Bonduelle : Streamlining of Ready Pac ongoing and focus on profitability
>Buy reiterated. The focus on margins is reassuring - Buy maintained (target price of € 37). Whilst sales growth is set to remain modest, the focus on margins (streamlining and changes to the management team at BFA) is reassuring. The valuation remains attractive (2019e P/E of 11x). Excluding weather and forex effects (external impacts), the increase in the 2018-19 underlying operating profit is anticipated at +11% for estimated sales growth of +2.5%. The EBIT margin...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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