(CercleFinance.com) – Invest Securities remains at ‘buy’ on Airwell, with a price target adjusted from six to 5.8 euros, after the announcement by the manufacturer of heating and air conditioning equipment of a level of third trimester activity perfectly in line with expectations.
‘The disappointment internationally (-34%) is fully offset by the faster than expected normalization of the French Overseas Territories and especially the excellent performance in France (+37% on a comparable basis)’, underlines the analyst.
“This last figure confirms the merits of the strategy based on a differentiating offer and the absence of exposure to the new residential market,” continues Invest Securities, which marginally adjusts its 2023-25 turnover estimates, without impact on results.
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