Jensen-Group: There's never been a worse time to lose faith
We have updated our Jensen-Group model. We have now a more pessimistic scenario as the hospitality and hotel sector (40% of Jensen-Group’s sales) will continue to face adverse conditions, even when the lockdown measures are gradually lifted. Our previous model will become our bull case scenario. We lower our Target Price to € 26.5 (was € 28.5) but maintain our Accumulate rating.Jensen-Group and its subsidiaries are engaged in heavy-duty laundry activities. Through its Heavy-Duty Laundry Division, Co. supplies textile and garment services to textile rental operations, commercial laundries, on premise laundries for hotels, hotel chains, etc. and institutional laundries and central laundries. Under this division, Co. also operates a separate business unit serving the confectionery textile industry, marketing specialized folding equipment for finished products. Co.'s products include open-pocket washer extractors, split pocket washer extractors, continuous batch washers, batch transfer drying tumblers and flatwork ironers.
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