Headline results from Sudzucker’s (SZU) Q2 out-turn were previously released in an ad hoc statement in September, which included a material reduction in FY2019 guidance. Pressure from surplus European production (SMY 2017/2018), weak global benchmarks and poor crop conditions mark a perfect storm for European sugar processors – possibly prompting the next phase of liberalisation to include a more radical review of operational footprint. While we see upside risk to our FY2019 forecasts (low base), the focus of investors remains the duration of European sugar market dislocation and what might materialise as a ‘normalised’ mid-cycle sugar price.
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