What's Cooking? FIRST LOOK – Nice 1H results, rating upped despite some tomatoes stress
The share price of What's Cooking? decreased sharply after they decided not to proceed with the acquisition of Sigma's operations in Belgium (Imperial) and the Netherlands (Stegeman). We now maintain our € 95 Target Price but increase our rating for What's Cooking to Accumulate (was Hold) after a good set of results knowing that -despite the challenging macroeconomic environment with continued cost inflation of raw materials, labour costs & ingredients- What's Cooking? remains confident that its FY23 REBITDA result will be between that of FY21 and FY22 (so between a wide range of €52.8m and 38.1m, while we were at € 36.6m).What's Cooking? indicated that the increase in volume through the recovery of certain contracts in Prepared Meals will contribute to this and this despite investments they are making in people and resources to translate its longer-term strategy into concrete actions. What's Cooking? highlighted it continues to focus on passing on the exceptional cost inflation that characterises the market.
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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