INVEST SECURITIES - AgroGeneration : Une trajectoire toujours parfaitement tracée - ACHAT ; OC 0,6€
Après des exercices 2015 et 2016 qui ont mis en évidence les fruits du travail réalisé par le groupe pour améliorer sa structure de coûts dans un contexte pénalisé par le prix des matières premières agricoles bas, l'exercice 2017 a été pénalisé par l'impact de la sécheresse sur la fin des récoltes. Ce phénomène ne remet pas en cause la stratégie du groupe et la situation devrait revenir à la normale dès 2018 avec un effet de levier opérationnel encore accru par un contrôle des coûts toujours plus strict. A partir de 2019, grâce au remboursement en actions des OSRANE, le groupe disposera d'une latitude financière augmentée de 4,7m€/an pour se développer plus rapidement. Opinion ACHAT maintenue avec un objectif de cours inchangé à 0,6€.Agrogeneration SA is a France-based company engaged in the fishing and farming industry. The Company is a producer of grain and oilseeds. Following its merger with Harmelia, the Company becomes the producer of grain and oilseeds in Ukraine. Agrogeneration SA focuses mainly on the production in Ukraine, both in terms of cultivated acreage and operational efficiency. The Company follows traditional crop rotation and puts money into fertilizers, seeds, and agricultural chemicals for the purpose of achieving profitability crop. Operated farmlands of Agrogeneration SA are located in a number of regions in Ukraine, such as Kharkiv, Lviv and Sumy, among others, which represent standards and a propitious climate for achieving yields.
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