WESSANEN: Not that bad after all WES NA
Wessanen reported reassuring 4Q18 figures which will alleviate the nervousness we saw in recent months. Given that we expect positive sales and EPS CAGR growth over the next 3y and bank on a further deleveraging we see no reason for Wessanen to trade at a deep discount to its peer group. Buy confirmed. TP adjusted to € 13.0 (from € 14.5).Wessanen is a company in the European organic food market. Operating mainly in France, Benelux, the United Kingdom and Germany, Co. manages and develops its brands and products in the grocery and health food channels. Co. also produces and markets frozen snack products in the Benelux and fruits drinks and cocktail mixers in the United States. Co.'s continuing operations are presented in three segments: Wessanen Europe, Frozen Foods and American Beverage Corporation.
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