With a turnover of 7.1 billion euros in 2024, Savencia is the fifth largest cheesemaker in the world, with sales split roughly three-thirds between France, Europe and the rest of the world, where the company has a long-standing presence in South America.
While Caprice des Dieux, which launched the former Bongrain group, can be found in unlikely corners of the planet, the Savencia plateau, which supplies supermarkets and shops, also includes local and artisanal specialties, such as Etorki from the Pyrenees, Époisses, Poitou goats or a formidable organic blue cheese from Oregon in the United States.
Cheese, however, only accounts for 56% of the business. The Other Dairy Products division includes creams and butters for mass consumption (Elle & Vire), catering, and industry, as well as milk proteins for infant and animal nutrition and pharmaceuticals.
This diversity of products, customer types, and geographic outlets partially protects the group against its high exposure to raw materials, particularly milk. Its price, currently high in France, Savencia laments in its April 24 press release, works against cheeses, for which recent negotiations with major retailers have been laborious, with delistings in the first quarter contributing to the 3.3% decline (on a comparable basis) in cheese sales as of March 31. However, other products benefited from high prices and grew by 6.6%.
Last listed cheesemaker
Well managed, Savencia generates an operating margin that is certainly modest, but which has increased by 2024 from 3.1% to 3.3% (to 3.8% for cheeses). The group also has little debt, amounting to 17% of its equity. Enough to continue its acquisitions, or to continue buying back its shares (treasury stock reaches 4.8%)… until a delisting? The group of the discreet Bongrain family (which controls 66.6% of it) is the last cheesemaker listed in Paris.
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