Davy Research

Naturex

Q2 EBITDA outperformance; efficiency gains starting to materialise
Foods
Naturex

DAVY VIEW

An improvement in gross and EBITDA margins resulted in good profit generation in H1. A healthy Q2 margin of 18.2% (Davy: 15.3%) resulted in a better-than-expected Q2 EBITDA out turn. Working capital improvement measures appear on track with inventories lowered. A “gradual return” to organic revenue growth is anticipated in H2, which will be bolstered by M&A. We expect to upgrade our FY 2017 EBITDA forecast, driven by strengthening EBITDA margins.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Naturex

    Closing Price: 8500c

  • RATING 25/06/15

  • PREVIOUS RATING 01/04/15

    Underperform

Analyst(S)

COMPANY DATA

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