Miko 1H25 saw significant price increases next to a 7% y/y volume increase
The significant price increases next to a 7% y/y volume increase helped to protect its 1H25 results. We updated our model incorporating that coffee prices remain high and volatile. Also Miko indicated that thanks to these price evolutions it is very difficult to make any predictions about the future. We also incorporated that recently Miko has secured a €6.75m settlement in a dispute over the earn-out following the sale of the plastics processing division in 2021. The result of this settlement will be included in 2H25.We reiterate our € 60 Target Price and Accumulate rating as we welcome Miko is now focussing 100% on what they are good at: coffee service. Recall that Miko has traditionally focused on the coffee service market. Under the motto “Your coffee, our care”, Miko provides a total package of hot drinks and related services to the out-of-home market, such as companies, the hospitality industry and institutions.
Miko SA. Miko NV is a Belgium-based company that is engaged coffee and snacks service and plastic packaging sectors. The Company's coffee segment delivers Its products to the out-of-home market, such as coffee, fruits, water and other beverages, snacks and sweets that are consumed outside the private home, in places like offices, businesses and restaurants. Within the Plastics segment, the Company manufactures plastic packaging products, among others for the food industry and the homecare sector, such as bubble wraps for laundry detergent. Miko NV has subsidiaries in the United Kingdom, France, the Netherlands, Germany, Poland, the Czech Republic, Slovakia, Sweden, Denmark and Australia. It also sells its coffee concepts through independent distributors in thirty countries in Europe, among others.
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