Savencia SA : Q4 sales in line, but a sharper-than-expected slowdown in organic growth
>2019 sales organic growth was +2.8%, below our forecasts due to a decline in other dairy products in Q4 - Savencia has reported sales growth of 3% to € 5,007m for 2019, perfectly in line with our forecasts (€ 5,006.9m). Conversely, organic growth was disappointing, coming in below our forecasts at 2.8% (vs 4.5% estimated and +4.8% for 9M). On our estimates, it was down by -2.5% in Q4 (vs +3.9% estimated est. and +4.8 for 9M) due to the decline in sales at the other ...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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