奥尔克拉：我们说到做到，并且打算继续这样做

F25E17.512.416.828 May 2025115.40114.00119.40/77.901,418.18115,565136,3016M20.515.65.005/2512001300140015001600 RatingOutperformPrice TargetORK.NOAdjusted EPSORK.NO (NOK)Source: Bloomberg, Bernstein estimates and analysis.continue doing it"Orkla hosted a Capital Markets Update in Oslo yesterday, highlighting its progress towardsmedium targets set out in 2023, with key presentations from the main business unit leaders aswell as strategic vision given the rapid pace of organisational change over the past eighteenmonths. In this note we reflect on our four key takeaways from the day.Well on the way towards “New Orkla”.Back in 2023, then new CEO Nils Selte set out hisvision for a streamlined, de-centralised Orkla. Since then, two of Orkla’s 12 business unitshave been divested, along with the recent sale of Orkla Hydro. The business has delivered40% TSR, leading Selte to joke that “in a way we are done” but remaining presentationshighlighted the huge opportunities still to play for.A new leader and a new vision for Orkla Foods. New Orkla Foods boss Aku Vikströmearned his spurs at food giant Mars, and after only nine months in the role set out boldambitions for transforming the business, including to “Harvest/Exit” from around 20% ofthe portfolio for which Orkla sees sub-par growth prospects, and a “back to basics” planof pivoting from supply-driven decisions to consumer-led decision-making. Good commonsense, and encouraging signs of early progress.Ambitious plans in Snacking. Orkla Snacks is a veritable jewel in the portfolio withleadership positions in both savoury and sweet snacking. Whilst we heard similar plansof organisational design, the highlight was no doubt plans to take the stellar Bubs candybrand to the US later this year, as well as potential for hero brand Smash to expand furthergeographically too.Further untapped potential in Food Ingredients. The Orkla Food Ingredients businesshas compounded at a remarkable 10% revenue growth over more than a decade, leadingconsolidation in the industry. With funds freed up from recent divestments, we see potentialfor further M&A across Southern Europe to round out the European business.Investment ImplicationsWe continue to rate Orkla Outperform with Target Price of NOK114.See the Disclosure Appendix of this report for required disclosures, analyst certifications and otherimportant information. Alternatively, visit our Global Research Disclosure Website.First Published: 29 May 2025 01:00 UTC Completion Date: 28 May 2025 19:35 UTC F26E3.5% F24AF25EF26E6.436.596.95FinancialsF24AF25EF26ECAGREBITDA (M)10,74410,98710,871--Close DateEDMFYEDiv YieldEV (NOK) (M)PerformanceAbsolute (%)EDM (%)Relative (%)NOK130NOK120NOK110NOK100NOK90NOK8005/24 DETAILSOrkla stock is up around 24% YTD, and around 48% over the past twelve months, one of very few Food/HPC names tooutperform the resurgent European markets this year. Nevertheless, whilst not earth-shattering, we view yesterday’s update ashelpfully incremental; adding colour to the extensive re-organisational work done over the past eighteen or so months, with atantalizing glimpse of what the business is working towards becoming over the longer-term. We come away incrementally morepositive.The remainder of the note sets out our selection of key slides from the 100 or so that were presented.EXHIBIT 1:Orkla Group: 3 prioritiesSource: Company reportsEUROPEAN FOOD 2 Source: Company reportsEXHIBIT 3:Orkla Group: Performance vs targetsSource: Company reportsEUROPEAN FOOD Source: Company reportsEXHIBIT 5:Orkla Group: Portfolio categorisationSource: Company reportsEUROPEAN FOOD Source: Company reportsEXHIBIT 7:Orkla Group: Cash FlowSource: Company reportsEUROPEAN FOOD Source: Company reportsEXHIBIT 9:Orkla Foods: Portfolio overviewSource: Company reportsEUROPEAN FOOD Source: Company reportsEXHIBIT 11:Orkla Snacks: Hero brand - Smash!Source: Company reportsEUROPEAN FOOD EXHIBIT 12:Orkla Snacks: Hero brand BUBSSource: Company reportsEUROPEAN FOOD Source: Company reportsEUROPEAN FOOD Source: Company reportsEUROPEAN FOOD Source: Company reportsEUROPEAN FOOD BERNSTEIN TICKER TABLETickerRatingORK.NOOEDMO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedSource: Bloomberg, Bernstein estimates and analysis.EUROPEAN FOOD I. REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,C. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KKOn April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and researc