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May 26 2020, 07:15 IST/BST
ARYZTA has passed through the eye of the COVID-19 storm with revenue scars highlighting the unprecedented operating backdrop. With sales declining by nearly 50% in April, ARYZTA moved quickly to adapt its capacity and operating model to ameliorate cash burn. Green shoots through May (sales down 33%) likely reflect the earlier easing of restrictions in the key North American market. However, an improving trendline will be juxtaposed against continued economic and strategic uncertainties – the latter reflecting the range of possible outcomes arising from the strategic review and upcoming shareholder requisitioned EGM. On first glance, we see c.25% downside to our FY 2020 EBITDA.
May 26 2020, 07:15 IST/BST