(CercleFinance.com) – The analyst underlines that with a turnover down -3.2% in the 1st quarter and a 2nd quarter which promises to be weak (Credit Suisse +1.5%) to reach a annual turnover of +11-13% in line with forecasts, it will require growth of more than 22% in the 2nd half.
“We consider this very unlikely in the context of slowing global consumption, even if Chinese demand improves. We expect sales growth of 8% for the year, EBIT margins of 9.0% and an EPS decline of 4% to 9% below consensus,” says Credit Suisse.
The analysis office confirms its advice to Underperform on the title and lowers its price target from 205 E to 193 E.
“Even with slightly better than expected sales in North America and EMEA, there are few signs of improved brand awareness relative to peers,” says Credit Suisse.
‘Although shares are down 25% since the start of the year, they do not seem particularly cheap compared to their peers, with a PER of 22 times for the current year’ adds the analyst.
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