(CercleFinance.com) – Oddo emphasizes that the objective of the Kering CMD held on June 8 and 9 in Paris was first and foremost to present the positions, approach and medium-term ambitions of Gucci, Saint Laurent and Kering Eyewear.
The group’s CFO briefly indicated that the forecast for the 2nd quarter remained difficult at this stage because it was dependent on the pace of recovery in China in June.
Oddo is maintaining its earnings forecasts, its recommendation (Neutral) and its target of €675 unchanged at this stage.
‘ The medium-term objectives communicated for the brand (turnover of 15 MdE against c.10 MdE in 2021, margin greater than 41%, i.e. above the previous high point of precisely 41% observed in 2019 and compared to a 2021 margin of 38.2 %) do not seem very surprising to us’ indicates the analysis office.
‘The turnover indicated represents an average annual growth of +8%/+9% over the next 5 years (we have +7%/+8% in our 2022-2024 forecasts)’.
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