Miko Latte focus 100% on what they are good at: coffee service

Miko's core activity is running well. We updated our model (new € 67 Target Price) knowing that today there is some uncertainty due to the very erratic movements in commodity prices. Coffee prices recently reached historic highs. Miko highlighted that calculating such increases always remains a challenge. But Miko ‘s coffee service managed to post a good 1H24. Within the recurring core business, all domestic markets are demonstrating good results.

Miko indicated that the decision to exit the private label coffee for the retail market (SAS) was very painful. Miko took this decision barely 2.5 years after the takeover. But Miko highlighted that sometimes you have to dare to move quickly. We welcome Miko is now ready to focus 100% on what they are good at: coffee service. Indeed, its continuing recurring activities showed in 1H24 double-digit y/y growth.