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Are PZ Cussons a purchase after the recent decline? - PI Cussons Plc. ('OTCMKTS:PZCUF)
A few years ago I found PZ Cusson' s (OTCPK:PZCUY, OTC:PZCUF), a very small package. It is virtually unheard of outside the UK, although it has raised its dividends for at least 29 years in a row. 2. Currently, the enterprise is rated at 14 on the basis of the result for 2017.
It is also interesting because it is very small and a large part of its revenues are generated in developing countries. But it was not until 1948 that part of the present day operations began: a bar production plant was founded in Nigeria under the name of Paterson Zochonis Plc (named after the founder of Paterson and Zochonis).
It was quoted on the London Stock Exchange in 1953. Later in 1969, the firm founded a factory in Ghana. During the 1970s, it purchased Minerva, the oldest producer of cooking oils in Greece, whose portfolio comprises extra virgin oils, seed oils, butters, margarines and biologicals. The British firm Cussons was purchased in 1975.
The best-known trademark of cuscons is Imperial Leather, a trademark consisting mainly of perfume and soaps. In 1946 Cusson' s legal form was transformed into a stock corporation. During 2002 the name of the enterprise was changed to PZ of Cusson. At present, the enterprise is active in four categories/divisions: Personnal Care & Beauty (£431 million turnover in 2017) - This is the biggest and most profitable group.
The three best-known are Imperial Leather, Cusson's Baby and Luksja. Cusson' s baby is a baby lotion. She has a leadership in Indonesia and Africa. The most thrilling thing is not soaps, but consumers need them and buy them regularly. Homecare (127 million euros in sales) - These are mainly household cleaners, and the company's best-known brand names are Zip, Radiant and Morning Fresh, which are marketed in Asia, Africa and Europe.
Groceries and nutrition (156 million turnover) - Minerva, as described above, is one of the largest groceries in Greece (I have not found a foothold in the market). Electrics (88 million euros turnover) - This business unit produces washer-extractors and fridges in collaboration with Haier (OTCPK:HRELF). Briefly, this is mainly a soaps business and a little detergent, groceries and electricity.
Turnover in the industrialized and newly industrializing nations is uneven. The PZ Cussons is only represented in 11 different states: picture from the PZ Cussons Business Report: Nigeria is by far the largest individual region with GBP 270 million (34% of sales). Given the impact of Nigeria, I think it makes sense to present some facts about that state.
Most of the reader, I suppose, know very little about Nigeria. Corresponding to McKinsey, the working age population of Africa is increasing 2. 7% per year and GNP annual sales are projected to increase at 5%, much higher than in the advanced region. Over $400 billion in consumer spending is likely to increase by 2025!
By the end of 2018, Africa will have more towns with more than one million residents than the USA. In Nigeria alone, almost 190 million population. Nigeria, however, is growing by leaps and bounds, but still has the highest GNP in Africa. These are the figures for 1965: Of course, Nigeria is heavily reliant on hydrocarbons, as it is the largest African producing country.
It is a hard place to do businesses in Nigeria. The Heritage Foundation says Nigeria has increased its economic freedom over the last 20 years, but it is still an opaque nation, although it is moving in the right direction: This is slightly more than the African sub-Saharan African mean, but significantly less than in the industrialized countries.
Of course there is a high level of risks when doing businesses in Africa, but the opportunities and opportunities for economic development could be better than in the developing countries (in the long term). However, in general I have no clue how Nigeria will develop, as the policy risks are very high. Diversifying into Africa could, however, be good for your overall portfolios.
Some of the drop in turnover in recent years is due to exchange problems in Nigeria. In the industrialized countries, the rates of annual growth have been well above any other rates, ranging from 8% to 16% over the last ten years, with strong fluctuations from year to year. The PZ Cussons intends to increase its annual dividends.
This has one of the best success stories on the London Stock Exchange: the firm has been paying increasing profits for at least 29 years in a row. To date, the share price of the London Stock Exchange has been high. However long, this is still amazing considering that so much of the deal is being done in unpredictable Nigeria. With today's share price, the return on investment is 3.75%.
This will be distributed semi-annually with a smaller intermediate and a higher closing div. This is absolutely certain, but has slowly risen since 2008, although the rate of increase in dividends has slower. From now on, the dividends are secure, but I assume that our dividends will grow only slightly in the coming years.
PZ Cussons gave a earnings alert in March. Trade terms in the UK and Nigeria are weighing on our performances. Consequently, the share fell from GBP 2.75 to GBP 2.35 in March. The Group reaffirmed its concerns in both the UK and Nigeria on 14 June and said it expected full-year results to be at the lower end of the above forecast.
The PZC anticipates that Nigeria will be a problem all year round. In the United Kingdom, the difficulties are due to insecurity and higher rate of rate of inflation than wages. The same applies to Nigeria. Faced with this pressure, the business will rethink its business models to lower its overheads. In the last 20 years, PZ Cussons has surpassed the FTSE 100.
The financial basis of the enterprise is sound. I' m not investing in PZ Cussons at the actual cost for the following reasons: They are active in very volatile markets such as Nigeria and Indonesia. Not much has been growing lately. This worsens the distribution rate, albeit still on the secure side.
What makes the electric/refrigerator manufacturer? I' m not seeing much relevancy between electricity and soaps. The PZ Cussons has proved its endurance. There is no commercial relation between me and any of the companies whose shares are referred to in this clause.