We Are Unconvinced That Dairy Processing Equipment Is Heading for a Downturn; Shares Undervalued
Although wide-moat GEA’s management has expressed concerns about the long-term implications of recent customer delays in decision-making on dairy processing equipment, we hesitate to downgrade our 5% medium-term group revenue growth expectations. Following its profit warning on 2016 results last week, management hosted an extended call to discuss its third-quarter earnings and the guidance downgrade. Our review of the markets for dairy processing and dairy farming, two areas where the company sa...GEA Group focuses on the development and production of process technology and components for production methods. Co. segments include: GEA Food Solutions, which manufactures machinery for preparing, marinating, processing, cutting, and packaging meat, poultry, and other foods; GEA Farm Technologies, which manufacturers product solutions for milk production and livestock farming; GEA Mechanical Equipment, which concentrates in separators, decanters, valves, pumps, and homogenizers; GEA Process Engineering, which designs and develops of process solutions for the pharmaceutical, and chemical industries; and GEA Refrigeration Technologies, which concentrates in refrigeration technology.
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