Lotus Bakeries All three pillars realised double-digit FY23 growth; new € 8250 TP
FY23 Lotus Bakeries' revenues grew y/y 21.1% to € 1.06bn (KBCSe € 1.03bn). The revenue growth realised in 1H23 (+20.2%) kept its high pace in 2H (22.0%) driven by strong volume growth and price increases. The volume trend in the second half of the year further improved to end with a FY increase of just below 10% (primarily organic, +/-1% acquisition of Peter's Yard). All three pillars of Lotus Biscoff, Lotus, Natural Foods and Lotus Local Heroes have realised double-digit FY23 growth of respectively 20%, 25% and 15%.We increase our Target Price to € 8250 and maintain our Hold rating.
Lotus Bakeries is a bakery group based in Belgium. Co. produces and sells bakery products under the Lotus, Peijnenburg and Annas brand names. Co. focuses on authentic specialties from the biscuit and cake world: original caramelized biscuits (Biscoff), gingerbread, cake specialties, waffles and pepparkakor biscuits. Co. maintains production facilities in Belgium, the Netherlands, France and Sweden. Co. maintains its own sales organizations and cooperates with commercial partners in approximately 10 European countries including the United States, Hong Kong, China, South Korea and Chile.
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