After the announcement of the TOL divestment, we have updated our model on a pro-forma basis.
The EUR 130 mln divestment proceeds are lower than expected, but remember Panos and ABC are still for sale.

Regarding the conference call following the sale of TOL, we got the impression that there is no program in place regarding overhead reduction.
With TOL and other daughter companies for sale since the beginning of the year and a revenue base cut in half, we wonder why Wessanen doesn't seem to be in a hurry.
 

Please use your own estimates and convictions.

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the author has a position in this stock at the moment of publishing this article

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