Sipef - Profit guidance 2024 above our expectations
• The FY23 net profit was a few million ahead, while the guidance for 2024 of ‘a slightly lower net result' clearly exceeds our estimates. • The impact of volcano eruption in PNG is compensated by volume growth in Indonesia. We will increase our FY24/25 net profit by up to USD 10m.• We stick to our view that SIPEF's valuation is too low (EV/hectare <8K) , given the favorable mid-term outlook for palm oil and lack of new hectares available. Buy reiterated with TP of EUR 74, based on EV/hectare of c. USD 11K.Sipef 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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