Greenyard N.V. : TP cut to € 11, but Outperform reiterated as growth trends remain attractive
>Inflation-driven sales beat expectations, but EBITDA fell short in H1 - Greenyard’s H1 2022/23 results showed strong sales growth, but EBITDA that fell short. Group organic sales growth was 7.3%, driven by pricing of 9.0% and lower volumes by 1.7% in H1. In Fresh, volumes decreased by 3%, but, according to Greenyard, this was a strong performance when compared with the market (-10%). In Long Fresh, volumes increased by 4.5%, attributable to a recovery in food service...Greenyard processes and commercializes fruits, vegetables, and ready-to eat food products in France, the United kingdom, Germany, Belgium, other EU-countries, and internationally. Co.'s operation is divided into two divisions: The frozen division known as Pinguin and the canning division under the name of Noliko. The Frozen division offers frozen vegetables and fruits, deep-frozen vegetable dishes, and ready-to-use meals to retail, food service, and food industry. The Canning division processes vegetables and fruit from the field into preserved foods in cans and jars. The division also prepares ready-to-eat food such as soups, sauces, dips and pasta dishes.
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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