INVEST SECURITIES - Kko International : Toute l'attention portée sur le cacao - SOUS REVUE vs NEUTRE ; OC SR vs 1,12€
L'effort de la société ayant été mis sur l'amélioration de la productivité des 1ères plantations de cacao de Bocanda, le CA 2017 ressort quasiment stable à 263k€ (+4,9%) avec une production de cacao de 150T (vs 105T en 2016), soit un CA de 184k€. La baisse des dépenses permet à la perte opérationnelle (-3,2m€ vs -4,2m€ en 2016) et au RN (-2,9m€ vs -4,5m€) de se réduire. Nous suspendons notre objectif de cours dans l'attente d'un contact avec la société pour estimer notamment : 1) le besoin de financement pour finaliser le développement de Bocanda et intégrer l'arrêt du développement des cultures secondaires, et 2) la dilution liée à l'émission de la future Obligation Convertible. Opinion NEUTRE maintenue.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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.