(Boursier.com) — Guerbet gains 1% to 19.2 euros the day after the presentation of 2022 revenue of 753.3 million euros, up 2.9%, and down 1.1% at exchange rates constant. In 2022, activity at the Raleigh industrial site (North America) suffered a slowdown which affected sales worldwide, mainly due to production delays for Optiray and pre-filled syringes.
Despite the shortfall in terms of turnover linked to the temporary drop in production in Raleigh, Guerbet confirms that it is able to post an EBITDA margin of between 13 and 14%, excluding exceptional costs linked to the optimization of the Group’s operating plan and the evolution of the sales model in China. Despite the persistence of inflationary pressures which affect its supply costs (mainly iodine), management is confident about 2023, a year for which growth of more than 5% in sales on a like-for-like basis and rate is targeted. constant exchange rate.
Oddo BHF explains that fourth quarter revenues came out lower than expected but also notes that the EBITDA margin target has been confirmed for 2022. It seems that the group has started some interesting initiatives (strategic review on the RIT, acquisition of Intrasense to develop AI solutions), and has a growth driver with Elucirem. However, the analysis underlines that cost inflation will still be material in 2023 (in particular wages and iodine) and the Elucirem ramp-up will be more visible in 2024. On the stock market, the situation is not simple, because 2023 should be impacted by the rise in wages and iodine (H1 23): in fact, the improvement in volumes (end of the difficulties in Raleigh and effect of the launch of Elucirem) could be largely absorbed by inflationary factors. On the other hand, 2024 would undoubtedly be better (increasing contribution from Elucirem and less inflationary effect). In fact, the stock market issue would become more based on timing, says the analyst, ‘neutral’ on the file.
Portzamparc downgraded the ‘hold’ value with an adjusted target of 20.2 to 20 euros. “Impacted by production rates that are slow to normalize in Raleigh (Am. Nord), Guerbet publishes annual sales below expectations and misses its guidance. Initially expected at the end of 2022, this return to normal is now envisaged by the end of end of Q1 2023 by management”, underlines the stock exchange.
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