Aryzta : Rising from its ashes: from cash-burner to steady compounder
Aryzta is culminating its turnaround, leaving behind its days of debt-fuelled empire building and embracing a culture of disciplined capital allocation. Aryzta has a leadership position in a dynamic food niche (bake-off) which, with an adequate financial structure, is gradually turning into a steady compounder. We initiate with an Outperform rating and a CHF 2.4 target price.ARYZTA is engaged in speciality food business with a primary focus on baking. Co. operations are organized in three segments: Food Europe, with a diversified customer base including convenience retail, gas stations, multiple retail, restaurants, catering, hotels, leisure and QSR; Food North America, with a diversified customer base, including multiple retail, restaurants, catering, hotels, leisure, hospitals, military, fundraising and QSR; and Food Rest of World, which include its operations in Australia, Asia, New Zealand and South America.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.