Lotus Bakeries - Blow out results driven by 10% volume growth
• H2 sales beat expectations by >9% as volume slowdown did not materialize driven by all segments with mainly Natural Foods and Local Heroes beating• Driven by stronger topline and costs under control, operating margins showed a beat as well and it resulted in a leverage of only 0.6x despite firm investments• Following this beat, our estimates need an update, and we will put our TP under reviewLotus 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.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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