Estimated price at the closing price of €24.30
Excluding 2021 turnover of €705.60 billion and net income of €4.00 billion with 4,387,757 shares in the share capital.
• therefore EPS 2021 = €0.911
• therefore PER 2021 = 26.67
at ZB, we expected a turnover of e722 billion and a net result of e12.1 billion
• Or a 2021 EPS of 3.46 to compensate for the -€3.33 in 2020 EPS.
• Or an estimated PER of 7.08
At Yahoo finance, we had anticipated an annual turnover of e700.49 billion with a net result of e2.31 billion.
So that was the most realistic forecast…
Regarding 2021 assets
• YF gives us book value per share (last quarter) at €36.06
• ZB gives us a 2021 Net Asset Value of €36.7 compared to €34.9 in 2020
ZB is expected to see net asset value pressure at:
• €39.7 for 2022
• €43.4 for 2023
Given tonight’s publication, you shouldn’t expect any immediate stock market wonders, especially since the title has been very disappointing because, in principle, in times of crisis, food companies are defensive.
The financial situation is all the more serious since, in principle, with the Covid crisis and the rise in homemade meals, Fleury Michon should have taken advantage of the crisis: outside we note that it is rather the opposite.
Is the management team rowing in the right economic direction?
It’s a question you have to ask yourself…
