Bonduelle : Lack of visibility on the US. Neutral vs Buy with a target price of € 29 vs €37
>Neutral vs Buy with a target price of € 29 - We are downgrading to Neutral vs Buy on the stock. We prefer to remain cautious in the short term about Bonduelle’s sales trends in North America given the deflationary environment and tough competition. Lebanon’s contribution will be more limited than expected and growth in the US fresh food market slowed to 2% vs 7% following the health scare with romaine lettuce. The development of retailers’ own brands in fresh food (...Bonduelle is active in the market of processed vegetables both within and outside the European Union. Co.'s business is made up of three activities: canned, frozen and fresh vegetables (prepared and fresh-cut). It distributes its products mostly through retail channels (large supermarkets and stores) and food service sectors (restaurants, inter-company canteens). Some of Co.'s brands are Bonduelle, Cassegrain, Frudesa and Artic Gardens. Co. is organized into two geographic regions and four business segments: Bonduelle Europe Long Life (BELL), Bonduelle Fresh Europe (FRESH), Bonduelle Americas (BAM), and Bonduelle Development (BDV).
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.
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