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Sudzucker

Südzucker is 56% controlled by a cooperative of German sugar beet farmers, through Süddeutsche Zuckerrübenverwetungs-Genossenschaft eG (SZVG). SZVG is funded by a pool of capital from VSZ, a consortium of seven regional South German sugar beet growers' associations. Zucker Invest (ZI), owns 10%, and is controlled by Raffeisen Bank Coop, an Austrian financial institution. ZI represents the interests of Austrian sugar beet farmers who supply Agrana, the 42% owned subsidiary of a company controlled by Südzucker. The group has diversified away from sugar into other food products, only one of which needs much sugar in preparation. The three other segments are: Special Products (nutritional food products, frozen pizza, portion packed products, starch/starch-based products) - 29% of FY2018 group revenues, CropEnergies (bioethanol production which is sugar based) - 11% and Fruit (fruit preparations & fruit juice concentrate) - 16%. (30 Nov 2018)

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IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Südzucker: F2Q19 – Another Down Beet Update

Worth Watching: 11 Oct 2018, 5:40 AM ET - Südzucker (SZUGR: Baa2↓/BBB/NR), where we recently downgraded our opinion to Underperform relative to our European food & beverage investment grade names after a second profit warning in just over two months, announced weak results for the quar ..

September 2018 Euro Company Recommendation Changes

Euro Recommendation Changes: 30 Sep 2018, 9:26 PM ET - Our monthly report provides executive summaries for the eleven companies recommendation changes made on European companies during the month of September.
Focused

Südzucker: Profit Outlook Worsens; Move to U/P

IG Note: 20 Sep 2018, 11:36 PM ET - Südzucker's projected credit profile looks more commensurate with crossover/high yield than investment grade after the company delivered its second profit warning in just over two months. 
Focused

Barry Callebaut: F9M18 – Chocolate Rush

Worth Watching: 13 Jul 2018, 5:24 AM ET - Barry Callebaut (BARY: Ba1/BB+/NR), where we hold an Outperform opinion, reported this morning flat sales revenue and a higher volume increase than the top of its targeted medium-term growth rate range, for the nine months ended 31 May 2018 (F9 ..
Focused

Südzucker: F1Q19 – Still As Bitter

Worth Watching: 12 Jul 2018, 6:59 AM ET - Südzucker (SZUGR: Baa2/BBB/NR), where we hold a Market perform opinion relative to our European food & beverage investment grade names, announced weak results for the quarter ended 31 May 2018 (F1Q19) but maintained its previous guidance for mu ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Südzucker: FY2018 – Not Enough Sugar

Worth Watching: 17 May 2018, 7:35 AM ET - Südzucker (SZUGR: Baa2/BBB-/NR), where we have a Market perform opinion relative to our European food & beverage investment grade names, reported results for the year ended 28 Feb 2018 (FY2018). We would view today's update as a mild negative ..
Focused

Südzucker: Sugar Withdrawal

Worth Watching: 26 Mar 2018, 2:22 PM ET - Südzucker (SZUGR: Baa2/BBB/NR), where we have a Market perform opinion relative to our European food & beverage investment grade names, expects operating profits to drop by two-thirds year on year in the current financial year (y/e end of Feb 2 ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

Südzucker: F3Q18 - Sweet and Sour

Worth Watching: 11 Jan 2018, 8:04 PM ET - Südzucker (SZUGR: Baa2/BBB/NR), where we have a Market perform opinion relative to our European food & beverage investment grade names, reported mixed results for the three months ended 30 Nov 2017 (F3Q18). Although the top line increased by 6% ..

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

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