
DANONE-24.79%42 754
GENERAL MILLS, INC.19.83%39 141