Savencia SA : Prudence pour 2020 mais les fondamentaux restent solides. Achat maintenu avec un OC abaissé à 66 €
>Impact COVID-19 non encore quantifié. Possible effet sur les cotations des produits industriels, si l’épidémie perdurait - Savencia ne quantifie pas pour le moment les effets du COVID-19 sur son activité en Chine (environ 10% du CA selon nous). Il avertit seulement que son activité Food Service qui représente la majorité du CA Chine, toutefois moins en rentabilité, devrait être plus impactée que les ventes en retail. Nous rappelons que Savencia est présent en Chine ...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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