Lotus Bakeries Creating small moments of joy and happiness (after big ones for investors)
We updated our model after Lotus Biscoff cookies were recently again the strongest riser in the top ten of the global Cookie Brand ranking moving up from 7th to 6th position. The ambition to become a top 3 cookie brand in the longer term with Lotus Biscoff remains valid more than ever.Our DCF-based € 6600 Target Price takes into account that Lotus Bakeries invested recently a record amount mainly in capacity expansion projects. These projects are crucial to support the short and medium term growth of Lotus Biscoff and Lotus Natural Foods. Nevertheless -after the recent strong share price performance on the back of this ambitious (but in our view realistic) expansion program- we lower our rating from Accumulate to Hold as we see the short term upside as too limited.
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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