La production de cacao à l'échelle industrielle - NEUTRE, OC 1,12€
KKO devrait disposer en fin d’année de plantations de cacao de 1 500ha en Côte d’Ivoire et viser à terme plus de 3 000ha. Une fois ces plantations à maturité (ie 2025e), la société produira 6 000T de cacao/an. A cette échéance, l’EBITDA normatif ressortirait à 8m€ (équilibre en 2020e), pour un CA de plus de 12m€ (cours du cacao de 1 220€/T). Pour finaliser ce projet, KKO devrait avoir besoin d’un financement estimé à 6m€, intégré dans nos estimations via une AK. Nous initions la couverture du titre avec une recommandation à Neutre et un objectif de cours de 1,12€ particulièrement sensible au cours du cacao (+/-10% du prix du cacao entraine une revalorisation de +/-11,5%).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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