Oddo BHF reaffirms its 'outperform' rating and 178-euro price target on LDC, following the publication of better-than-expected 2023-24 results, with a 'conservative 2024-25 margin guidance due to the current competitive environment'.

The research firm notes that operating income before non-recurring items, up 23.5% to 370.3 million euros, exceeded expectations by 2%, and that a 33% increase in the dividend is proposed to the next AGM, along with a two-for-one stock split.

Oddo BHF 'continues to believe that LDC has room to adapt and revitalize volumes, while preserving margins at satisfactory levels, thanks in particular to rigorous cost management at a time when feed prices remain low'.

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