Bois Sauvage Full Jeff de Bruges ownership marks start of accelerated compounding

A bitter past with a sweet future is what we wrote in Aug'25, and that sugary upside is now straight ahead. Bois Sauvage's new strategy marks a decisive refocusing on its high-quality Chocolate Group as the clear growth engine, while streamlining the rest of the portfolio. Chocolate delivered another solid performance in FY25 with revenue exceeding €300m (+7.5%) and EBITDA (ex-IFRS 16) up 5% to €56.2m despite volatile cocoa prices. The upcoming full ownership of Jeff de Bruges will unlock strategic flexibility, synergies and accelerated international expansion. Management's renewed focus and ambitious 2030 targets (€400m revenue, €80m EBITDA) signal the start of a new growth phase for the division. We see limited near-term improvement in real estate, which as of now will be self-funding. Berenberg should see a modest uplift from sector multiples. We raise our FY26E target NAV to €638 per share (+13.3% from current €556). At a targeted 35% NAV discount, this results in a target price of €410.