(CercleFinance.com) – Oddo does not wish to modify its forecasts at this stage. The analyst expects organic revenue growth close to +10% cc in the 2nd quarter after +27% in the 1st quarter.
‘ The group could perhaps do a little better than the +11%/+12% expected by the consensus. We expect modest growth over the quarter in leather goods at +3.5% y/y cc due to China’.
Oddo anticipates an EBIT margin of 37.3% (compared to 40.7% in H1 2021 and 38.1% in H2). ‘ For the year as a whole, we expect a margin of 36.5% (H2 forecast at 35.7%) but the group seems to us to be able to reach or slightly exceed the 37.1%/37.2% reflected at this stage by the consensus Visible Alpha or FactSet ‘ indicates the analysis desk.
Oddo confirms its Outperformance opinion and adjusts its target from E1500 to E1350.
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