Savencia SA : Cautious on 2020 but fundamentals still solid. Buy recommendation maintained – target price lowered to € 66
>COVID-19 impact not yet quantified. Possible effect on the price of industrial products, if the epidemic lasts - Savencia has yet to quantify the impact of COVID-19 on its activity in China (around 10% of sales, on our estimates). Management has simply warned that its food service activity, which represents the bulk of its sales in China, but less in terms of profitability, is likely to be harder hit than its retail sales. Savencia is present in China via two compani...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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