What's Cooking? New strategy continues to pay off
We updated our model and increase our Target Price for What's Cooking? from € 95 to € 110 as the 1H24 results confirmed a progress in both strategic business units despite continued cost inflation. The new strategy continues to pay off. The 1H24 numbers show that What's Cooking? is again moving forward in volumes and remain focused on correctly passing on raw material costs, which remain historically high.Recently What's Cooking? has started a review of the strategic options for the Savoury business. They confirmed that the project and the search for a potential buyer for this business is progressing well. This could be a next catalyst.
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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