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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Nestlé    NESN   CH0038863350

NESTLÉ

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Nestle : Lavazza listing not on menu for Italy's largest coffee maker

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05/28/2019 | 10:04am EDT
FILE PHOTO: Lavazza coffee boxes are displayed in the new Lavazza Museum in Turin

PARIS (Reuters) - Italy's largest coffee group Lavazza has no plans for a market listing and is focused instead on organic growth and integrating companies it bought last year, vice-president Giuseppe Lavazza told Reuters.

Lavazza, which wants to generate 70% of group revenue outside Italy by 2021, views the United States, France, Germany, Britain, Australia, Russia and Poland as key regions for future expansion, Giuseppe Lavazza said on Tuesday.

With revenue of just under 2 billion euros, Lavazza remains well behind industry leaders Nestle, JAB Holdings and Starbucks, and has long been suggested as a possible IPO candidate.

But while he would not rule out a stock market listing at a later date, Lavazza said a flotation was not currently on the cards.

"For now, our projects are already well funded through our internal resources. A listing is always a possibility but it's not on the radar, not even on the medium-term radar," he said.

Asked about acquisitions, Lavazza told reporters at an event on the sidelines of the French Open tennis tournament: "Nothing is on the table for now. 2019 will mostly be a year dedicated to organic growth and integrating companies we bought last year."

The 124-year-old company, founded by Luigi Lavazza in Turin, has grown through overseas acquisitions in recent years, gradually reducing its reliance on Italy which accounted for 36 percent of group sales in 2018.

Asked if a bond might be used to fund further growth, Lavazza said: "If it was necessary to do something very important, of course we would consider all financial tools available."

NITRO COFFEE FOR MILLENNIALS

France, where the group made sales of 407 million euros in 2018 and employs 600 people, is Lavazza's second-largest market. The company's 2016 acquisition of the Carte Noire brand made it the leader in the French coffee market where Carte Noire has a market share of 15.2% by volume.

In a bid to capitalise on Millennials' growing thirst for chilled coffee drinks, Lavazza plans to launch Nitro Cold Brew - cold brewed coffee infused with nitrogen - machines in 500 French bars, restaurants and hotels in September.

The Millennials view cold brew coffee as an healthier alternative to soda and energy drinks and also use it in cocktails.

(Reporting by Dominique Vidalon; Editing by Alexander Smith and Kirsten Donovan)

By Dominique Vidalon

Stocks mentioned in the article
ChangeLast1st jan.
LONDON COFFEE -1.07% 1765 End-of-day quote.0.00%
NESTLÉ -1.06% 102.6 Delayed Quote.29.95%
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Financials (CHF)
Sales 2019 94 769 M
EBIT 2019 16 680 M
Net income 2019 11 795 M
Debt 2019 32 181 M
Yield 2019 2,56%
P/E ratio 2019 25,5x
P/E ratio 2020 23,2x
EV / Sales2019 3,47x
EV / Sales2020 3,34x
Capitalization 296 B
Chart NESTLÉ
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 104,56  CHF
Last Close Price 102,60  CHF
Spread / Highest target 17,0%
Spread / Average Target 1,91%
Spread / Lowest Target -14,2%
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Managers
NameTitle
Ulf Mark Schneider Chief Executive Officer & Director
jeff hamilton President
Paul Bulcke Chairman
Magdi Batato Executive Vice President-Operations
François-Xavier Michel Marie Roger Chief Financial Officer & Executive Vice President
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