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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (50138)	8/13/2013 10:02:15 AM
From: Spekulatius	Read Replies (2) of 78628

BON.PA @17.71 Euro. similar story than BH.PA, another underearning french Food producer <g>. BON.PA is the largest vegetable producer on the world. I think it is comparable to SENEA in the US. Their profitability is better than BH.PA but still fairly low. They are expanding out of Europe (US mostly) and make ~35% of their revenues but ~55%of their profits there. The stock went down when they reported on tough conditions in Europe (no surprise there) but earnings are still supposed to rise YOY. The yahoo numbers seem to be about correct. finance.yahoo.com My notes state ~500M€in equity, 600M € in net debt (rather high), 175M€ EBITDA /110M€ EBIT. This is a family run business basically. The bull case is that they are expanding ex Europe where the margins are better and over time, that should overcome the weakness in Europe.

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