KWS Saat SE & Co.KGaA : RS feedback - All growth drivers on track but production cost inflation and growth investment keep the margin stable and FCF depressed. Solid.
>Growth drivers on track, cost inflation curtails leverage, low FCF - We hosted a roadshow with the CFO of KWS Saat, which confirming the company's strong position in sugar beet seeds, the LatAm corn growth driver intact and the gradual recovery from a low point in vegetables seeds. However, more pronounced production cost inflation in 2022-23 and continuing growth investments may keep margins stable and the consensus EBIT forecast of € 178m (ODDO BHF: € 184m, was € ...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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