(Boursier.com) — Catana fell by 7.3% to 6 euros the day after its annual point. While net profit increased, operating margin declined to 12.4% (vs. 15.8% in 2022), reflecting the integration of Composite Solutions, a disruption in overall productivity (mainly due to supply chain disruptions). supply) and the impact of inflation.
“If order intake in the fall remained correct, uncertainty is required. It requires great caution regarding commercial activity in 2024 and its possible impacts on the pace of business in subsequent years. Development potential remain numerous in all areas where the Group operates and the visibility of the order book, although reduced, nevertheless remains sufficient to properly manage industrial organizations”, announced Catana.
For TP ICAP Midcap, despite the pressure on the operating margin, the group’s profitability remains solid. The analyst believes that the group will be able to return to 2022 operating margin levels by 2025, by optimizing its supply chains, its overall production and thanks to the launch of the YOT brand, of which a second model will be launched during the current financial year. The group’s net cash position provides it with good room for maneuver at this stage of the development of a completely new concept… Following the update of its estimates and comparables, the broker confirms its buy recommendation ‘ and adjusts its objective from 9.7 to 9.1 euros. According to him, the group remains significantly undervalued compared to its peers (EV/EBIT 2024 of 4.3.x; -24% compared to a mix of comparables), for a company with a diversified brand portfolio and a valuable long-term asset base.
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