Sligro Food Group - Logical path to 7.5% but market & track record...
• At its CMD, SFG presented a clear path to how it is going to achieve its 7.5% EBITDA margin target in 2025. Cost savings, market share gains and terminating tobacco sales were all included. • Realizing the target would mean some 15-20% upside to our current 2025 EBITDA estimate. However, market conditions and track record keep us below this target while we remain cautious on the SAP implementation. • We maintain our Hold, moving our TP back to EUR 18 (was under review).Sligro Food Group NV is a company engaged in the food distribution industry, based in the Netherlands. It divides its business into two segments: Food Retail activities comprise around 130 full-service EMTE supermarkets with 30 operated by independent retailers; Food Service offers nationwide network of cash and carry and delivery service outlets serving large and small-scale hospitality, establishments, leisure facilities, volume users, company and other caterers, forecourt retailers, small and medium-sized enterprises, smaller retail businesses and the institutional market. The Company serves the institutional market trading under the name Van Hoeckel and the other segments of the market as Sligro. The Company's subsidiaries include CaterTechBV and Bejaco NV, including its subsidiaries JAVA BVBA and Freshtrans BVBA, jointly known as JAVA Foodservice.
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