Lotus Bakeries - From “growth” story to “hype”
• Biscoff (+20%) and Natural Foods (+25%) posted very high growth rates, also in H2 despite tough comps. Local Heroes also did well at +15%, mostly price/mix driven. This was better than the market and their own expectations. Margins remained at sound levels, largely thanks to pricing• We again raised our estimates and now bank on a sales CAGR of 9% until 2035 (from ~8%) and almost 10% EBITDA CAGR. For the near future, our numbers are close to consensus estimates and now look quite aggressive• Lotus trades at >50x P/E, >30x EV/EBITDA and 1% FCF yield for 2024E. ForLotus 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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