Bonduelle : Poursuite de la rationalisation de Ready Pac et priorité à la rentabilité
>Achat réitéré. La focalisation sur les marges est rassurante - Achat maintenu (OC de 37 €). Si la croissance du CA devrait rester modeste, la focalisation sur les marges (rationalisation et changement de management de BFA) est rassurante. La valorisation reste attractive (PE 19e11x). Hors effets météo et FX (impacts exogènes), la croissance attendue du ROC 1018/19 serait de 11% pour un CA prévu à +2.5%. L’objectif de marge d’EBIT de 4% d’ici 3 /4 ans pour BFA gagne e...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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