Sipef: Putin pushes palm oil to new peaks
Palm oil prices show no signs of slowing down, crossing the $1600/t threshold earlier this week on the back of the escalating Ukraine crisis. Despite this, Sipef’s share price has barely moved. We believe this is unjustified given the strong results that were reported last week and will likely be exceeded in 2022. After revisiting our model, we increase our TP from € 68.0 to € 76.0 ps and reiterate our Buy rating.Sipef is a holding company. Through its subsidiaries and associated companies, Co. is primarily engaged in the development and production of sundry commodities, including palm oil, palm kernels, tea, tropical fruits and flowers, bananas, pineapples, ornamental plants, guava, pepper and natural rubber. Palm oil, which is Co.'s most important commodity, is used within the cosmetics industry, in soaps and detergents, as a supplement to cattle and poultry feed, for production of protein, and for several other purposes. In addition, Co. provides management, marketing and consultancy services in the agro-industry.
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