(Boursier.com) — Interparfums drops 8% to 60 euros despite the presentation, on Wednesday, of annual results “much above expectations” with in particular a net profit group share up 40% compared to 2019, to 71.1 million euros. The COI stands at 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.
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 is ‘neutral’ on the action with a target of 67.5 euros. For its part, Midcap Partners adjusted the target from 77 to 78 euros while remaining on the buy side.
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