TFF Group : Q3 2019-20 sales in line with our expectations – Target price adjusted to € 33 (rise in the risk premium)
>Q3 2019-20 sales up 4% (-1.9% l-f-l) to € 61.2m (vs € 60.8m est.) - Yesterday evening, TFF Group reported its Q3 2019-20 sales which came in at € 61.2m, close to our forecast of € 60.8m. Growth reached 4% (of which -1.9% l-f-l and a scope effect of +5.9% linked to the acquisition of Darnajou), marked by i/ the organic contraction in the wine division (-7% l-f-l to € 32m) and ii/ the continued brisk momentum for the spirits division (+7.1% to € 29.2m) thanks to the r...Tonnellerie Francois Freres S.A.. TFF Group, formerly Tonnellerie Francois Freres SA, is a France-based company that manufactures and distributes oak barrels that are used to conserve and transport liquids. The Company has four core businesses: stave milling, cooperage, cask manufacturing and oak wine-aging products. Tonnellerie Francois Freres SA also offers oak products for oenology, where the wine is put in contact with wood in varied forms, and has developed products for the alcohol maturing and aging market, especially the whisky market. The Company offers four brands of barrels: Exclusif, Privilege, Classique and Horizon. As of December 31, 2011, Tonnellerie Francois Freres SA operated through its subsidiaries, including: Sogibois, Bouyoud, Treuil, Francois Inc, Classic Oak New Zealand, Demptos Napa, among others. The Company has operating units in France, the United States, Spain, Hungary, South Africa, China, New Zealand, Australia and Ireland. In May 2016, the Company acquired metal manufacturer SAS Lejeune.
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