KBC Securities - Floridienne S.A. (FLOB) Floridienne Strong 9M24 mainly thanks to successful integration of Biotrop

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KBC Securities

Guy Sips

Floridienne Strong 9M24 mainly thanks to successful integration of Biotrop

We increased our FY24 numbers substantially as Floridienne recorded strong growth in 9M24 y/y as 9M24 sales came in at € 502.4m (+25% y/y), and 9M24 EBITDA was €84.9m (+€35.9m y/y) and a 9M24 net result came in at € 17.1m (+€8.0m y/y). Floridienne indicated that this was mainly thanks to the dynamism of its historical activities and the successful integration of Biotrop. The Foot Division is succeeding in increasing its profitability. BioFirst is growing significantly on its historical market of pollination and biological solutions for greenhouse crops. We welcome the steady growth of Biotrop, the leading Brazilian company in the field of biological solutions for agriculture and one of the biggest in the world, and its successful integration into BioFirst. This confirms that this historic acquisition was the right choice for Floridienne. For now we reiterate our Accumulate rating and € 825 Target Price.

02/12/2024 1 EN

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.

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BE0003215143 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

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December 17, 2024 December 17, 2024 1 EN

KBC Securities

Floridienne Increase in sales and EBITDA in 1Q24 as BioFirst posted strong growth

Without giving exact numbers, Floridienne indicated they recorded in 1Q24 an increase in sales and EBITDA. Important for the future is that Biotrop, the leading Brazilian company in the field of biological solutions for agriculture and one of the biggest in the world, is currently being integrated in BioFirst (ex Biobest). Our TP of € 835 is the average of our updated DCF (€ 850 per share) and SOTP (€ 819 per share). We maintain our Accumulate rating.

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Guy Sips ... (+5)

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Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

: BAR BB, UCB BB, MAAT FP, ONWD BB

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Floridienne Strong 9M24 mainly thanks to successful integration of Biotrop

We are a financial services provider for several types of professional clients, each with distinct needs.

Floridienne S.A.: 1 director

Floridienne Increase in sales and EBITDA in 1Q24 as BioFirst posted strong growth

Barco Model update as ‘recharging is key'

Onward Medical FIRST LOOK: First commercial sales for ARC-EX

Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

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