Bonduelle : The fall in the share price is excessive even though Q4 sales look set to be poor. Upgrade to Buy vs Neutral with a target price maintained at € 38
>Organic growth in Q4 2017-8 expected to be as weak as in Q3 - By our estimates, Q4 organic sales growth (which will be published on 6 August) is likely to be as weak as in Q3 (+0.8%). The factors will likely be the same.The fresh produce business in Europe is not as dynamic as hoped despite a generally favourable base effect. In addition to not very favourable weather conditions, consumption remains lacklustre for Bonduelle’s businesses in Europe. The Russi...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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