Savencia SA : Lack of visibility on resumption of activity at Corman plant in Belgium. Neutral vs Outperform, with a target price of € 78 vs € 81
>H1 driven by volume mix of close to 7%e - Organic growth of 9.4% in H1 was driven by a strong volume mix, with respectively 6.6% and 7.4% for cheese products and other dairy products. Business was spurred by the marked recovery in the food service segment in the majority of markets, while retail was pretty resilient, with a slower trend at the end of the period, particularly in Europe. The price effect of 5.5%, with +10.2% in Q2, seen at the other dairy product busi...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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