(Boursier.com) — Cold shower for the shareholders of bic whose title plunged 6.5% to 63 euros at the start of the session. While the group has unveiled 2022 results broadly in line with analysts’ expectations, the forecast of a sharp slowdown in growth this year is weighing on the stock. After having seen its turnover increase by 13.8%, at constant exchange rates, last year, management has indicated that it expects growth of between 5% and 7% over the current financial year, thanks to the combined effect of price, mix and volume increases. Moreover, if the operating margin rebounded in the fourth quarter, the market expected more.
“We expect to improve adjusted operating income and adjusted operating margin in fiscal 2023, with an increase in gross margin, partially offset by continued operational investments and brand support, to deliver on our Horizon ambition and support long-term profitable growth. Free cash flow generation should exceed €200 million for the fifth consecutive year.
Bryan Garnier (‘purchase’) notes that the group clearly missed the mark in terms of operating margin in the fourth quarter but qualifies the forecasts as reassuring.
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