Groupe Guillin - The landing of annual results will depend on the level of household consumption and the evolution of plastic prices
1% organic decline in POA in H1 despite lower consumption in France, slightly ahead of our expectationsVery strong improvement in margins, driven by lower raw materials and energy pricesH2 results obviously dependent on household consumption and oil prices, particularly with the resurgence of conflict in the Middle East. For the time being, no deterioration in these two indicators.Regulatory pressure to reduce the use of plastic packaging still at workAt an affordable valuation (0.9x P/AN 2023e), we are maintaining our opinion on ADD and raising our target price to €30/share (vs. €20 previously).Groupe Guillin. Groupe Guillin SA is a France-based company that specializes in the development, manufacture and marketing of plastic packaging products for use in various sectors of the food industry. It offers a range of products, including trays, plates, as well as sheets for thermoforming and various solutions for catering and meal distribution. Groupe Guillin SA comprises of seventeen subsidiaries including, Alphaform, which manufactures plastic plates, bowls, boxes and trays for use in the transportation and distribution; Dynaplast, producing rigid plastic sheets and plastic packaging for fruits and vegetables, Guillin Emballages, engaged in the design and manufacture of thermoformed plastic packaging, Socamel Technologies, focused on the institutional catering market, producing multi-service trolleys and plastic trays and Rescaset Concept, also active on the catering market and offering china trays, plates and dishes, among others.
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