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Savencia SA : H1 results cannot be extrapolated to H2 Buy recommendation maintained, TP adjusted to € 87 vs € 93
>Easier base of comparison in H2 against an expected backdrop of generally more favourable raw materials prices - The main takeaways from our company contact following the H1 results publication are as follows: Organic growth of +1.8% in H1 was driven by the price effect. Volumes fell by nearly 1e1.4% with an estimated drop of -3.7% in Q2. Volumes of cheese products were down -1.5% in H1 with -3.2% in Q2. The factors that affected volumes in Q1 in northern an...
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Oddo BHF
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.
Fatma Agnès Hamdani
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