Uma ubheka inkambiso yemboni yamabhokisi ngo-2023 kusukela ekuthuthukisweni kweziqhwaga zokupakisha zikathayela zaseYurophu
Kulo nyaka, iziqhwaga ezipakisha amabhokisi e-Europe zigcine inzuzo ephezulu ngaphansi kwesimo esiwohlokayo, kodwa ukuwina kwazo kungathatha isikhathi esingakanani? Ngokuvamile, i-2022 izoba unyaka onzima kuma-giants wokupakisha amabhokisi. Ngokukhuphuka kwezindleko zamandla nezindleko zabasebenzi, izinkampani eziphezulu zaseYurophu, kuhlanganise ne-Smurf Cappa Group kanye ne-Desma Group, nazo zisebenza kanzima ukubhekana nenkinga yamanani ephepha.Ibhokisi lephepha
Ngokusho kwabahlaziyi bakaJeffries, kusukela ngo-2020, njengengxenye ebalulekile yokukhiqizwa kwamaphepha okupakisha, intengo yamakhadibhodi asetshenziswe kabusha eYurophu cishe iphindwe kabili. Ukwengeza, izindleko zebhokisi lebhokisi lendabuko elenziwe ngokuqondile ngamalogi esikhundleni samabhokisi agaywe kabusha alandela umgudu wokuthuthukiswa ofanayo. Ngaso leso sikhathi, abathengi abaqaphela izindleko banciphisa ukusetshenziswa kwabo kwe-inthanethi, okubuye kunciphise isidingo samabhokisi. Isikhwama sephepha
Iminyaka ekhazimulayo elethwa yi-COVID-19, njengama-oda asebenza ngokugcwele, ukunikezwa kwamabhokisi okuqinile, kanye nezintengo zesitoko ezikhuphukayo zama-giants okupaka, zonke seziphelile. Nokho, noma kunjalo, ukusebenza kwalezi zinkampani kungcono kunangaphambili. I-Smurfit Cappa isanda kubika ukuthi i-EBITDA yayo inyuke ngo-43% kusukela ekupheleni kukaJanuwari kuya kuSepthemba, kanti imali engenayo yokusebenza nayo inyuke ngengxenye yesithathu. Lokhu kusho ukuthi nakuba kusenekota yesikhathi ngaphambi kokuphela kuka-2022, imali engenayo kanye nenzuzo yemali ngo-2022 idlule izinga ngaphambi kobhubhane lwe-COVID-19.
Ngaleso sikhathi, iDesma, isiqhwaga esiphambili sokupakishwa kukathayela e-UK, sinyuse isibikezelo saso sonyaka kusukela ngo-Ephreli 30, 2023, sithi inzuzo yokusebenza elungisiwe engxenyeni yokuqala yonyaka kufanele okungenani ibe ngamaphawundi ayizigidi ezingama-400, uma kuqhathaniswa nezigidi ezingama-351. amakhilogremu ngo-2019. I-Mengdi, enye i-giant yokupakisha, ikhulise umkhawulo wayo wenzuzo eyisisekelo ngamaphesenti angu-3 futhi iphinda kabili inzuzo yayo engxenyeni yokuqala yalo nyaka, nakuba isenayo ibhizinisi laseRussia esimweni esinzima kakhulu ngenxa yezinkinga ezingaxazululiwe.Ibhokisi lesigqoko
Imininingwane yokubuyekezwa kokwenziwayo kuka-Desma ngo-Okthoba ibimbalwa, kodwa iveze ukuthi “inzuzo yamabhokisi kathayela afanayo iphansi kancane”. Ngokufanayo, ukukhula okuqinile kwe-Smurf Cappa akuwona umphumela wokuthengisa amabhokisi amaningi - ukuthengiswa kwamabhokisi kathayela kwahlala kuphansi ezinyangeni eziyisishiyagalolunye zokuqala zika-2022, kwaze kwehle ngo-3% kwikota yesithathu. Kunalokho, lezi zikhondlakhondla zandisa inzuzo yazo ngokukhuphula intengo yemikhiqizo yazo.Ibhokisi le-baseball cap
Ngaphezu kwalokho, inzuzo ibonakala ithuthukile. Ocingweni lombiko wezezimali kule nyanga, uTony Smurf, oyisikhulu esiphezulu seSmurf Cappa, uthe: “Umthamo wokuhwebelana ngekota yesine ufana kakhulu nalokhu esikubone ngekota yesithathu. Ngokuvamile silindele ukululama ngoKhisimusi. Yebo, ngicabanga ukuthi ezinye izimakethe ezinjengeBrithani neJalimane zenze kahle kakhulu ezinyangeni ezimbili noma ezintathu ezedlule.” Ibhokisi lesikhafu
Lokhu kuholela embuzweni othi: Kuzokwenzekani embonini yamabhokisi kathayela ngo-2023? Uma imakethe kanye nesidingo sabathengi sokupakishwa kukathayela siqala ukuzinza, ingabe abakhiqizi bokufaka uthayela bangaqhubeka nokwenyusa amanani ukuze bathole inzuzo ephezulu? Uma kubhekwa isizinda esinzima esikhulu kanye nokuthunyelwa kwebhokisi elibuthakathaka okubikwe e-United States, abahlaziyi bajabule ngokubuyekezwa kwe-Smurf Cappa. Ngesikhathi esifanayo, u-Smurfikapa ugcizelele ukuthi "ukuqhathanisa phakathi kweqembu kanye nonyaka odlule kunamandla kakhulu, futhi sihlala sikholelwa ukuthi leli yizinga elingenakulinganiswa". Ibhokisi lesipho sikaKhisimusi
Nokho, abatshalizimali bayangabaza kakhulu. Intengo yezabelo ze-Smurf Cappa ibingaphansi ngo-25% kunenani eliphakeme lalolu bhubhane, kanti intengo yezabelo ze-Desma yehle ngo-31%. Ubani oqinisile? Impumelelo ayincikile kuphela ekuthengisweni kwekhathoni namakhadibhodi. Abahlaziyi bakaJeffries babikezele ukuthi ngenxa yesidingo esikhulu esibuthakathaka, intengo yamakhadibhodi agaywe kabusha izokwehla, kodwa baphinde bagcizelela ukuthi izindleko zephepha elilahlwayo namandla nazo ziyehla, ngoba kusho nokuthi izindleko zokukhiqiza ukupakisha ziyehla.
“Ngokubona kwethu, okuvame ukunganakwa ukuthi izindleko eziphansi zingase zibe nomthelela omkhulu emalini etholwayo. Okokugcina, kubakhiqizi bamabhokisi kathayela, izinzuzo zokunciphisa izindleko zizovela ngaphambi kwanoma iyiphi intengo yebhokisi eliphansi elingaba khona, elibonakala kakhulu ngenqubo yokwehla (izinyanga ezi-3-6). Ngokuvamile, ukuvunguza kwezinzuzo ezivela emananini aphansi kuncishiswa ngokwengxenye yizindleko zenzuzo.” Jeffries abahlaziyi bathi. Ibhokisi lezingubo
Ngesikhathi esifanayo, inkinga yokufuna ngokwayo ayiqondile ngokuphelele. Nakuba i-e-commerce kanye nokwehla komnotho kuye kwabeka engcupheni ethile ekusebenzeni kwezinkampani zokupakisha zikathayela, isabelo esikhulu kunazo zonke sokuthengiswa kwalawa maqembu kuvame ukuba kwamanye amabhizinisi. E-Desma, cishe u-80% wemali engenayo ivela ezimpahleni zabathengi ezihamba ngokushesha (FMCG), okuyimikhiqizo ethengiswa kakhulu ezitolo ezinkulu. Cishe u-70% wamabhokisi e-Smurf Cappa ahlinzekwa kumakhasimende e-FMCG. Ngokuthuthuka kwemakethe yetheminali, lokhu kufanele kubonakale kuvumelana nezimo. U-Desma ukubonile ukukhula okuhle kokushintshwa kwepulasitiki neminye imikhakha.
Ngakho-ke, naphezu kokuguquguquka kwesidingo, mancane amathuba okuba kwehle ngaphansi kwephuzu elithile - ikakhulukazi uma kucatshangelwa ukubuya kwamakhasimende ezimboni ahlaselwe kanzima ubhubhane lwe-COVID-19. Lokhu kusekelwa ukusebenza kwakamuva kwe-MacFarlane (MACF), eveze ukuthi ukutholwa kwamakhasimende ezimbonini zezindiza, ezobunjiniyela namahhotela kunciphisa umthelela wokwehla kokuthengwa kwe-inthanethi, futhi imali yenkampani inyuke ngo-14% ekuqaleni. izinyanga eziyisithupha zika-2022. ibhokisi lokulethwa kokudla kwesilwane
Amapaki enziwe ngothayela aphinde asebenzise lolu bhubhane ukuze athuthukise amaphepha awo ebhalansi. U-Tony Smoffey, oyi-CEO ye-Smoffey Kappa, ugcizelele ukuthi isakhiwo senhloko-dolobha yenkampani yakhe “sisesimweni esingcono kakhulu emlandweni wethu”, futhi inzuzo ephindwe kabili yesikweletu/ngaphambi kokuncishiswa kwezindleko yayingaphansi kwezikhathi ezi-1.4. U-Miles Roberts, oyi-CEO ye-Desma, uvumelane nalokhu ngo-September, ethi isilinganiso senzuzo yesikweletu/ngaphambi kokuncishiswa kwe-amortization yeqembu sehle saba izikhathi ezingu-1.6, “okungesinye sezilinganiso eziphansi kakhulu eminyakeni eminingi”.ibhokisi lokuthumela
Konke lokhu ngokuhlangene kusho ukuthi abanye abahlaziyi bakholelwa ukuthi imakethe isabela ngokweqile, ikakhulukazi endabeni yabapakishi benkomba ye-FTSE 100, amanani abo ehle afinyelela ku-20% kusukela enzuzweni evamile elindelekile yangaphambi kokuncishiswa kwenani. Ukulinganisa kwabo kuyakhanga ngokuqinisekile. Isilinganiso sangaphambili se-P/E se-Desma singu-8.7 kuphela, kuyilapho isilinganiso seminyaka emihlanu singu-11.1, kuyilapho isilinganiso se-P/E sangaphambili se-Smurfikapa singu-10.4, kanti isilinganiso seminyaka emihlanu singu-12.3. Ngokwezinga elikhulu, kuya ngokuthi inkampani ingabaqinisekisa yini abatshalizimali ukuthi bangaqhubeka nokusebenza okumangazayo ngo-2023.ibhokisi lokuthumela lemeyili
Isikhathi sokuthumela: Dec-27-2022
