Equity Market Digest
29 September 2016

Aryzta 2016 Results, Buy confirmed

Aryzta published yesterday its 2016 numbers. We believe its contracts’ renewal impact is now behind and that 2017 will be a year of stabilization and consolidation.With a 12m P/E of 12.2X and an EV/EBITDA 2017E of 8.4x, the stock remains cheap. Buy.

At Banque Morval we focus on offering personalised wealth management solutions.

Our mission is to meet the best expectations of our clients, safeguard their assets and detect the best investment opportunities.

We are present in Switzerland since 1989 with offices in Geneva and Lugano.