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Yowie Group

Termination of coverage

Termination | Consumer Support Services | 18 Apr 2018

Edison Investment Research is terminating coverage on Yowie Group (YOW). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Yowie Group

Regrouping and reprioritising, or a new path?

Update | Consumer Support Services | 29 Mar 2018

Following a period of excessive volatility in results from Yowie, there has been a change in management, with the resignations of the CEO and two founding board members. Global COO, Mark Schuessler, was promoted to CEO. Additionally, the company now expects flat revenues in FY18 after initially cutting its FY18 revenue growth rate to 17% from previous guidance of 55-70%. We see the second half of FY18 as a transition period, which should create the conditions for a renewed growth path in FY19 at a lower level than before.

Yowie Group

An inflection point after a year of challenges?

ADR Update | Consumer Support Services | 22 Sep 2017

After a year of internal and external challenges, we believe Yowie has built a strong and reliable operational base and business plan that will support continued sales growth and a move to profitability by the end of fiscal 2018. With US$1.25/ADR in cash, no debt and modest working investment needs, we see Yowie shares as compelling value for long-term growth investors.

Yowie Group

Growing pains, but manageable

ADR Update | Consumer Support Services | 17 May 2017

After experiencing a drop in sequential sales for the December quarter, Yowie returned to sequential sales growth in the March quarter. However, the company is taking a more modest approach to sales guidance to ensure it can fulfill customer (and investor) expectations. We are maintaining our revenue forecasts, but cutting our profitability estimates for FY17-19 due to higher than expected stock compensation costs in H117. Separately, on 27 February, Wayne Loxton tendered his resignation as executive chairman. With a strong senior team now in place, Loxton had hinted that he would eventually step back from an executive role, however we believed he would wait until FY18 once the publishing and other brand extension businesses had been launched.

Yowie Group

Steady course through choppy waters

ADR Update | Consumer Support Services | 24 Jan 2017

Success for a start-up is rarely a straight line. Production implementation difficulties affected Yowie’s ability to fulfil orders in its December quarter. However, management is sticking to its long-range plans to build on its success in the US by pushing to expand the brand to two to three markets outside the US in FY17. While the expansion timetable is in our view more aggressive than that of similar start-up companies, we believe the investment spending and expansion tactics are quite conservative. Our model now includes our estimates for sales outside the US (OUS); however, it includes more modest revenue and profitability expectations for FY17-19, but we maintain our confidence in the company’s long-term growth and profitability prospects.

Yowie Group

Roll-out accomplished - moving to the next phase

ADR Outlook | Consumer Support Services | 12 Dec 2016

Yowie is making sound progress against its near-term strategy. At initiation a year ago, the company was very much a start-up story despite its historical success in the 1990s. To this point, management has demonstrated its ability to deliver on its short-term retail goals while anticipating and investing in future opportunities for growth through both in-licensing brands to expand sales, and early plans to leverage the Yowie brand into publishing, entertainment and other products.

Yowie Group

Exceeding expectations

ADR Update | Consumer Support Services | 04 May 2016

An investor day at Yowie's new manufacturing facility on 25 April revealed a smooth relocation and the successful production of its first in-licensed product o Angry Bird character Yowies o to coincide with the upcoming Angry Birds movie in mid-May. Retail revenues rose another 29% on a sequential basis in the March quarter, to an estimated US$8m as the company filled reorders from existing customers and new customers including Walgreens. Volumes appear in line with our estimates so we are maintaining our top-line expectations for now. We will revisit our forecasts after the FY16 results in September when more information is available on the reduction of patent royalty fees resulting from the new contract manufacturer, as well as any additional cost savings.

Yowie Group

Growing expectations

ADR Update | Consumer Support Services | 26 Feb 2016

Yowie Group's retail revenues rose 29% on a sequential basis in the December quarter to an estimated US$6.2m as the company completed its roll-out to 4,300 Walmart stores in the US. December quarter numbers include both retail and stock-building sales, so we are maintaining our top-line expectations for now. However, based on the company's recent move to a new contract manufacturer and the resulting discontinuation of patent royalty fees, we believe there may be upside to our estimates.

Yowie Group

Walmart rollout leads to record sales

ADR Update | Consumer Support Services | 06 Nov 2015

Yowie Group's retail revenues doubled on a sequential basis in the September quarter to an estimated US$4.8m as the company expands its rollout from 1,500 to 4,300 Walmart stores in the US. With the Walmart rollout nearly complete, inventory-related working capital needs are declining, improving operating cash flow trends. Based on these early results, we believe there may be upside to our fiscal 2016 base case outlook. However, we are maintaining our estimates for now as the September quarter numbers reflect both retail and stock-building sales.

Yowie Group

Confectionery with a conscience

ADR Initiation | Consumer Support Services | 21 Sep 2015

Yowie Group has a clear brand vision rooted in the natural world and an exciting near-term strategy, based on legally protected US barriers to entry. We forecast rapid sales growth as the company executes on the opportunity led by its product rollout to over 4,300 Walmart stores in the US. Although that growth is being recognized in the share price, upside remains, and we suggest neither international expansion nor significant wider product and licensing activities are yet reflected by the market.