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Berenberg slightly lowers target price on Hilton Food following Fairfax Meadow sale
(Sharecast News) - Analysts at Berenerg lowered their target price on Hilton Food Group from 1,100p to 1,090p on Monday following its divestment of Fairfax Meadow, noting that it was part of a broader strategic evaluation of its strengths, which it reckons the market should be encouraged by. Berenberg said Hilton Food's actions as part of this strategic evaluation will result in it focusing on its core aptitudes, moving away from non-core competencies. Ultimately, Berenberg expects the result of this process to be "a simpler, more effective" Hilton Food, and that is a more attractive proposition for major retailers to partner with.
"We have adjusted our earnings forecast to remove the projected contribution from Fairfax Meadow. We have lowered our FY 2026E forecast by £200m at the revenue level and c£8m at the pre-IFRS adjusted EBITDA level. We now project FY 2025E net debt (excluding leases) of £124m, for net debt/adjusted EBITDA of 0.8x, -0.1x versus FY 2024," said the German bank, which kept its 'buy' rating on the stock.
Berenberg added that Hilton trades on a 10.5 times 12-month forward price-to-earnings ratio, more than one standard deviation below its long-run historical average.
Reporting by Iain Gilbert at Sharecast.com
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