Report
Guy Sips

Floridienne Monoholding in Disguise

Floridienne is a holding with full private market exposure, ESG focus, and long-term family stewardship. Floridienne transformed over the past decade from a multi-asset to a de facto mono-holding. The main driver of this transformation is the superior performance of its crown jewel BioFirst, a global leader in biocontrol benefiting from the trend toward sustainability in agriculture. Floridienne's valuation and investment thesis depend on its continued success story. We reiterate our Accumulate rating with an updated TP of € 710, reflecting both long-term upside potential and short-term downward risk from intensified competition and FX risks.
Underlying
Floridienne S.A.

Floridienne SA is a Belgium-based company engaged in the chemicals, gourmet food and life sciences sectors. The Chemicals division is engaged in two areas: additives for plastics used for stabilizing Polyvinyl Chloride and fireproofing plastics, as well as the recycling of nickel-cadmium, nickel-metal hydride and lithium-ion batteries. The Life Sciences division is active in the production and marketing of natural technologies and products that offer green and sustainable alternatives in agriculture, hygiene products and healthcare, among others. The Life Sciences division also provides plant proteases and integrated pest management. The Gourmet Food division is engaged in the production and marketing of party and gourmet food products such as snails, scallops, stuffed shellfish, smoked salmon, seafood salads, aperitif snacks and ethnic dishes. The Gourmet Food division also operates in the field of special needs foods, such as for people with deglutition problems, among others.

Provider
KBC Securities
KBC Securities

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Analysts
Guy Sips

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