Vilmorin & Cie : Feedback roadshow – Poursuite des investissements maîtrisés et levier d’amélioration des marges
>Un acteur de référence qui renforce ses parts de marché - Suite à un roadshow avec le management (CEO, CFO, HIR), nous confirmons notre séquence bénéficiaire avec la prise en compte d’une croissance organique de 2.4% et un ROC estimé à 120 M€ (y compris IFRS 16) traduisant une MopC de 8.3% en amélioration, de 40 pb vs une base 2018/19 retraitée (7.9% hors non récurrent). La valorisation demeure attractive d’où notre rating Achat inchangé.Des résultats de...Vilmorin & Cie SA is engaged in the production, marketing and sale of vegetable and crop seeds for agricultural production and market gardeners. The Vegetable seeds division is involved in the production and sale of vegetable seeds under the brand names, such as Hazera-Nickerson, Vilmorin SA, HM.Clause and Mikado Kyowa Seed, among others, intended for the professional food market, including market gardeners, processors, and specialists in canning, specialists in deep-freezing and freeze-drying. The Field Seeds division is focused on field seeds, including corn, straw cereals, grape and sunflower seeds for European and American clients. The Garden Products division is structured around two companies, Vilmorin Jardin and Suttons. In March 15, 2013, it acquired the Bisco Bio Sciences of India. In October 2013, it announced that it has recently taken over Shamrock. In November 2013, it acquired Eureka Seeds Inc. In March 2014, it acquired Seed Asia based in Bangkok.
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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