Patisserie Holdings Live Discussion

oldjoe1 05 Dec 2016

You can have your CAKE and eat It. CAKE , fallen back of late due to brexit and now trades on a 2017 forward P/E of just 17 falling to 15 in 2018. Looks a bargain imo. Growing online and in retail parks. [link] Summary</b></u>Offers cakes, pastries, snacks, meals and hot & cold drinksPatisserie Holdings Plc is a cafe and casual dining group, which offers cakes, pastries, snacks, meals and hot & cold drinks.It currently operates under five differentiated brands: Patisserie Valerie, Druckers-Vienna Patisserie, Philpotts, Baker & Spice and Flour Power City.Its products are sold primarily through stores and also a growing online channel.The company was founded on March 27, 2014 and is headquartered in Birmingham, the United Kingdom.<b><u>Valuation 2017e 2018e</b></u>P/E ratio (Price / EPS) 17,8x 15,6xCapitalization / Revenue 2,47x 2,24xEV / Revenue 2,46x 2,11xEV / EBITDA 11,5x 9,57xYield (DPS / Price) 1,20% 1,44%Price to book (Price / BVPS) 3,14x 2,69x

OwDo 30 Nov 2016

Trades some very large trades at 11:38 this morning, wonder who is tradeing?

IOMINVESTCOM 30 Nov 2016

Beaufort Sec view - buy Patisserie Holdings (CAKE.L, 270.0p) – BuyPatisserie Holdings (‘Patisserie’, a leading UK branded café and casual dining group, yesterday announced its preliminary results for the 12 months ended 30 September 2016 (‘FY2016’. During the period, revenue advanced +13.3% to £104.1m and EBITDA rose +18.1% to £22.2m against comparable period (FY2015). Pre-tax profit jumped by +18.2% to £17.2m, resulting basic earnings per share expanded to 13.74p, up +20.4%. Net cash at period-end increased to £13.3m (end-FY2015: £6.1m), while operating cashflows stood at £22m (FY2015: £18.3m). On the operational front, Patisserie opened 21 new stores during the period, with first store in Northern Ireland, bringing total number of stores to 184 (end-FY2015:166 stores). The average store payback was 23 months and all new stores have been profitable from the first week of trading. Patisserie’s Executive Chairman, Luke Johnson commented “The excellent results for the year show the continuing appeal of our brands, the financial strength of the group and the strong cash generative nature of our business model. We have achieved growth in revenues and profits despite uncertain economic conditions and for the first time we have exceeded revenues of £100m: a significant achievement. We will continue to control costs and manage our supply chain in this period of macro-economic uncertainty, thus I am confident of another successful year of growth”. The Group declared a final dividend of 2p per share, up +19.8%, to be paid on 10 February 2017.Our view: Sweet full year results from Patisserie! This time the Group delivered its 10th consecutive years of both revenue and profit growth, with the former exceeding the £100m mark for the first time. Higher profitability was achieved through a +0.8% improvement in gross margin to 78.1%, while the Group mitigated its National Living Wage impact of £0.5m by way of more efficient labour rostering method, which virtually offset the increase. The Group’s strong cash generation and balance sheet means Patisserie funded all 21 new stores opened during the period from operating cashflow. Moreover, having paid its first interim dividend since IPO (May 2014) of 1p per share on 24 June 2016, this, together with the final, takes the full year payout to 3p per share, up +79.6%. Management also reiterated its commitment to a progressive dividend policy. Post the period, the Group opened 6 new stores and remains on target to create for 20 new units per annum. Beside store rollout, it is encouraging to see its online channels also expanding rapidly. Digital sales rose by +23% to £3.8m and cake Club membership expanded by +18% to 361,000 members. The Group is now developing a customer loyalty rewards scheme, which it expects to launch in H1 FY2017. With respect to wage costs, the increase to minimum wage from 1 October 2016 will have impact of £0.1m and the Group said it will continue to “monitor and react appropriately” to future increases in the National Living Wage. Despite relatively uncertain macroeconomic conditions, the Group continue to expand healthily driven by its largest brand, Patisserie Valerie, with products ‘going like hot cakes’ as they are seen as “affordable treats in times of uncertainty” as well as a “luxurious indulgence when celebrating”. Concerns over wage pressure and ingredient price inflation persists but, nevertheless given its on-going track-record of expansion, progressive dividend policy and highly sophisticated managements, we remain optimistic. The shares are valued at FY2017E and FY2018E P/E multiples of 17x and 15x, along with dividend yields of 1.3% and 1.6%. Beaufort reiterates its Buy rating on the Shares

sharegardener 29 Nov 2016

Re: Patisserie Holdings profits up 20% in 10... Sambram Strange how nearly all your posts have a link to research tree! Yes CAKE are doing well!

OwDo 20 Jul 2016

Re: Sell Off overdone What is happening to this share? Its summer and this is the time when the shops are full but it keeps going down why?

Broncomaniac 11 Jul 2016

Re: Sell Off overdone I forget to mention earlier another positive from Brexit for CAKE, the predicted commercial property slump should make it easier/cheaper for CAKE to keep opening new outlets

Broncomaniac 11 Jul 2016

Re: Sell Off overdone Blimey, did someone act on my Buy rec??

Broncomaniac 11 Jul 2016

Sell Off overdone Perhaps there is some other reason for the share price slump here, but if it is due to Brexit then its a mistake imo. I expect Pat Val to continue to thrive, as customers splurge to escape the Brexit Blues or to console themselves over the foreign holiday they can no longer afford. Sure if there is a recession some discretionary spend companies will suffer, but the Pat Val offering will still be affordable for most of its customers and differentiated from the likes of Greggs. Plus, it should benefit from an influx of foreign tourists benefiting from the exchange rates, not to mention the Brits having staycations.

IOMINVESTCOM 28 Jun 2016

Re: Bought a few this morning Topped up again today

IOMINVESTCOM 24 Jun 2016

Bought a few this morning nm

IOMINVESTCOM 19 May 2016

Beaufort Sec view Patisserie Holdings (CAKE.L, 354.25p) - BuyPatisserie Holdings ('Patisserie'), a leading UK branded café and casual dining group, yesterday announced its interim results for the 6 months ended 31 March 2016. During the period, revenue advanced +14.4% to £50m and EBITDA rose +21.3% to £10.6m against comparable period (H1 2015). Pre-tax profit jumped +20.6% to £8.4m, resulting basic earnings per share expanded to 6.68p per share, up +21.5%. Both cash and cash equivalent at the end of the period and operating cashflow stood at £8.9m. On the operational front, Patisserie opened 12 new stores bringing to total of 177 stores at the period end. Patisserie's Executive Chairman, Luke Johnson commented "The Group has continued to deliver strong growth in sales and profit in what is a competitive trading environment. Our pipeline for new stores is well developed and I look forward to another period of strong growth in the second half of the year". The Group declared first interim dividend, since its listing in May 2014, of 1p per share which will be paid on 24 June 2016.Our view: Patisserie delivered strong financial and operational performances during the H1 2016, continuing the positive trend seen during FY2015. Patisserie delivered a jump in revenues, which was led by Patisserie Valerie, its largest platform, expanding by +21.1%. Retail brands - Druckers and Baker & Spice - went up by +4.6% and Flour Power City, the wholesale bakery, rose by +12.5%, while Philpotts, the premium sandwich retailer fell -2% due to negative impact of earlier timing of Easter and a higher margin corporate sale. Although the Group noted increased cost pressure during the period, as well as the effect of National Living Wage kicks-in in the H2, a number of measures to mitigate this are already in place delivering efficiencies and cost savings, particularly in the supply chain. The Group improve its gross profit margin by +1%, meaning the "overall cost base will remain stable to the year-end". Patisserie enjoys a healthy balance sheet, remains solely funded from its reserves and operating cashflows, and declared its first interim dividend to shareholders. Its Board has also committed to a progressive dividend policy. Looking ahead, the Group remain focused on opening more stores and new product development, while continuing to assess acquisition opportunities. We are encouraged by the Patisserie's performance and reiterate our Buy rating on the stock.

IOMINVESTCOM 18 May 2016

Paul Scott's view [link]

pharmaspecialist 18 May 2016

Re: Interims Yes, I was a bit concerned about the high rating when I bought my holding near the start of 2015, particularly as the company hadn't long done its IPO, but sometimes it is worth paying a high multiple for a good company. I have posted about the comapny a couple of times since then but I think its niche sector (yes it really is a niche) is still fragmented and underexploited so I reckon there is still some growth to come.

IOMINVESTCOM 18 May 2016

Interims Sounds like they are progressing well with the 12 new stores and all internally funded. Excellent balance sheet.I wonder whether the comments made on cost pressures, and the national living wage kicking in could be a mild warning. Surely if you are highly rated the sentiment could turn if the company comes out later in the year with more updates on the full impact on cost pressure and the wage bill.I really like the company it's just the rating that is high. You may have to pay up for quality, but like we have seen with the likes Burberry the high rating can change sentiment.Watching from the sidelines with interest.GLTA

IOMINVESTCOM 10 May 2016

Weak - testing 3.20 support nm - wondering whether this is going to test £3 area