Greenyard Creating a promising platform for further growth
We updated our Greenyard model and increase our Target Price to € 9.5 (was € 8.5), in line with our new DCF-valuation, after Greenyard posted a nice set of FY23/24 results in a still challenging environment, characterized by a second year of inflation.Greenyard showed record-high results in FY23/24 and we welcomed Net Debt dropped by another 4% to €266.3m, despite the impact of inflation on the value of the inventories and more investments, resulting in a leverage dropping y/y from 2.18x to 1.87x.
We expect Greenyard to continue to pass on inflation, creating a promising platform for further growth of results and cash flows.
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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