What's Cooking? - Results in line thanks to good cost control
H1 23 underlying EBITDA came in line with our estimate, despite the lower-than-expected sales. Also net debt was in line with our estimate Company expects 2023 underlying EBITDA between 2021 and 2022 levels. Our estimate of EUR 46m is at the mid-point. Hence, we expect to only fine-tune our estimatesWe maintain our Hold rating. To reflect the lower market valuations we lower our TP from EUR 95 to EUR 85Ter Beke is a fresh food group operating in ten European countries. Co. has two business segments: Processed Meats and Fresh Ready Meals. Processed Meats is engaged in pre-packed processed meat including: salami; cooked ham; processed poultry; pate; cooked meats; and dried and cured meats. Co.'s distribution brands and brand names for this segment are L'Ardennaise®, Pluma®, and Daniel Coopman®. Fresh Ready Meals produces ready meals through the brand names: Come a casa® and Vamos®.
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