What's Cooking? Acquisition in Rennes contributing immediately to 1H25 EBITDA result
We saw a good set of 1H25 results as a 13% y/y increase in turnover translates into an increase in underlying operating profit from EUR 8.4m (excluding Savoury business) to €12.7m although raw material costs remain historically high, mainly for animal proteins and ingredients. Energy and transport costs have also risen further. We maintain our positive stance (Accumulate, € 135 Target Price) as What's Cooking? expects to continue the good results of 1H25 in 2H25. They expect FY25 REBITDA to be between € 37 and 43m. What's Cooking? also expects to continue the same positive trend in terms of profit after tax, even though interest expenses will increase due to the cash payment for the acquisition of What's Cooking Rennes and the payment of the exceptional and normal dividends.Following the acquisition of What's Cooking Rennes, What's Cooking? now has a network of six production centers, enabling it to supply the whole of Europe. So it is fair for What's Cooking? to call itself a leading European player in chilled and frozen ready meals.
Ter Beke is a fresh food group operating in ten European countries. Co. has two business segments: Processed Meats and Fresh Ready Meals. Processed Meats is engaged in pre-packed processed meat including: salami; cooked ham; processed poultry; pate; cooked meats; and dried and cured meats. Co.'s distribution brands and brand names for this segment are L'Ardennaise®, Pluma®, and Daniel Coopman®. Fresh Ready Meals produces ready meals through the brand names: Come a casa® and Vamos®.
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