Foster's Group
Australia's second largest beer manufacturer, Lion Nathan (LNN), reaffirmed its annual profits forecast on escalating sales of its beers including XXXX Gold and Tooheys Extra Dry. Chief Executive Officer, Rob Murray's efforts have finally started to pay off in three years. For past three years, he had posted little or no profits at all since past three years and pushed all money towards advertising, marketing and promotion of its brands.
Foster's Group (FGL) has a neutral rating and a share price target of $6.00 from Australian stock analyst Macquarie Research Equities.
Foster's Group (FGL) A long road to unlocking value
Event: Wine strategic review:
In an admission of poor Wine returns FGL's CEO has resigned; the company is taking a $670-770m pre-tax write down; and the Wine strategy is under review. Meanwhile trading is below expectations with FY08 constant currency EPS growth expected to be 5-7% rather than the previous guidance of +10%.
Impact: FY08 EPS -2.5%; FY09 -5.3%; FY10 -5.6%:
Foster's Group (FGL). The target has price increased from A$5.65 to A$6.10 from sharemarket analyst Macquarie Research Equities.
Foster's Group (FGL) Ltd: Change Is In The Air
Upgrade to Buy — The potential for improved operational execution and/or structural change at FGL has materially increased. The company has commenced an international search for a new CEO following the resignation of Trevor O’Hoy. It is also undertaking a review of its wine operations, which could have wider positive strategic implications.
Foster's Group (FGL) Chief Executive Trevor O’Hoy tendered his resignation today taking the responsibility as Chief Executive and stepped down to the let the new management team take over the reigns. He resigned at the emergency board meeting convened on Monday to review the deterioration of the US wine business which has coincided with the decline in market share for Australian wines.
Foster's Group (FGL) have recently recovered to the $5.60 level from low around $4.80 in March from Australian stockmarket analysts from Macquarie Research.
Foster’s Group (FGL)- Pouring down the drain?
It has been an unhappy time of late in the Foster’s Group camp and today’s downgrade to earnings guidance is unlikely to provide investors with any new confidence. Foster’s have recently recovered to the $5.60 level from low around $4.80 in March, but this could potentially be the end of the run for FGL.
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Top 50 Public Companies Listed on the Australian Stockmarket as at 18/07/2008
- BHP Billiton
- Commonwealth Bank of Australia (CBA)
- Rio Tinto
- National Australia Bank (NAB)
- Telstra (TLS)
- News Corporation or NewsCorp (NWS)
- Westpac Banking Corporation (WBC)
- Woodside Petroleum Limited (WPL)
- ANZ
- Woolworths Limited (WOW)
- Westfield Group (WDC)
- Westfarmers Limited (WES)
- Fortescue Metals (FMG)
- CSL
- QBE Insurance
- St. George Bank Limited (SGB
- Newcrest Mining Limited (NCM
- Origin Energy Limited (ORG)
- Maquarie Group (MQG)
- AMP Limited (AMP)
- Leighton Holdings (LEI)
- Suncorp-Metway Limited (SUN)
- Brambles Limited (BXB)
- Santos Limited (STO)
- Coal & Allied (CNA)
- Incitec Pivot (IPL)
- Foster’s Group Limited (FGL)
- Orica Limited (ORI)
- BlueScope (BSL)
- AXA Asia Pacific Holdings Limited (AXA)
- Woodside Petroleum Limited (WPL)
- Insurance Australia Group Limited (IAG)
- Stockland (SGP)
- Lihir Gold Limited (LGL)
- Qantas Airways Limited (QAN)
- Oxiana Limited (OXR)
- Sims Group Limited (SGM)
- AGL Energy Limited (AGK)
- OneSteel Limited (OST)
- Transurban Group (TCL)
- Oil Search Limited (OSH)
- Coca-Cola Amatil Limited (CCL)
- Crown (CWN)
- Alumina (AWC)
- ASX (Australian Securities Exchange)
- Macquarie Infrastructure Group (MIG)
- Telecom Corporation of New Zealand (TEL)
- Computershare Limited (CPU)
- Aneka Tambang (Persero) TBK (ATM)
- Tabcorp Holdings (TAH)