Greenyard FIRST LOOK - 9M24/25: increased competitive pressure in food industries
In 9M24/25 ending 31Dec2024, Greenyard's LfL sales increased 5.6% to € 3.95bn. This increase is driven by higher volumes (+3.4%), an increase in prices of 1.4% and a slight increase in service sales (+0.8%). As a result, the y/y increase is 3Q was 25% after 4.4% and 10.2% in 1Q and 2Q respectively.We lower our TP to € 6.6, in line with our updated DCF, as Greenyard sees increased competitive pressure in the food industries. Also they see the impact of the ongoing geopolitical and economic uncertainties making consumers more thoughtful in their spending.
We maintain our Accumulate rating as Greenyard remains convinced that the overriding trend of healthy and nutritious food will support their longer-term ambitions. We welcome Greenyard confirmed its ambitions of reaching € 5.4bn sales and between € 200m–210m Adj. EBITDA by March 2026.
Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
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