Focus sur l'homogénéisation des plantations - NEUTRE, OC 1,12€
Les résultats du S1 sont peu représentatifs du potentiel de la société avec une perte d’exploitation de -1,4m€ (RN de -1,04m€) pour un CA de 0,11m€. Sur le S1, KKO s’est concentré sur l’amélioration de la productivité et l’homogénéisation des ses plantations (nombre de cacaoyers stable) et a fait évolué son mix produits sur les autres cultures. Nous laissons nos estimations et notre objectif inchangés à 1,12€, intégrant un besoin de financement de 4/5m€. Le titre recèle un potentiel d’appréciation fondé sur : (i) la hausse des cours du cacao, et (ii) la mise en oeuvre de nouveaux projets via des partenariats limitant l’apport financier de KKO.Kko International SA. Kko International SA is a Belguim-based company primarily engaged in the cocoa farming. The Company specializes in the cultivation of cocoa trees, as well as farming and harvesting of cocoa beans in Ivory Coast. It also owns a banana and teak plantation. The Company operates through a number of subsidiaries, such as Solea.
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