Savencia SA : Buy maintained, TP adjusted to € 84. Profitability improvement expected despite uncertainties surrounding the milk industry in 2019.
>Main takeaways from our contact with the company - The improvement in organic growth in Q3 to +0.5% vs -1.1% in Q2 stems mainly from the recovery in the mix/volume effect in other dairy products. Other dairy products showed organic growth of 2.1% in the first nine months with a mix/volume effect of -1.3% vs -2.2% in H1. We deduce a mix/volume effect of +0.5% in Q3 (vs -2.2% in H1) for estimated organic growth of +1.4%.After Q2, which saw a fall in sales, th...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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.