KWS Saat SE & Co.KGaA : Cost inflation in seed production, hardly visible recovery path in vegetables and muted sugar beet growth on Russian invasion weigh. Stay Neutral
>Costs and mix weigh on corn, only mid-term recovery in vegetables seeds, more muted growth in sugar beet seeds ahead on Russia - 4% y/y or € 7m y/y decline in EBIT for 9M 2021-22 despite 13% y/y sales growth was hit by around € 20m FX/inventory devaluation headwind linked to Turkey/Ukraine/Russia while €15m cost inflation above pricing initiatives weighed primarily in corn as well. While 1-offs may disappear, seed production cost pressure remains on top of a margin-d...KWS SAAT is a holding company. Through its subsidiaries, Co. is engaged in developing, producing and distributing seed for agriculture. Co.'s operational business is divided into three segments: corn, which is engaged in the production and distribution activities of corn for grain and silage corn, oil and field seed; sugarbeet, which is engaged in the multiplication, processing and distribution activities for sugarbeet seed, as well as Co.'s seed potato business; and cereals, which is engaged in the production and distribution of hybrid rye, wheat and barley, as well as oil and field seed.
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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