Savencia SA : Confidence over 2021, Outperform rating maintained, target price adjusted to € 81
>Very solid FY 2020 performance, with the margin up 30bp to 4.1% excl. the integration of CF&R - At the financial meeting, Savencia recapped on its 2020 results. With revenues up 3% on a reported basis and 0.6% organically, the underlying operating profit climbed 10% to € 211.4m, including a € 12m contribution from CF&R. Restated for this effect, the underlying operating profit would nonetheless be up by around 4% to € 199m, implying a 4.1% margin (+30bp). The gr...Savencia is a transformer of milk centered on cheese, dairy specialties, and on dairy ingredients. Co.'s operations are divided into two segments: the Cheese Products segment and the Other Dairy Products segment. In the Cheese Products segment, Co. manufactures and distributes cheeses and cheese specialties. In the Other Dairy Products segment, Co. manufactures and distributes modern butters and long-life creams both for final consumers and professional users, manufactures technical butters and specialized dairy proteins for industrial markets, and manufactures aseptically packaged products.
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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