AUGA Group: Targeting carbon-neutral farming by 2030 (BUY - initiation of coverage)
We initiate coverage of AUGA Group with a BUY rating and a 12M price target (PT) of EUR 0.64, implying 53% upside. AUGA is the largest farm-to-shelf organic producer in Europe. Based in Lithuania, the company is engaged in crops and mushroom production, dairy and end-consumer sales. In 2015, AUGA decided to become a fully organic producer. Today, the company is close to meeting its organic goals, while its yields and profitability are already comparable with its conventional peers, thanks to its quality land portfolio, size, innovations, cost advantages, closed-loop operating model and the synergies between its segments. This April, in its new long-term strategy, AUGA announced that it is aiming to become a carbon-neutral producer by 2030E, far ahead of its competitors and the policy makers’ targets. The company is developing several projects to accomplish this goal, focusing on tech and innovations.Auga Group AB. Auga Group AB, formerly Agrowill Group AB, is a Lithuania-based company engaged in the agriculture sector. The Company's activities are structured mainly into three divisions, namely Mushroom-growing, Plant production and Livestock production. The Company offers white, brown, portabella, eryngii, pleurotus and shiitake mushrooms. It specializes in organic wheat and other crops, including organic vegetables and organic feed for livestock in its farms. The Company supplies potatoes, beetroots, onions, carrots, marinated champignons, marinated beetroots, among others. The Company operates own trademark AUGA. In addition, the Company is involved in own farms management. The Company has numerous subsidiaries, including UAB Arginta Engineering, UAB AVG Investment and UAB Agro GIS, among others. It operates domestically on the Lithuania territory.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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