Growth accelerated in Q2
Earlier this month, SABAF reported a stronger Q2 print (vs BNPPE estimates), with sales increasing by c.18% at constant perimeter. Growth from South America/Asia (60%) and Turkey (+28%) was strong, while we estimate North America was down DD (at constant perimeter), with Africa/ME regions down DD as well. Volumes translated into c320bps of margin expansion (16.7% in Q2), driving c62% y/y reported (ex-IAS) EBITDA growth. Q2 net debt (at EUR 74m) came down QoQ primarily d ....
