Savencia SA : Achat maintenu avec un OC ajusté à 84 €. Amélioration attendue de la rentabilité malgré les incertitudes sur l’économie laitière en 2019.
>Principaux éléments retenus du contact société - L’amélioration de la croissance organique du T3 à +0.5% vs -1.1% au T2 provient surtout du redressement du volume mix pour Autres Produits Laitiers. Le pôle Autres Produits Laitiers affiche une croissance organique de 2.1% sur les 9 mois avec un volume mix à -1.3% vs -2.2% au S1. Nous déduisons un effet volume mix de +0.5% au T3 (vs -2.2% au S1) pour une croissance organique estimée à +1.4%.Après un T2, marqu...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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