Sligro Food Group N.V. : Delivery and market recovery needed for a re-rating; Neutral maintained
>Market growth and Sligro’s sales performance fell short in H1 2024 - Sligro reported H1 2024 organic sales growth of -0.7% for the group, 0.5% in the Netherlands, and 6.9% in Belgium. We conclude that Sligro’s growth trailed market growth, both in the Netherlands, but particularly in Belgium. Moreover, the foodservice markets do not show any signs of a recovery yet, with pressure on volumes continuing in H1 2024. As expected, tobacco sales soared in H1 2024, but Sli...Sligro Food Group NV is a company engaged in the food distribution industry, based in the Netherlands. It divides its business into two segments: Food Retail activities comprise around 130 full-service EMTE supermarkets with 30 operated by independent retailers; Food Service offers nationwide network of cash and carry and delivery service outlets serving large and small-scale hospitality, establishments, leisure facilities, volume users, company and other caterers, forecourt retailers, small and medium-sized enterprises, smaller retail businesses and the institutional market. The Company serves the institutional market trading under the name Van Hoeckel and the other segments of the market as Sligro. The Company's subsidiaries include CaterTechBV and Bejaco NV, including its subsidiaries JAVA BVBA and Freshtrans BVBA, jointly known as JAVA Foodservice.
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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