Dear reader, hope you are having a good summer 🕶️
A few things that happened in Europe this week 👇
Company news and results
Royal Unibrew, the Danish brewing and beverage company, reported a 13% increase in organic volume and revenues in H1 compared to last year. They also raised the 2021 outlook and announced a new share buy-back program.
The full-year outlook for 2021 is raised:
• EBIT: DKK 1,625-1,700 million (previously: DKK 1,525-1,625 million).
The strong momentum experienced in H1 2021 in our key markets has continued into the beginning of Q3 2021 supported by the continued re-opening and a positive impact from staycation. The top end of guidance includes that no major restrictions are imposed and that the re-opening continues throughout the year. It also includes a positive impact from acquisitions in H2 and no further raw material price increases. On the other hand, the low end of guidance includes higher raw material prices than the current level as well as wider COVID-19 related restrictions in Q4.
Mowi, the salmon farming company, reported its Q2 2021 results and increased its 2021 harvest outlook.
Givaudan, the flavours, fragrances (and more) company, held its half-year investor conference. Not much new except for a 101 slides presentation, if you want to know more about the company. If you only have time for 2 slides:
Ahead of its spinoff from Vivendi on the 21st of September, UMG held a capital markets day. Numbers were above expectations: UMG expects >10% 2021 revenue growth and EBITDA >20%. Mid-term, they expect high single-digit revenue CAGR and mid-twenties margin.
The Italian luxury company Brunello Cucinelli reported its full H1 results (sales were pre-released). Revenues are 10% above 2019 levels, margins still need to recover. Brunello Cucinelli is underexposed to China, which seems a positive these days (not sure longer-term).
Outlook:
We are increasingly confident in achieving in 2021, the "year of rebalancing", a growth in the region of +10% compared to 2019, with an increase of around +20% compared to 2020, and continue this development path in 2022, with +10% growth compared to 2021 and healthy margins
We believe that all this makes it very concrete to realign with the objectives of the first five-year period (2019-2023) of the 10-year plan ending in 2028, the year in which we expect to double the 2018 turnover and reach 1.1 billion euros
The ticketing and live entertainment company Eventim reported an improvement in Q2 numbers compared to last year, but it is still heavily disrupted by the pandemic:
Due to the continuing uncertainties surrounding the future course of the coronavirus pandemic and its impact on the 2021 financial year, corporate management still considers it is impossible to make a precise forecast.
Delivery Hero published its full H1 results (already pre-released).
Confirming the updated guidance given in the Q2 2021 Trading Update, Delivery Hero expects its full-year GMV to reach EUR 33 to 35 billion with a total segment revenue outlook at EUR 6.4 to 6.7 billion, and an adjusted EBITDA/GMV margin at around -2% for the financial year 2021.
The luxury group Kering launched a share repurchase program: up to 2.0% of its share capital over a 24-month period
Deals and IPO
Lanxess bets on disinfectants with $1.3 billion deal (link)
PE-backed PureGym mulls IPO (link)
Cazoo raises $1bn as it starts trading on the New York Stock Exchange (link)
Other news
IHG and Accor, the two biggest European-based hotel groups, announced the launch of new luxury and lifestyle brands:
Europe’s fintech M&A ‘boom’: What the data tells us (link)
Tom Russo’s Q2 2021 letter with comments on Nestle and Alibaba (link)