Emmi: H1 beat leaves shares 6% shy of all-time high
26/08/2020 08:53
** Shares in Emmi EMMN.S jump as much as 7% to 913.5 Swiss
francs after the Swiss dairy producer's H1 results beat
expectations at all levels
** Zuercher Kantonalbank expects the shares to move towards
its old high - 973 Swiss francs - and adds that Emmi is the
second most defensive listed food stock in Switzerland
** The broker says net sales at CHF 1.7 bln, EBIT at CHF 112
mln and net profit at CHF 81.3 mln came above consensus by 4%,
11% and 18% respectively
** It adds the slightly lower 2020 guidance for EBIT at
between CHF 255-265 mln is around 6% above consensus, noting
that Emmi is known for its rather conservative forecasts
** The stock is on track for its best day in five months
((elizaveta.gladun@thomsonreuters.com))