Greenyard Confirming its ambitions of € 200m–210m Adj. EBITDA by March 2026
After successfully navigating its business during two challenging years in 2022 and 2023, which were marked by unseen inflation, Greenyard reached in 1H24/25 operational results in line with our model with increased net sales and a further improvement of its Adj. EBITDA driven by sustained volume growth particularly in the Fresh segment and by managing optimal price levels across as well its Fresh as in its Long Fresh division.We welcome the reduction of both debt and leverage ratio (from 2.39x to 1.92x y/y) which was achieved by an improved operational cash flow and net working capital and this despite a higher inventory, the acquisition of Crème de la Crème, the share buyback program and dividend payments.
As Greenyard did not give guidance for FY24/25 but confirmed its ambitions of reaching € 5.4bn in sales and between € 200m–210m of Adj. EBITDA by March 2026, we maintain our positive stance (Accumulate rating) although by a somewhat lower Target Price of € 7.5 (was € 9.5) as we apply somewhat lower target multiples (also seen in its peer group).
Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
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