Davy Research

Südzucker

Q2 results as expected with guidance maintained; significant uncertainties remain
Foods
Südzucker

DAVY VIEW

As expected, SZU has delivered a strong Q2 result, with operating profit up 29.6% year-on-year (yoy), driven by a significant increase in Sugar segment (+146%). Full-year guidance range has been maintained. However, significant uncertainty remains as to how European sugar processors will adjust to recent market liberalisation. Favourable beet growth will drive campaign days, which may further pressure sugar pricing.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Südzucker

    Closing Price: 1744c

  • RATING 10/10/17

  • PREVIOUS RATING 03/06/15

    Outperform

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