Nomad Foods

INFORMACIÓN

Fundado en 2016 por Sir martin Frankling (ENG) tras la venta de Jarden corp. Creó Api group y Nomad.

Producción y distribución a mayoristas de alimentos congelados

Estrategia

Our strategy is underpinned by three fundamental pillars which are:

• to expand the category,
• grow the core and
• accelerate innovation.

1. Build an integrated group of best-in-class food companies and brands within existing and related food categories and expand our geographic footprint through strategic acquisitions. Our goal is to transform our Company into an integrated best-in-class, global manufacturer, marketer and distributor of food products, within the frozen food category and the broader food sector. We believe there are significant growth opportunities in the European and North American markets and that our acquisitions provide a strong platform on which to grow our business and expand and enhance our market share in the food industry in key geographic markets.

2. Focus on “Core products” as a foundation for long-term growth. We continue our strategy which is rooted in relentless focus on our Core products, which include fish, vegetables, meals and poultry, and which, represents 68% of our branded retail sales. These strategies include improving product quality, packaging renovation and executing in-store initiatives such as ensuring the right product assortment, display strategies and promotional efficiencies. We believe focusing on these Core product initiatives will accelerate growth, lead to margin expansion and improve our return on investment. To further accelerate growth, we continue to pursue innovation which leverages consumer trends such as health, wellness and convenience, but which are anchored in our core categories.

3. Align our business with consumer preferences and trends. Our goal is to create and acquire food businesses and brands that strongly align with consumer needs and preferences that have high growth and margin potential and that leverage our existing portfolio of brands. In addition, we seek to align our product innovation strategies with consumer trends such as increased demand for nutrition-packed meals that can be prepared in shorter times, vegetarian options, meat substitutes and sustainably sourced and produced food.

4. Leverage our acquisition expertise, strong management team and access to capital to identify and evaluate attractive growth opportunities. Our Founders and CEO have significant experience and expertise, and have been highly successful, in identifying, acquiring and integrating value-added businesses. We believe that this expertise, our access to capital and the deep industry knowledge of our management team will position us to acquire related and complementary food businesses that can enhance our market position, create synergies and fully leverage our existing marketing, manufacturing and supply chain capabilities, which we believe will allow us to deliver sustained profitable growth and maximize shareholder value.

5. Respond to changing consumer shopping habits and drive advertising efficiency and impact. We are responding to the growing consumer shift to digital and mobile technologies, apparent across all of our markets, by investing in technology platforms and partnering with both existing and emerging retailer partners who are executing their own e-commerce strategies to meet changing consumer habits. COVID-19 dynamics have played a part in accelerating existing consumer shopping behavior trends. Our strategies are evolving in response to other consumer shopping trends such as increased purchases through the hard discounter channel, which has been growing significantly in the UK and Southern Europe.

6. Generate strong margins and cash flow through disciplined net revenue management, supply chain optimization and disciplined cost management. We continue to increase our margins and cash flows by strengthening our revenue growth management capabilities and focusing on supply chain optimization and disciplined cost management. These efforts, which will be implemented over time, will include developing stronger promotional programs, price pack architecture and trade terms as well as continuing our focus on lean manufacturing, factory footprint optimization, and procurement productivity.

Marcas

logo	descripcion	mercados
	Birds Eye	Ireland, United Kingdom
	Findus	Finland, France, Italy, Norway, Spain, Sweden, Switzerland
	iglo	Austria, Belgium, Germany, Netherlands, Portugal
	Frikom	Serbia
	Ledo	Croatia
	Aunt Bessie’s	United Kingdom
	Goodfella’s	Ireland, United Kingdom
	La Cocinera	Spain
	Belviva	Belgium

Adquisiciones

• 2026?:
  • Iglo group por €2600M (eq. 8.5x EV/EBITDA)
• 2018:
  • we completed (i) the Goodfella’s Acquisition including the “Goodfella’s” and “San Marco” brands por €200M (eq. 8x EV/EBITDA)
  • the Aunt Bessie’s Limited acquisition including the “Aunt Bessie’s” brand. comprada por €230M (eq. 10x EV/EBITDA)
• 2020:
  • we completed the acquisition of Findus Switzerland. The transaction unifies the Company’s ownership of the iconic Findus brand across Europe
• 2021:
  • completed the acquisition of the Fortenova Group’s Frozen Food Business Group on September 30, 2021, following which the Company began an integration project which was completed in 2023. its two anchor brands, “Ledo” and “Frikom” for consideration of €641.6 million (equivalente a multiplo 10xEBITDA 2021E)

Consumidores

Our customers are typically supermarkets and large food retail chains supplying food products directly to consumers.

We consider our key retailer clients to be, in the UK, Tesco, Asda and Sainsbury’s; in Italy, Coop, Conad and Esselunga; in Germany, Rewe and Edeka; in Sweden, ICA, Axfood and Coop; and in France, Carrefour, Auchan and E.Leclerc.

For the year ended December 31, 2023, our top ten customers (in terms of revenue) accounted for 32% of revenues.

The majority of our sales are to established retailers and we expect this channel to remain our most significant channel for the foreseeable future.

The food service channel accounted for approximately 8% of our total sales for the year ended December 31, 2023. The majority of these sales were in the Nordics, Croatia and Spain and consisted primarily of sales to institutional and public sector customers such as schools and hospitals, and privately run work canteens and restaurants.

Producción

We currently operate eighteen manufacturing plants, three in Croatia, two in Germany, two in Sweden, two in Norway, two in Ireland, two in the UK and one each in Spain, Italy, France, Serbia and Switzerland.

We own and operate eighteen manufacturing facilities which are located in:

Lowestoft and Hull (UK), Bremerhaven and Reken (Germany), Cisterna (Italy), Loftahammar and Bralanda (Sweden), Tonsberg and Larvik (Norway), Boulogne-sur-Mer (France), Valladolid (Spain), Longford and Naas (Republic of Ireland), Rorschach (Switzerland), Zagreb, Sesvete, and Daruvar (Croatia) and Belgrade (Serbia).

representing approximately 77% of the total volumes of our sales. The manufacturing facilities are located near the major markets we serve, providing for a balance between manufacturing and logistics costs and customer service.

Our manufacturing facilities are focused on in house manufacturing of our main product categories and emphasize quality and efficiency through scale. We continue investing in improving the safety and quality standards of our facilities.

Materias primas

We are the world’s largest buyer of Marine Stewardship Council (MSC) certified wild caught whitefish sourcing globally and working with partners to bring to consumers nutritious, sustainable products. Our fish primarily originates from wild-caught fish in the North Pacific, predominantly from U.S. and Russian waters whereby MSC certification can be assured. Russia holds a large percentage of global fish quota and accounts for nearly 40% of global whitefish catch and up to 60% of the most popular wild caught fish varieties that we and many other companies buy, including Alaska pollock, Atlantic cod, haddock and wild caught salmon.

We are reducing our exposure to Russian origin fish, which will take some time to replace with volumes from alternative wild caught sources and therefore we are continuing in our the second year accelerating our species diversification strategy to bring a greater volume of responsibly farmed Aquaculture Stewardship Council (ASC) certified products into our portfolio.

Vegetables are sourced predominantly from Europe and poultry is sourced largely from South America (but also from Thailand and Eastern Europe).

The price of fish, vegetables and other agricultural commodities, including poultry and meat, can be volatile. We limit our exposure to price increases of raw materials by contractually securing prices for periods ranging from one month to a full year

Logistica

We outsource the majority of our distribution processes to third parties

The Brexit Trade Agreement has resulted in substantial delays at Border Control Points for all food businesses due to the new level of documentation and checking which accompany food shipments across the UK to EU

Estacionalidad

Our sales and working capital levels have historically been affected to a limited extent by seasonality.

In general, sales volumes for savory frozen food are slightly higher in colder or winter months and variable production costs and working capital will vary depending on the harvesting and buying periods of seasonal raw materials, in particular vegetable crops. For example, inventory levels typically peak in August to September just after the pea harvest and as a result, more working capital is required during those months.

The Fortenova Acquisition in September 2021 follows a different seasonality to the legacy business, with stronger performance through the summermonths behind the ice-cream business.

In October 2023, the UK and EU introduced the Windsor Framework which also layers on further restrictions in trade due to the requirement to label primary packaging with a “not for EU” label. This restricts which goods can move from the UK to the EU and will require us to run smaller volume production runs to continue supply into Europe

Sostenibilidad

Appetite for a Better World” sustainability strategy:

1. Better Sourcing
   • We prioritize fish and seafood sourced from Marine Stewardship Council (MSC) and Aquaculture Stewardship Council (ASC) certified suppliers to ensure it meets strict requirements related to stock management, impact on eco-habitats, bycatch and a range of other risk areas.
   • For agricultural crops we use the Sustainable Agriculture Initiative Platform (SAI Platform)’s global Farm Sustainability Assessment (FSA) to measure progress against our target to source all of our vegetables, potatoes, fruit and fresh herbs through sustainable farming practices.
   • We are committed to ethical trading, sourcing and procurement, upholding international standards. Our Supplier Code of Conduct applies to all our supply chain partners and includes requirements on human rights, workplace health and safety, fair business practices and traceability. We also require our direct suppliers to register on Sedex, one of the world’s largest collaborative platforms for sharing responsible sourcing data on supply chains.
   • We believe we are in compliance with all relevant environmental laws and regulations and expect our suppliers to do the same.
2. Better Nutrition
   • lobally and across Europe, obesity levels are rising and populations are consuming inadequate intakes of vegetables, fruits, fiber, essential fatty acids and certain micronutrients. This comes with an enormous health, well-being and financial toll for individuals and societies. The world needs a transformed food system: one that supports sustainable, nutritionally balanced diets for all.
   • As a company, we are committed to meeting increasing consumer demand for affordable nutritious food. We want to grow the proportion of our food that comes from healthy meal choices and nutritionally improved products.
   • Our Nutrition Manifesto sets out our eight key commitments to empower positive choices and we continuously work to improve our product portfolio using an externally verified Nutrient Profiling Tool, with the majority of our products (based on net sales) already qualifying as a healthy meal choice (HMC) – well above the food industry average. We launched a new Future of Nutrition strategy in January 2022, to reflect the evolving nature of the Nomad Foods product portfolio. This now includes Occasional Foods such as pizza and ice cream, alongside our core Everyday Foods products such as vegetables, fish, plant-based foods and chicken. We use on- pack nutritional labelling across all of our markets and in addition to improving our own product offering we participate in a number of external partnerships that seek to influence a shift towards healthier, more sustainable diets.
   • Our “Clean Labelling Policy”, which has been in place since 2003, outlines our approach to ingredient selection to ensure that all new products are free from flavor enhancers, artificial flavors and artificial colorants. Our approach to ingredient selection ensures we meet consumer demand for more familiar ingredients
3. Better Operations
   • Our significant investment in the development and promotion of meat alternatives which can play a role in the shift towards plant-based diets also forms part of these broader efforts. We also believe that frozen food more broadly, has an important role to play in helping consumers reduce their carbon footprint.
   • Our Safety Health and Environment Policy sets out our commitment to measure, manage and mitigate our environmental impact and in 2021 our emissions reduction targets were approved by the Science Based Targets Initiative (SBTi) enabling us to join the UN’s Race to Zero and support suppliers to develop their own science-based targets. This comes on the back of several years of significant emission reductions. In addition to setting clear targets for our own business which will see us almost halve emissions per ton of product, we want to ensure that the top 75% of our suppliers by emissions also develop own science-based targets by 2025. - To assess progress against our targets we measure our corporate carbon footprint annually by calculating total Scope 1,2, and 3 emissions. Our footprint covers our own operations, all owned and third-party warehousing and inbound and outbound logistics of finished goods.
   • In 2020 we joined the global fight against food waste initiative 10x20x30, which unites the world’s largest food retailers and providers to reduce food waste. For our legacy business (that which excludes the acquisition of Findus Switzerland and the Adriatic business) we have reduced edible food waste by a third since 2015.
   • We consider the total packaging system when designing packaging, recognizing that it plays an important role in terms of food safety, convenience, as well as sustainability. Under our Packaging Policy we are committed to reducing packaging volumes, using more recyclable packaging materials and promoting re-use. As driving progress on sustainable packaging is particularly challenging, this is one of the key areas of focus for our Open Innovation Portal initiative launched in 2022.
   • Our people are our greatest asset and we continue to drive a safety first mindset across our business. In 2023 we expanded our Safety First, Everyone, Everyday (SFEE) program to our Adriatic business operations (Manufacturing, Logistics and Distribution). The program resulted in a significant decrease in accidents in the region. We continue to focus on building strong fundamentals through our Nomad Safety Management System. Alongside our SFEE program we have developed a risk reduction program. In 2023 we will have completed safety audits of all of our manufacturing facilities with priority risk reduction through targeted actions and investment.
   • Our mission is to inspire, empower and equip our teams to be successful, so that everyone can learn, develop and grow and have rewarding work experiences. This includes helping our employees to nurture their health and well-being and measuring how we are doing as part of our “Our Voice” employee survey. The food system contributes a third of global greenhouse gas emissions (according to the United Nations Food and Agriculture Organization) and so we aim to source, manufacture, and sell our food to consumers in a responsible way and support the wider transformation that is needed to reduce pressure on resources and deliver a more resilient and inclusive food system.

Our portfolio is centered around great tasting and affordable fish, chicken, vegetable, and plant-based products with the majority of our products qualify as a healthier meal choice – well above the industry average.

We have set clear time-bound targets, aligned with the UN’s Sustainable Development Goals and focused on areas that have the largest impact on our business, employees and the communities that we serve, and where we believe we can make a meaningful contribution to wider efforts to tackle the climate crisis; working, of course, with our suppliers and other key stakeholders, some of whom we have worked with for decades.

We are also excited to be included in the Dow Jones Sustainability Europe Index, a recognized global sustainability benchmark, as the third highest ranking company in Europe within the food product industry group with a maximum score of 100% in Health and Nutrition for the fifth consecutive year. (2023, 2022, 2021, 2020, 2019).

We primarily design our packaging around food safety needs and environmental impact concerns, ensuring that the packaging protects the product but does not waste natural resources. Our focus is on moving to recyclable materials. However, in some places we do need to use flexible materials such as plastic where innovation is required to find recyclable alternatives.

We expect packaging to be a focus for environmental law in the coming years, with the emergence of taxes or bans on the use of single-use plastic

HCFCs are used in refrigeration systems and their use will be phased out as part of our normal maintenance, repair and replacement activities and we do not expect a need for significant incremental capital expenditures for this purpose.

Subsidiarias

We (Nomad Foods Limited) are a holding company with 51 subsidiaries (Ownership as of December 31,2023)

Name		Activity		Country of		Ownership
Nomad Foods Europe Holdings Limited		Holding		England		100%
Nomad Foods Europe Holdco Limited		Holding		England		100%
Nomad Foods Europe Finco Limited		Holding		England		100%
Nomad Foods Europe Midco Limited		Holding/Finance		England		100%
Nomad Foods Bondco Plc		Finance		England		100%
Nomad Foods Lux S.à.r.l.		Finance		Luxembourg		100%
Nomad Foods Europe Limited		Management		England		100%
Birds Eye Limited		Trading		England		100%
Nomad Foods Europe Finance Limited		Finance		England		100%
Birds Eye Ireland Limited		Trading		Republic of Ireland		100%
Iglo Holding GmbH		Holding		Germany		100%
Iglo Nederland B.V.		Trading		Netherlands		100%
Iglo Belgium S.A.		Trading		Belgium		100%
Iglo Portugal		Trading		Portugal		100%
Iglo Austria Holdings GmbH		Holding		Austria		100%
C.S.I. Compagnia Surgelati Italiana S.R.L.		Trading		Italy		100%
Findus Sverige Holdings AB		Holding		Sweden		100%
Iglo GmbH		Trading		Germany		100%
Frozen Fish International GmbH		Trading		Germany		100%
Liberator Germany Newco GmbH		Property		Germany		100%
Iglo Austria GmbH		Trading		Austria		100%
Findus Sverige AB		Trading		Sweden		100%
Frionor Sverige AB		Holding		Sweden		100%
Findus Holdings France SAS		Holding		France		100%
Findus France SAS		Trading		France		100%
Findus Espana SLU		Trading		Spain		100%
Findus Danmark A/S		Trading		Denmark		100%
Findus Finland Oy		Trading		Finland		100%
Findus Norge AS		Trading		Norway		100%
Findus Norge Holding AS		Holding		Norway		100%
Toppfrys AB		Trading		Sweden		100%
Findus Switzerland AG		Trading		Switzerland		100%
LEDO plus d.o.o.		Trading		Croatia		100%
INDUSTRIJA SMRZNUTE HRANE FRIKOM DOO BEOGRAD		Trading		Serbia		100%
LEDO d.o.o. Čitluk		Trading		Bosnia & Herzegovina		100%
IRIDA d.o.o.		Trading		Croatia		100%
LEDO Jégkrém és Fagyasztott Élelmiszer Gyártó és Forgalmazó Korlátolt Felelősségű Társaság
		Trading		Hungary		100%
Ledo d.o.o. (LEDO, podjetje za trgovino s sladoledom, zmrznjeno hrano in storitve, d.o.o.)		Trading		Slovenia		100%
Ledo d.o.o. Podgorica (Društvo Za Proizvodnju, promet roba i usluga “Ledo” d.o.o. Podgorica)		Trading		Montenegro		100%
Ledo Sh.p.k.		Trading		Kosovo		100%
FRIKOM BEOGRAD DOOEL Cucer Sandevo		Trading		North Macedonia		100%

Segmentos

UK, Italy, Germany, France, Serbia and Austria collectively represented approximately 75% of the total European Savory frozen food markets (in terms of retail sales value) and generated 69% of our revenue in 2023

Impacto macro

Since the start of 2022 we have seen huge volatility in our macro environment driven by the war in Ukraine and further Covid restrictions impacting our supply chain (e.g. China). This has resulted in the need to focus on our two most urgent challenges: significantly higher raw material prices and risks to our fish supply.

Throughout 2022, we experienced higher than anticipated input cost inflation, including higher transportation and supply chain costs which we have attempted to mitigate through pricing increases. Inflation has continued to persist throughout 2023. Our clear priorities in 2023 have been pricing for inflation and securing the future of fish, as we believe these have, and will continue to have, the biggest commercial impact on our short term and long-term success. We believe these agile commercial interventions, coupled with media investment, commercializing sustainability and accelerating our presence in discounters, will allow us to retain our existing consumer base and attract new consumers to the category and our brands. We believe these strong fundamentals will set us up for long-term sustained growth.

Accelerating costs in non-discretionary spend areas of energy, transport and housing costs has squeezed household budgets. As a result, households are looking for savings, with an anticipated reduction in eating out, entertainment and clothing. Inflation is expected to result in a decline in the number of ‘comfortable’ households which have higher incomes who are typically less impacted by inflation. Conversely, ‘struggling’ households with low incomes are expected to increase in the near future. We believe these ‘struggling’ households will manage their spend by buying more products on promotional deals, buying cheaper brands and private labels or shopping in cheaper stores including discounters. As a result of these market dynamics, we expect that discounters and eCommerce will accelerate their gain of market share. For example, we expect the growth of discounters to continue. Also, across all channels retailers are responding to these new challenges by focusing on driving value for money, including aggressive price comparisons, smaller packs and increasing private label offerings, and operating efficiency to help maintain their margins through range optimization to mitigate costs and complexity. We believe the differing consumer groups and the impact on their spending will result in ‘in-flows’ to the frozen category and our brands (gaining consumers) but we also anticipate ‘out-flows’ (losing consumers) from the frozen category and our brands.

Fundamentales

• Rev: CAGR 7Y = 7% (3% organico + 4% M&A)
• EBITDA: CAGR 7Y = 7%
• EPS: CAGR 7Y = 10%
• deuda: 2-3x

External revenue by geography
	For the three months ended June 30,		For the six months ended June 30,
	2024		2023		2024		2023
	€m		€m		€m		€m
United Kingdom	212.3		208.5		437.6		424.9
Germany	79.2		97.3		191.8		214.9
Italy	78.5		73.8		189.1		182.9
France	51.1		52.6		105.0		105.5
Sweden	31.5		31.9		67.3		70.0
Croatia	43.1		42.9		63.9		62.5
Austria	27.4		28.2		65.9		66.1
Norway	28.5		27.7		59.3		61.4
Serbia	50.7		41.3		69.7		59.7
Spain	20.2		20.8		42.5		41.4
Switzerland	17.8		18.3		39.4		39.5
Rest of Europe	112.8		101.8		205.3		191.4
Total external revenue by geography	753.1		745.1		1,536.8		1,520.2

Insiders

• CEO: Stéfan Descheemaeker
  • salario 2020 £765,000 + variable/bonus del 100% + award 3Y in the future
  • salario 2023 £820,000;
• Samy Zekhout
  • salario 2023: £483,700 + €300,000 + 10,000 acciones
  • salario 2024: £483,700 + €300,000 + 10,000 acciones
  • salario 2025: £483,700 + €300,000
  • salario 2026: £483,700 + €300,000

In 2023, each of our non-executive directors (other than Messrs. Gottesman and Franklin) received, and are entitled to receive in 2023, $50,000 per year together with an annual restricted stock grant issued under the LTIP equal to $100,000 of ordinary shares valued at the date of issue, which vest on the earlier of the date of the following year’s annual meeting of shareholders or 13 months from the issuance date. For those Directors who are members of board committees, each member is entitled to receive an additional $2,000 per year. The chairman of the Audit Committee, currently, is entitled to receive $10,000 per year and the chairmen of the Compensation and Nominating and Corporate Governance Committees, currently and respectively, are entitled to receive $7,500 per year. Messrs. Gottesman and Franklin will not receive a fee in relation to their services as Directors. Director fees are payable quarterly in arrears. In addition, all of the Directors are entitled to be reimbursed by us for travel, hotel and other expenses incurred by them in the course of their directors’ duties.

Incentivos salariales basados en “performance” (achievement of financial and other performance targets as the Company may decide).

For the year ended December 31, 2023, Nomad’s executive officers received total compensation, including base salary, cash and equity bonus, and certain perquisites, equal to €15.1 million in the aggregate.

Our executive officers who participate in our money purchase pension plans do so on generally the same terms as our other employees. The aggregate amount of the employer contributions to this plan for our executive officers during the year ended December 31, 2023 was less than €0.1 million.

Alineados, con muchas acciones y sueldos relativamente bajos.

During 2015, the Company established a discretionary share award scheme, the LTIP, which enables the Company’s Compensation Committee to make grants (“Awards”) in the form of rights over ordinary shares, to any Director, Non-Executive Director or employee of the Company. The Compensation Committee currently awards grants to Senior Management, including those that are Directors and Non-Executive Directors.

All Awards are to be settled by physical delivery of shares. The current policy of the Committee is for vesting to be both time-based and related to the financial performance of the Company. Generally, the vesting period (i.e. the period over which performance is to be measured) will be between three and five years. No Award may be granted on any date if, as a result, the total number of ordinary shares issued or remaining issuable pursuant to Awards or options granted in the previous ten years under the LTIP or any other employees’ share plan operated by the Company would exceed 10% of the issued ordinary share capital of the Company on that date.

(*) Represents beneficial ownership of less than one percent of ordinary shares outstanding.

Alineamiento con shareholdres

On August 5, 2021, the Company announced a share repurchase program to purchase up to an aggregate of $500.0 million of the Company’s ordinary shares to be executed. The Company repurchased and cancelled 3,090,082 ordinary shares at an average price of $24.50

• 2020: (300M program) 11,913,682 acciones a avg. $21.04
• 2020: (500M program) 18,061,952 shares at avg. $25.50
• 2021: (500M program)
• 2022: (500M program) 1,160,547 at an average price of $26.23
• 2023: (500M program) 11,314,705 at an average price of $16.33

On November 6, 2023, the Company’s Board of Directors authorized a new share repurchase program to purchase up to an aggregate of $500.0 million of the Company’s ordinary shares. This new program replaces the previous authorization which was established in August 2021 and finished at the end of 2023. The new program will expire at the end of 2026

Comportamiento en crisis

No hay historia suficiente. Pero el sector es predecible y resistente a crisis.

Los peers cayeron poco en 2008 (crisis financiera) y se recuperaron rápido; subieron en 2020 (Covid) por aumento de demanda excepcional, luego volvieron a crecimeintos estables.

Creció mucho en covid (2020) porque todo el mundo en casa. Luego se contrajo (por efecto del crecimien to artificial del covid) y luego volvió a niveles “normales” de crecimiento.

Control y auditorias

• 2021: Auditadas por PwC. No se encontraron defectos.
• 2022: Auditadas por PwC. No se encontraron defectos.
• 2023: Auditadas por PwC. Encuentran defecto en los Cash flows: “We identified a material weakness in the operation of effective control over the review of supporting information used to determine the completeness and accuracy of the consolidated statement of cash flows. Specifically, the operation of the control did not address the completeness and accuracy objectives that could be impacted by the use of customizable reports used in the preparation of the consolidated statement of cash flows, as well as insufficient corroboration with supporting evidence. This ineffective operation could result in errors in future presentations of the consolidated statement of cash flows, however the material weakness did not result in a material misstatement of our consolidated financial statements as of and for the year ended December 31, 2023 or prior periods.”

ANALISIS

Sector

• cuota de mercado nomad foods:
  • 2023 = 10%

Competencia

Riesgos y oportunidades

• Riesgos de la industria:
  • We operate in a highly competitive market. -Sales of our products are subject to changing consumer preferences and trends. -We may not be able to increase prices to offset inflationary pressures on costs for materials or other inputs. -We rely on sales to a limited number of large food retailers. -We may be subject to increased distribution costs or disruption of transportation services. -Our business is dependent on third-party suppliers. -Failure to adequately address current and emerging sustainability risks, including environmental, social and governance matters, could have an impact on our business.
• Riesgos de la empresa:
  • Al tener marcas de 1er nivel, su mayor riesgo son las marcas blancas
• Riesgos para el inversor:
  • The rights of shareholders under British Virgin Islands law differ from those under United States law.
  • The laws of the British Virgin Islands provide limited protection for minority shareholders.
  • British Virgin Islands companies may not be able to initiate shareholder derivative actions.

Ventajas competitivas

• Escala
• Equipo directivo
• Marca (débil)
• Plataforma de cremicimiento y M&A

Debilidades

• Sensibilidad a la inflación
• ROIC bajo y Alta deuda
• Sector aburrido
• Crecimiento medio-bajo

Riesgos

• Materias primas y cadena suministros
• Crecimiento orgánico (si el crecimiento es muy bajo, peude forzar adquisiciones y por tanto aumentar deuda/reducir FCF)
• Adquisiciones (oportunidad y riesgo, porque ofrece sinergias y por el momento compran barato; pero es complicado por lo que puede salir mal en el futuro)

Future Guidance

• Dividendos 0.15Q
• Recompra acciones
• Incremento ventas y cuota mercado
• Ajuste precio a inflación y mejora margenes

Valoración