Savencia SA : Robust fundamentals but uncertainty on the trend in demand and dairy economy in 2023
>Q2 marked by a strong price effect offsetting the decline in volumes - Organic growth for Q2 sales comes to 13.9%, driven by a price effect of close to 18%. The Q2 organic growth of 7.7% for cheese products reflects the various price hikes of close to 11%, broadly offsetting the decline in the mix/volume of 3.1%. Like for Q1, this fall in volumes is related to a market downturn for major retailers in particular in Europe, combined with partial delistings in some Euro...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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