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Ebro Foods made a significant impression with its 9-month results. The company’s recent investments are starting to pay off. In general, inflation costs are starting to decrease, positively affecting margins. Besides the very strong 9M 2023 figures reported by the company, *we are even more encourged by the company’s announcement regarding the development of its value-added strategy.
Companies: Ebro Foods (EBRO:BME)Ebro Foods SA (EBRO:MCE)
AlphaValue
Ebro Foods posted a strong H1, primarily led by the rice division. The implementation of its value-added products strategy is well underway and is expected to have a greater impact on upcoming results. These H1 results once again confirmed that the company is a natural hedge against the decline in consumer purchasing power.
In the Q1-2023, Ebro Foods once again demonstrated its resilience in the face of the current macroeconomic environment. The company’s topline was largely bolstered by its rice business, which has proven resistant to the challenges of drought and flooding. Despite a somewhat tempered outlook, Ebro remains confident in its ability to deliver a robust year.
Ebro did slightly better than the guidance given three months ago. The year was clearly driven by the first half, the third and fourth quarters having encountered many challenges which are expected to continue in FY23. Despite this, it can be said that Ebro does not feel too bad about the situation.
Ebro had held up well up to this point but we were not that surprised to see a relatively poor Q3. The group is facing a lot of pressures that are likely to continue in the coming months.
Easy comps have driven up the H1 results, but the environment remains tight and Ebro expects lower H2 demand which should in the end not help the rest of the year.
A strong performance in Q1 (better-than-expected) is welcomed given the more cautious tone of the company for the following months.
9m FY21 figures were obviously down vs. FY20 (strong negative comps), but they were still remarkable compared with FY19. We expected very complicated management of inflation for the group, but we see a rather good surprise on that side. On the other hand, we should be more cautious about 2022, when the current hedging will roll off.
Unsurprisingly, we see a decrease in the results compared to 2020, but still good progress compared to 2019, which confirms the good trajectory of the group.
With no surprise, Q1 FY21 top and bottom lines declined due to tough comps. The momentum remains, however, strong looking at CAGR 21/19, but input cost inflation is now the main threat looking forward.
Unsurprising very strong FY20 results (but still even more than our expectations). We believe Ebro is at a turning point and we continue to be positive on the stock.
Although the figures showed greater volatility, the rise in demand triggered by the COVID-19 pandemic continues to dominate Ebro’s results. Deleveraging is well on track.
Companies: Ebro Foods SA
After a strong set of FY19 figures, Ebro’s Q1 benefited from COVID-19 due to increasing rice and pasta consumption. Q2 should be even better, while we expect a gradual return to normal starting in Q3. EBITDA is affected by raw material prices increase, but the group is confident that the FY20 bottom line should be better yoy.
A strong set of FY19 figures, especially thanks to strong comparables. We note that organic investments had begun to bear fruit, although the company doesn’t expect to see the relevant impacts until 2021. In the mean time, it is actually debt that is going up.
The group reported a strong set of Q3 FY19 results, beating analysts’ expectations on the bottom line. Ebro’s investments finally pushed up growth… as well as the group’s debt.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Ebro Foods SA. We currently have 55 research reports from 2 professional analysts.
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Singer Capital Markets
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