KBC Securities - Lotus Bakeries NV (LOTB) Lotus Bakeries FIRST LOOK: Brands resilience against inflation on consumer spending

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KBC Securities

Guy Sips

Lotus Bakeries FIRST LOOK: Brands resilience against inflation on consumer spending

A very nice set of 1H23 results (for the first time half a billion euro in sales) and the ambition to become number 3 cookie in the world remains intact. Lotus Bakeries is aware that it needs to invest in the brand at full strength in targeted growth markets across new media channels. We welcome Lotus Bakeries' strong pricing execution combined with a robust volume increase which led to overall revenue y/y growth of 20%. Strong performance was recorded for all three strategic pillars and Lotus Local Heroes rebounded after flat sales evolution in FY22. Lotus Bakeries' strong brands, both global and local, exhibit strength and resilience against the impact of inflation on consumer spending. We will increase our numbers but already increase our Target Price to € 7300 (was € 6600) while maintaining our Hold rating.

11/08/2023 1 EN

Underlying

Lotus Bakeries NV

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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BE0003604155 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Guy Sips

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Lotus Bakeries FIRST LOOK: Brands resilience against inflation on consumer spending

We are a financial services provider for several types of professional clients, each with distinct needs.

Lotus Bakeries/Entering an era of increased profitability/BUY

ING Benelux Favourites/Weekly performance and valuation update

Morning Notes : ABN NA, AD NA, HEIA NA, LOTB BB, RAND NA, ALFEN NA, PHVS US

Sequana Medical Reports 5 centres with alfapump implants since launch

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

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