(Sponsored) Sligro Food Group - Ready for the market recovery, Buy
Upgrade to Buy, TP raised to by 18% to EUR 16.5We upgrade our rating to Buy from Hold for the following reasons:Difficult years behind. Sligro Food Group has faced four difficult years after the Covid-19 pandemic and energy crisis causing high inflation, low consumer confidence and pressure on consumer spending. On top came the labour scarcity depressing the capacity in the restaurant market. This resulted in negative volume growth. Last but not least, a failed SAP implementation and other issues caused a serious setback in the Belgian operations and did hit credibility on the future of SFG in Belgium. ThisSligro 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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