KWS Saat SE & Co.KGaA : Poor vegetables and Lira devaluation dilute otherwise strong growth profile, discounted by our/consensus estimates already, though. Stay Neutral
>Strong growth continued in low-season Q2 fuelled by corn - Seasonally loss-making Q2 leaves only limited insights for FY due to dominating fiscal Q3 and Q2-sales only contributing c. 11% to FY sales. However, sales in corn seed-dominated fiscal Q2 were up strongly, gaining 49% y-o-y to € 211m including 42% organic growth in Q2 and accumulating to 31% organic sales growth in H1. Corn sales gained 53% y-o-y to € 129m with strong contribution from Brazil/Argentina on ma...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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