Sipef - Eruption could impact 2024 profits by ~20%
*Eruption of Mount Ulawun only has a limited impact on 2023 profits, resulting in its guidance left unchanged *For 2024, though, the impact could be larger, up to USD 15m or some 20% of our net profit estimate. Long term value creation is not impacted *Short term negative impact does not affect its long term potential – BUY and EUR 74.0 TP reiterated, using UDS 11k per hectareSipef is a holding company. Through its subsidiaries and associated companies, Co. is primarily engaged in the development and production of sundry commodities, including palm oil, palm kernels, tea, tropical fruits and flowers, bananas, pineapples, ornamental plants, guava, pepper and natural rubber. Palm oil, which is Co.'s most important commodity, is used within the cosmetics industry, in soaps and detergents, as a supplement to cattle and poultry feed, for production of protein, and for several other purposes. In addition, Co. provides management, marketing and consultancy services in the agro-industry.
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