De'Longhi : Advantages identified to fuel growth and profitability in the medium term - The current valuation offers a good entry point - Outperform vs Neutral
>Mid-single digit organic growth for the medium term underpinned by coffee and nutrition. - For the medium term, the group indicated that it anticipates mid-single digit organic growth (historic growth of around 6%). This performance largely relies on the domestic coffee segment (>50% of group sales) in which DLG benefits from a favourable product mix and should take advantage of the low penetration rate (~10%) as well as a diversified offering that responds to consum...De Longhi is a holding company. Through its subsidiaries, Co. operates three divisions: Household, Professional and Corporate. The Household division operates in the domestic appliances market with products for air cooling and treatment, heating, food preparation and cooking, domestic cleaning and ironing. The Professional division operates in the market for large thermo-cooling systems, hydronic terminals, heat pumps and wall-mounted air-conditioning units. The Corporate division which mainly provides corporate services to the group with the functions of setting strategy, of control, co-ordination and management of centralized activities and resources.
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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