Report
Fatma Agnès Hamdani

Savencia SA : Q2 expected to be weaker but fundamentals still solid

>Q1 sales growth of 3.2% l-f-l with a price effect of +2.5%e - Organic sales growth in cheese products came to +4.9%, including a mix/volume effect of +3.8% and a price effect of +1.1%. Business was boosted by the transfer from out-of-home consumption to home consumption. Growth was particularly strong in Europe with a slight inventory effect in our view. Organic growth in other dairy products came to +1.3% in Q1, including a mix/volume effect of -3% and a price effec...
Underlying
Savencia SA

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Fatma Agnès Hamdani

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