Greenyard - Results beat, driven by Long Fresh
• FY results show adj. EBITDA beating expectations thanks to Long Fresh• Whereas Fresh somewhat disappoints, partly explained by start-up costs of a new client, integrated clients are almost at 80% of total sales, boding well for future growth and less margin volatility• Leverage drops to 1.9x and dividend is raised to EUR 0.25 or a 90% payout• Greenyard reported record numbers with still quite some improvement on its way. We stick to our BUY rating and EUR 8.0 TPGreenyard 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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