Greenyard - Sales exceeding estimates
Q1-23/24 increased by 10% exceeding our estimates by 3% points. Volumes in Fresh exceeded, Long Fresh came in below but will be recouped in coming quartersWe expect to raise our sales estimates as prices will remain high. However, we do not expect material changes to our EBITDA estimate.We maintain our Buy rating with EUR 9.50 TP.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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