Sligro Food Group N.V. : H1 2024 expected weak and no imminent catalyst; Downgrade to Neutral
>Headwinds to impact sales in the Netherlands and Belgium in Q2 2024 - According to Foodstep, the Dutch foodservice market realised growth of 3.3% until 19 May 2024. However, because of Sligro’s above-average exposure to cash-and-carry (36% of 2023 sales), which we expect to have shown negative growth in H1, we forecast 1.5% growth for Sligro’s Dutch operations in H1 2024. We note that the weather and the timing of Easter have been unfavourable in Q2 2024. In Belgium ...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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