(Boursier.com) — Interparfums resumed nearly 5% to 54.80 euros on Wednesday, while Kepler Cheuvreux raised its recommendation to “buy” on the file in the wake of annual results that emerged “much above expectations” with in particular a net result group share in up 40% compared to 2019, to 71.1 million euros. The COI amounted to 100.9 ME, up 35%, for revenues of 560.8 ME (+16%). The gross margin reached a record level of 65.2%, thanks to good control of production costs and the increase in the contribution of the American subsidiary. The management proposes the payment of a dividend of 0.94 euro per share, or 75% of net income for the year, as well as a new free allocation of shares next June.
Management has not provided, at this stage, guidance for 2022 due to shipping difficulties in the USA (40% of sales) linked to a change in order processing software, the resolution of which is expected in Q2, the situation in Ukraine/Russia and the persistence of supply tensions.
However, Oddo BHF continues to find the stock expensive (P/E: 52x against 18x for Richemont, 23.5x for Moncler and 17x for Burberry). The context mentioned by the management alters the momentum, but does not call into question the dynamics of the American market or the fundamentals of ITP (flexible management, portfolio balance, cash situation, etc.). The broker remains ‘neutral’ on the action with a target of 67.5 euros. For its part, Midcap Partners adjusted the target to 78 euros while remaining on the buy side.
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