Greenyard - Sales and EBITDA beating, interest spoiling
Sales and adj. EBITDA exceeded our expectations where the positive volumes trends confirm again that Greenyard's model is working wellHowever, interest expenses were strongly up, resulting in a miss on net profit. Based on this miss, we expect to lower our net profit estimatesWe maintain our BUY rating, but to reflect lower peer multiples and the higher interest costs, we move our TP from EUR 9.50 to EUR 8.0Greenyard 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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