Oddo BHF confirms its neutral recommendation on the value, with an unchanged target of E60, following the announcement of first-half figures.

The 19% organic increase in H1 sales for Other Dairy Products reflects a volume mix of 3.3% and a price effect of 15.7% (of which +12.6%e in Q2 vs. 19.2% in Q1).

' Sales continued to benefit from previous price increases, particularly in the retail and food service businesses overall," says the analyst.

Cheese sales remain positive in France, despite the price increases, while the volume mix is declining in Europe, with consumers preferring products at more affordable prices".
Oddo BHF has raised its estimate for organic growth from 4% to 9.3%, due to a higher-than-expected price effect in H1. Overall group sales have been adjusted by 2.5% after updating the currency impact. ROC 2023 is reduced by only 1% to 206.7 ME. Net income is reduced by nearly 8% to 88.7 ME (+29.7%), due to higher financial expenses.

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