KWS Saat SE & Co.KGaA : FY 2022-23 EBIT 7% above consensus, OpFCF better but still low, EBIT outlook in line with consensus at mid-point of € 227m, dividend of € 0.90
>FY EBIT of € 223m 7% above the consensus: - KWS Saat's FY 2022-23 results came in with 18% y-o-y sales growth to € 1.82bn (cons. € 1.79bn) pushed by good pricing across all segments. Group EBIT of € 223m and an implied EBIT margin of 12.2% was significantly above guidance mid-point of € 204m implied by '11-12% EBIT margin on 15% sales growth' and 7% above the consensus of € 209m. Past year's € 155m reported EBIT still included a € 22m headwind from PPA amortisation ...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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