SLIGRO - KBC Securities Company Note 31-01-2019 - Don't ignore the value of the Heineken deal
We updated our model and fine-tuned our valuation. Consequently, we cut our target price to € 37.5 (from € 42.0). In recent months the stock came down significantly and at this point in time we believe the share price ignores part of the value from the Heineken deal. Given the 11% upside, we upgrade our rating to Accumulate.Sligro Food Group NV is a company engaged in the food distribution industry, based in the Netherlands. It divides its business into two segments: Food Retail activities comprise around 130 full-service EMTE supermarkets with 30 operated by independent retailers; Food Service offers nationwide network of cash and carry and delivery service outlets serving large and small-scale hospitality, establishments, leisure facilities, volume users, company and other caterers, forecourt retailers, small and medium-sized enterprises, smaller retail businesses and the institutional market. The Company serves the institutional market trading under the name Van Hoeckel and the other segments of the market as Sligro. The Company's subsidiaries include CaterTechBV and Bejaco NV, including its subsidiaries JAVA BVBA and Freshtrans BVBA, jointly known as JAVA Foodservice.
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