BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Chiquita Brands International

CQB NYSE
Price Range : $9.24-$14
Shares Outstanding : $45 Million
Market Value: $640 Million
August 20, 2014

Chiquita Brands Internationl, Inc. , together with its subsidiaries, markets and distributes bananas and pineapples, packaged salads, and other fresh produce primarily in the U.S., Central America ,Europe and the Middle East. Its Banana segment purchases , produces, transports, markets and distributes bananas under the Chiquita brand to grocery retailers, ripeners, and wholesalers. The company’s Salads and Healthy Snacks segment offers packaged and ready-to –eat salads under the FreshExpress and private labels, fresh vegetable and fruit ingredients used in Food service; healthy snacks under the Chiquita brand name and banana Puree and other processed fruit ingredients to food manufacturers and quick Service restaurants. This segment also sells fresh-cut produce. The company Also licenses its Chiquita brand to third parties.

Key Statistics

Valuation Measures

Market Cap

640.13M 

Enterprise Value (August 17,2014)

1.22B

Price/Sales (ttm)

.21

Price/Book (mrq)

1.68

Financial Highlights

 

EBITDA(ttm)

87.40M

Total Cash Per Share(mrq)

1.16

Total Debt (mrq)

637.10M

Stock Price History

 

52 week High (Aug.15,2014)

13.77

52 week Low(Nov.12,2013)

11.03

   

CUTRALE GROUP AND SAFRA GROUP PROPOSE TO ACQUIRE CHIQUITTA FOR $13 PER SHARE

All-Cash Proposal Represents 29% Premium to Previous Day’s Closing Price Confident in Completion on Substantially Same Timeframe as Proposed Chiquita-Fyffes Combination

Chiquita Urged to Enter Negotiation of Definitive Transaction Agreement

The Cutrale Group, one of the most highly regarded agribusiness and juice companies in the world and the Safra Group with its strong track record of successful investments in major global industries, today proposed to acquire 100% of the outstanding stock of Chiquita Brands Inc. at a price of $13.00 on August 11,2014.

This proposal represented a 29% premium to market valuation of proposed transaction with Fyffes based on Chiquita’s closing share price of $10.06 as of August 8,2014.

The Latest Desire of “ Orange King” Cutrale: Bananas

Chiquita last week rejected a Cultrale-Safra bid.Jose Luis Cutrale, the head of the family owned orange juice giant , one of Brazil’s wealthiest men who with his family owns a juicing operation in Portugal, is one of the buggest players in Florida, but the core of his business is till in Brazil which accounts for 80% of global orange juice exports. Cutrale posted exports of $1.7Billion from Brazil last year and is No.2 producer behind Brazil based Citrusco and ahead of French trading conglomerate Louis Dreyfus Commodities.

Cutrale and Safra said in a statement after its offer was rejected “ the Board’s decision is a continuation of its track record of shareholder value destruction: and “ they are extremely disappointed with the decision”.

Cutrale and Safra were looking to thwart the plain of Chiquita merger with Ireland’s Fyffes. , a transaction which would create the world’s largest banana seller. The companies offered to pay $13 in cash a share , a 29% premium to Chiquita’s Friday closing.

The orange-juice market is mature and been in decline , which is why Cutrale want to diversify said Marcos Fava Neves, a strategy professor at Sao Paolo school of economics. He further stated that Cutrale is only known as a wholesaler while the Chiquita brand is well known to consumers.

Banana Market Review 2012-2013

Exports

In 2012 , the volume of global gross banana exports reached a high of 16.5 Million tonnes, 1.1 Million tonnes above the 2011 level. This increase is primarily explained by growth of exports from Latin America and the Caribbean.

In 2012 exports shifted from those originating in South America toward greater exports from Central America and Mexico while exports from South America declined by 6.4 % from 2011.

In the Caribbean exports, dominated by the Dominican Republic, which apart from Belize is the only country among the Caribbean ACP countries where bananas continue to be a major export despite the preference erosion in the in the European Union market for organic and fair trade bananas.

Exports from Asia showed a remarkable recovery. With the remarkable growth rates in both 2011 and 2012 , the Phillipines reached the peak of its export performance in 2012 at 2.6 tonnes, corresponding to 93.9 percent of all exports from Asia.

Africa’s exports which accounted for 3.9 percent of global banana shipments, grew by 2.4 percent in 2012 as exports reached 649,000 tonnes.

BANKERS CONSOLIDATE THE WORLD’S FOOD INDUSTRY

The combination of Brazilian companies , the Cutrale Group and Safra Group, one of the world’s most famous banking group, offered $13 a share for the world’s largest banana company, Chiquita, 29% higher than the price bought 10 days ago. Cutrale, which probably wanted to use Chiquita as a way to diversify in the world’s food industry, has not increased its offer yet but it is expected that creating the world’s largest banana supplier and the price may go to $14 to $17.

While a lot has been written about the combination of the world’s most noted orange juice and fruit company with Chiquita, it has not been mentioned that the banking power of the Safra Group is now behind the Cutrale’s idea of formulating a giant international food company.

Bank J Safra is an London-based financial power. For several decades it has retained its financial power of some $200 billion. It’s an investment management firm. Since its reputation as a market leader in global investing, Sarasen& Partners provide an unusual combination of successful investment performance and high services transactions. The firm’s objective is to be one of the best investment manager for its institution charities and private clients and build upon its reputation among professional intermediary distinction and active manager. Bank J.Safra (Gibraltar) Ltd. London Branch operates under a full banking license. Its branch in London offers U.K. residents and international clients based in London an access to the world’s most important financial centers. From inception, Bank J.Safra Sarasin has maintained its growth strategy and strong capitalization.

Sarasen & Partners is a market leader in global thematic investing and award winning reporting to clients, It aims to provide an unusual combination of successful investment performance and high services standards.

Bank J. Safra Sarasin ( Gibraltar) Ltd, London Branch, 47 Berkley Square, London W1J5AU

Sarasan& Partners LLP, Juxon House, 100 St. Paul’s Churchayard, London EC4M8BU

The transaction which is put together by the Cutrale Group and the Safra Group is perhaps the forefront of the growth and future of the world’s agriculture industry.

The basic concept which perhaps should be emphasized more than anything else is as follows. There are 8 billion people in the world and its growing transportation and consolidation power, the food industry is getting bigger and more complicated than ever before.

As an example, Cutrale Group is emphasizing its growth in the agribusiness and juice companies, and is one of the world’s leading orange juice processor for frozen concentrated orange juice and fresh juices. It accounts for one-third of a $5 billion world market. The Cutrale Group global business operations include oranges, apples, peaches, lemons and soy beans. In its operation and distribution and logistics, it is a worldwide entity. Chiquita is also, of course, in the food business. It is the largest banana company in the world. In many respects, services and distribution together, they amount to a much greater and more solid food company. It’s revenue is $3Billion Each of these operations are cash producers and international distribution entities..

A success of Cutrale-Chiquita has two significant points.

First, it supplies together on its products a larger percentage of the world’s food industry and what is becoming clear, it is being backed by a banking group which can finance consolidation, distribution and new production.

The concentration of food production and distribution has recently broken into the limelight when Russia refused to accept various food products of Eastern Europe. The power of concentrated production and marketing became a political issue and broke into the world’s front pages.

The Chiquita acquisition is made important in another respect. It is coordinated and engineered by the Safra Group. . Throughout this market, Safra has deep, long-term relationships with major market participants, enable its great and value for companies which may service.

Agribusiness is tending to be like the world’s mining industry. Copper, for instance, is the lifeblood of Chile. Rio Tinto is a lifeblood of Australia and part of Africa.

The Cutrale and Safra Groups complement one another is this proposed endeavor, providing Chiquita a backdrop of world-class , established industry expertise and significant financial resources. The Safra Group , with $200Billion in assets and stockholder equity of $15.3 Billion , operates banks and invests in other business in worldwide markets and has deep relationships with major market participants thus, enabling its clients to greatly enhance the value and competitive position of their investments.

Joseph Safra is a Brazilian who runs the Brazilian banking and investment empire. He is ranked at 46 with a net wealth of $15.9 Billion. His brother Edmund founded the Republic National Bank of New York which was later sold to HSBC. Joseph Safra founded the Banco Safra in 1955 which is now the 6th largest bank in Brazil.


The trend if similar in the agribusiness like the potential Cutrale-Chiquita, which together may amount to $2.5 billion in revenue, could be more powerful in the world. With the Safra Group finances and enormous marketing power, it could become a $10 billion agribusiness with presence in almost every country in the world and pricing power even more important.

The subject matter on hand, Chiquita itself as an acquisition target, is already a giant in the world. However, with the Safra Group’s money and Cutrale’s marketing, it could become a $10 billion power, which can have a meaningful political entity and political power in the world. Banana is basically not equal opportunity employer. Banana is volatile and its pricing has great effect on its revenue and income. A couple of good years for Chiquita would give great financial power to the rest of the Cutrale Group after meaning the acquisition and therefore expansion in orange juice and other products can also be expected.

The Cutrale Group is one of the world’s most highly regarded agribusiness and juice companies. Combine it with the publicly-owned Chiquita. The Sufra Group is a global financial service firm. It is in banking real estate agribusiness. Together, it is believed that the proposed transaction is significant to enhance all products business prospect.

The Cutrale Group’s global business operation includes oranges, apples, peaches. The platform offers Chiquita extensive experience in all aspects of fruit and produce value chain. After the acquisition Chiquita will benefit from the vast experience and knowledge of farming, processing, technology, sourcing, distribution, shipping and marketing of the Cutrale Group. Accordingly, the distribution and marketing of Cutrale Group would give financial and operating power to Chiquita which in turn can increase the cash flow of the combined company. It is important to point out that the Safra Group and Cutrale does not require any financing for the transaction. At the same time, people who are familiar with the banana industry, will know that time and time again the cash flow of Chiquita can be substantially higher than the average, and this cash flow can be advantageously utilized in the combined operation.

It is estimated that the combined revenue of Cutrale and Chiquita is about $5.5 billion. However, the cash flow of the combined companies if it’s properly used enables a gradual increase of revenue to first $5 billion and eventually to $10 billion.

It is therefore easily can be stated that we are creating a world renowned agri company which is basically an agri power or agribusiness and its expansion in various countries and volume is creating a company almost unheard of in size in the agribusiness. Cutrale is not very well publicized but unique company. The 68-year-old head of the family-owned orange juice giant is believed to be one of the world’s wealthiest man, but find many of the billionaires. Also, they are rarely photographed. The orange juice business is one of the largest in Brazil. The family owns a juicing operation in Portugal and is one of the biggest players in Florida. A core of the business is still at home. Cutrale is one of the three companies operating in Brazil that account for about 80% of the global orange juice exports. Cutrale exports $1.7 billion from Brazil in 2013 and according to official data, industry experts estimate that Cutrale is the country’s number one producer behind Brazil-based Citroso and ahead of French trading conglomerate Louis Dreyfus commodities. Cutrale stepped out of the comfort zone with Monday’s to put off its deal. Cutrale learned of this investment group Sufra is controlled by Joseph Safra. Brazil’s second wealthiest man according to Forbes. Cutrale is a cash flow rich company with great power in Southern Europe and South America. Cutrale and Sufra were looking at the existing plans by Chiquita that would create the world’s largest banana seller. The companies offered $650 million in cash for Chiquita.

Citrus growers in Florida and Brazil are grappling with citrus growth. .The orange juice market is mature and has been in decline which is why Citrale wants to diversify. Right now Cutrale is only a wholesaler and not a retailer. A number of Brazilian orange juice producers have tried to grow internationally by snapping up well-known foreign brands. Brazil now owns Burger King, Heinz and Swift in Brazil. Bananas might be new to Cutrale, but the country’s critics say bold tactics aren’t.

Diverse food products are likely to create a more balanced revenue and cash flow and further acquisition of various food items in South America.

The merger is unlikely to bring any financial pressure on the two companies and in fact, bring about an increase in liquidity.

What is not in the front pages is the trend that a major merger like Cutrale and Chiquita would bring about. It is trending to create out of the international food industry something similar that happened to mining in the last 20 years.

It has, however, an important emphasis that streamlined growing coordinated agribusiness will have great power in not only the agribusiness but in politics. It is likely to bring even more power to Brazil in South America and the cash requirement of Europe would be more under pressure than before.

Furthermore, we have to bring in the role of Africa. Africa is producing almost all food items, but its companies don’t have the financial power for major expansion.

It has already been pointed out that investments in Africa are growing; $60 billion is invested by the United States; $100 billion the rest of Europe and $200 billion by China. It is likely that these enormous sums will increase the importance of corporate production including the agribusiness and combination with existing companies like the potential Cutrale-Chiquita will enter Africa through the acquisition route.

Food has become an important diet.

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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