Emmi AG : Quality assurance with a less demanding valuation
As the leading Swiss dairy company with a stronger presence in the Americas, Emmi is expected to deliver more profitable growth than in the past: 2025-2027e EPS up by an average of 6.5% per year vs 2.5% per year for 2020-2024. Steady cash generation should help to reduce debt while M&A continues. After the stock’s 18% drop over 12 months, the valuation is more affordable (average discount to historical average of 25%). We are initiating coverage on Outperform with a target price of CHF 930.Emmi AG Luzern is a Swiss milk processor. In Switzerland, Co. focuses on the development, production and marketing of a full range of dairy and fresh products as well as the production, ageing and trade of primarily Swiss cheeses. Outside Switzerland, Co. concentrates on brand concepts and specialities in European and North American markets. Co.'s customers are primarily the retail trade, the food service sector and the food industry.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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