(CercleFinance.com) – Analyst finds recent data from the US, Europe and emerging markets (excluding China) reassuring and presents upside outlook for FY22 .
Credit Suisse also expects an increase in FY2023 organic growth guidance driven by price/mix, which more than offsets volume moderation below trend.
‘Our guidance for FY22/23 organic revenue and EBIT growth remains broadly unchanged, but we are raising our FY23/24 EPS by approximately 4-5% to account for the recent weakness of the pound sterling’ indicates the analysts’ office.
‘Our FY23 EPS is now 11% above consensus, including 4% organic growth (price/product mix in the US and recovery in Asia Pacific) and 7% growth due to currency exchange’ .
Credit Suisse lowers its target price to £44 (from £47) but confirms its advice to buy the stock.
‘ For FY22, we expect organic revenue and EBIT of +18.7%/+24%, beating consensus of +17.3%/+21.6%, driven by the recovery of consumption in Europe as well as positive data in Africa and Latin America,” adds Credit Suisse. ‘We expect organic revenue of +8.2% for FY23 (consensus +6.2%)’.
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