(Boursier.com) — In the wake of the market, Great rose 1.8% to 73.3 euros after being sanctioned yesterday following its quarterly publication. While the nine-month results came out up and overall in line with analysts’ expectations, Oddo BHF explains that the organic growth mix proved disappointing in the third quarter. Indeed, like-for-like revenue growth was 8.4%, with a volume effect of -2.9% and a price effect of +11.3%. Volumes had increased by +3.4% in Q1 and +0.3% in Q2. Furthermore, the adjusted EBIT margin fell by 120 bps to 20.2% over 9 months.
The specialist in electrical infrastructure was thus constrained both by its offer (still tensions on the supply chain which lead to the loss of turnover) and by its demand (start of turnaround in certain segments, in particular those exposed to consumers in Europe ). The group will have to demonstrate in the coming quarters its ability to maintain its margins in times of crisis, concludes the analyst, to ‘outperform’ on the value with a target lowered from 94 to 84 euros.
Barclays, for its part, adjusted its target from 89 to 87 euros, while reiterating its ‘overweight’ opinion.
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