Greenyard - Partnership model working, new contract signed
Sales and EBITDA were in line with earlier guidance and our estimates. So is the outlook. Only interest expense came in higher than expected which we expect will lead to lower EPS estimates.Greenyard also announced a partnership with Dohle HIT in Germany, providing more comfort on the guidance and strategy.We reiterate our Buy rating, but to reflect the lower EPS estimates lower our 12m TP from EUR 10 to 9.50.More details in our Note issued this morningGreenyard 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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