Kitwave Group (KITW)

Sector:

Personal Goods

Index:

FTSE AIM 50

371.00p
   
  • Change Today:
      15.00p
  • 52 Week High: 379.35
  • 52 Week Low: 244.00
  • Currency: UK Pounds
  • Shares Issued: 70.11m
  • Volume: 504,361
  • Market Cap: £260.11m

Canaccord Genuity raises target price on Kitwave

By Iain Gilbert

Date: Monday 12 Dec 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Canaccord Genuity raised their target price on food wholesaler Kitwave from 345.0p to 390.0p on Monday following the group's acquisition of WestCountry Food.
Canaccord Genuity said Kitwave's acquisition of specialist fresh produce wholesaler WestCountry Food for a total consideration of £29.0m in cash was "highly consistent" with the firm's "successful buy-and-build growth strategy" in what remains "a largely fragmented wholesale market".

The Canadian bank also noted that the addition of WestCountry to the group, Kitwave's twelfth acquisition since 2011 and second since its initial public offering in May 2021, would be immediately earnings enhancing, will enable it to expand its product range to include high-quality fresh produce, and will complement its existing foodservice offering in the South West.

"We have increased our FY23E and FY24E EPS forecasts by 13% and 15%, respectively, to account for the acquisition," said Canaccord.

"Management comments that the group continues to trade well and the outlook remains positive despite the ongoing external pressures. With the group due to report October 2022 prelims in late February 2023, there are clearly no changes to our FY22 forecasts. We have updated our FY23E and FY24E forecasts to reflect the impact of the acquisition as well as taking the opportunity to update the shape of our model to reflect higher run rate base revenues offset by higher operating costs and interest with no impact on base underlying PBT. We increase our FY23E group revenue forecast by 10% to £569.1m and adjusted EBITDA by 19% to £36.7m based on circa 11 months of ownership in the current year."









Reporting by Iain Gilbert at Sharecast.com

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Kitwave Group Market Data

Currency UK Pounds
Share Price 371.00p
Change Today 15.00p
% Change 4.21 %
52 Week High 379.35
52 Week Low 244.00
Volume 504,361
Shares Issued 70.11m
Market Cap £260.11m

Kitwave Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
66.4% below the market average66.4% below the market average66.4% below the market average66.4% below the market average66.4% below the market average
38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average38.46% below the sector average
Price Trend
94.17% above the market average94.17% above the market average94.17% above the market average94.17% above the market average94.17% above the market average
84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average84.62% above the sector average
Income
21.56% above the market average21.56% above the market average21.56% above the market average21.56% above the market average21.56% above the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Growth
77.60% above the market average77.60% above the market average77.60% above the market average77.60% above the market average77.60% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

Kitwave Group Dividends

  Latest Previous
  Final Interim
Ex-Div 04-Apr-24 13-Jul-23
Paid 26-Apr-24 04-Aug-23
Amount 7.45p 3.75p

Trades for 28-Mar-2024

Time Volume / Share Price
15:40 15,000 @ 373.00p
15:37 7,446 @ 369.25p
15:36 7,500 @ 368.72p
16:35 7,693 @ 371.00p
16:35 158 @ 371.00p

Kitwave Group Key Personnel

CFO David Brind
CEO Ben Maxted

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