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PRMW

Primo Water

$14.54

0.34 (2.39%)

09:16
01/14/19
01/14
09:16
01/14/19
09:16

Primo Water announces retroactive tariff exemption, refill agreement in Mexico

Primo Water announced earlier this year it accelerated the rollout of cashless payment technology to its outdoor reverse-osmosis refill machines, committing to installing 6,000 units by December 31, 2018. Primo exceeded this target by several hundred units and is now entering phase II of the rollout to the remaining locations, which is anticipated to be completed by June 30. This technology not only brings more payment options to consumers but also brings real-time telemetry alerting. The devices enable consumers to choose from a variety of EMV-certified or chip-card payment methods. The system capabilities will also provide Primo the ability to remotely monitor its outdoor refill machines and ensure the machines are in continuous operation. Also, the Office of the U.S. Trade Representative recently granted product exemption from the Section 301 import tariffs on certain products manufactured in China, including Primo's full-size water dispensers. The exemption is retroactive back to the implementation date in July 2018 and will remain in effect through December. The exemption will allow Primo to work with its retailers to reduce the future on-shelf pricing. Primo believes the lower sales price can drive consumer demand of its water dispensers and generate future water households. Lastly, Primo entered into an agreement with a Mexican partner creating the framework for establishing a business in Mexico to sell reverse-osmosis water through indoor and outdoor self-service refill drinking water machines. Primo has been working over the past 18 months to solidify the framework and best approach to bring refill to Mexico. Once the agreements are fully negotiated and implemented, Primo will provide the expertise in refill through the license of certain of its intellectual property and know-how for the Mexico refill business and the supply of self-service refill drinking water machines. Primo will have the option to acquire the Mexico refill business upon the attainment of either certain financial milestones by the Mexico refill business or after six years.

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    Jan

PRMW Primo Water
$14.54

0.34 (2.39%)

11/16/18
IMPC
11/16/18
INITIATION
Target $18
IMPC
Outperform
Primo Water initiated with an Outperform at Imperial Capital
Imperial Capital analyst George Kelly started Primo Water with an Outperform rating and $18 price target. With a nationwide network and a "transformative" refinancing now in place, Promo can "dramatically improve its unit economics over time," Kelly tells investors in a research note. He believes the company's management team and board "appear well suited for the challenge."
11/16/18
BMOC
11/16/18
UPGRADE
BMOC
Outperform
Primo Water upgraded to Outperform from Market Perform at BMO Capital
11/16/18
BMOC
11/16/18
UPGRADE
Target $17
BMOC
Outperform
Primo Water upgraded to Outperform at BMO Capital on valuation
As reported earlier, BMO Capital analyst Amit Sharma upgraded Primo Water to Outperform from Market Perform and raised his price target to $17 from $15. The analyst says the recent 20% decline in the stock price was driven by "self-inflicted" and "completely reversible" operational missteps which created an "attractive" entry point for the shares. Sharma anticipates sequential operational improvements to come in Q4 as the "double-digit price increases" get fully rolled out and volume losses from machine downtime are moderated, raising his FY18 EPS view to 36c from 33c and FY19 view to 54c from 46c.
12/10/18
BRRR
12/10/18
NO CHANGE
Target $20
BRRR
Outperform
Primo Water weakness an 'historic buying opportunity,' says Barrington
Primo Water is "probably our best idea" at current valuation levels, Barrington analyst Michael Petusky tells investors in a research note. After traveling with management, the analyst calls Primo's "highly favorable." The company reaffirmed that it will have technology fully in place on all its 17,000 outdoor refill machines by the end of Q2 in 2019, which will allow Primo to respond quickly to any mechanical issues and limit machine downtime, Petusky writes. He views the current weakness in the shares "as an historic buying opportunity" and keeps an Outperform rating on the name with a $20 price target.

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