May. 8 at 9:19 PM
$NOMD Fitch:
EBITDA Recovery From 2027: We assume that completion of the price negotiations, optimisation of commercial activities, and alignment of shipments to the trade with end-customer demand from 2H26, will help return revenue growth to the low single digits from 2027. This, together with the EUR200 million three-year savings programme launched in 2025, will lead to EBITDA margin recovery to 15%-15.5%. This will still remain under the historical average of 16%, constrained by expected investments in promotion, marketing, innovation, and merchandising, by using a large part of the savings...
Even they see recovery. Btw as I showed before debt is NOT an issue. Only a smaller portion of bonds will see interest bump, rest refinanced successfully in what 22 pushed out to 28/29. Dividend payout ratio solid. Buybacks create enormous value for shareholders down here.
