Lotus Bakeries - 20% sales growth driving beat in results
H1-23 sales growth of 20% clearly exceeded our expectations while we are impressed by the 8% volume growth, which illustrates the well-executed pricing strategy and strength of the brands.Based on today's numbers we expect to raise our FY2023 REBITDA estimate by some 4%.Given the valuation we maintain our Reduce rating, but will review our TP.Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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