Spread Research - TEREOS- 4Q17/18 - Sugar price pressure offset sound strategy and market share gains

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Spread Research

Anthony Giret

TEREOS- 4Q17/18 - Sugar price pressure offset sound strategy and market share gains

French cooperative Tereos, the second-largest sugar producer worldwide (it ranked third last year), has released its 4Q17/18 results (period ended 31 March 2018), which showed the same margin pressure than was apparent in Q3.
In Q4, revenue increased by 3.4% yoy to €1.3bn while EBITDA fell by 17% to €142m (EBITDA margin -270bps to 10.7%).

13/06/2018 3 EN

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Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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Analysts

Anthony Giret

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TEREOS- 4Q17/18 - Sugar price pressure offset sound strategy and market share gains

Gamenet 2q18 - sport payout change offsets regulation impact, goldbet to boost profitability

INTRALOT- Special Comment

IQVIA- 2Q18 Comments

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