Miko Model update with lower Target Price as retail private label remains difficult
We updated our Miko model after the 1H23 trading update indicting that 1H23 was characterized by a positive sales evolution in Miko's traditional business, focusing on the out-of-home market, which again recorded a nice growth. We incorporated in our model that Miko indicated that the business of private label for the retail market remains difficult. As a result we lower our Target Price to € 85, in line with our updated DCF-valuation (€ 85.3).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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