Robert Wiseman Dairies
HOLDShares in milk producer Robert Wiseman Dairies (RWD) have shot up 14.3% to 239p in the past two days on the back of much good news. RWD has been the beneficiary of supplier reviews by supermarket giants Sainsbury's and Tesco at the expense of competitors Dairy Crest and Arla Foods. Sainsbury's has cut Arla out and will use only Dairy Crest and RWD, whose share of the supermarket's fresh milk requirement will leap from 20% to 50%. Following this announcement, Tesco caused some surprise by stating it will no longer use Dairy Crest, choosing Arla and RWD, increasing RWD's requirement from 40% to 60%. All new business will take effect in early 2005. The reshuffles go some way to make up for the decision by ASDA in May to use only Arla as its milk provider, dropping both Dairy Crest and RWD. This loss will cost RWD £70m in annualised sales. For the year to April, RWD reported a 21.4% increased turnover to £475m, with pre-tax profits rising 26.8% to £28.9m. Analysts expect this to increase to £30.1m in 2005. The EPS of 25.41, makes its prospective p/e of 9.3 slightly below the sector average of 9.78. Hold.
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Market cap: £188.41m
PE Forecast: 9.3
Share price: 239p
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