(Boursier.com) — The title Manitou accuses the blow this Friday, down 4.3% to 26.35 euros. The group’s turnover in the 4th quarter of 2022 amounted to 730 million euros, an increase of +54% compared to the 4th quarter of 2021. The turnover at 12 months is 2.362 billion euros. euros, up +26% compared to 2021 (+23% on a comparable basis).
Despite a machine order book of 3.521 billion euros at the end of the 4th quarter of 2022 (2.993 billion euros a year earlier), the pressure is still strong due to the inflationary context. Manitou is therefore revising its operating margin estimate for 2022 to around 3.5% of its turnover…
Prospects displayed
For 2023, Manitou anticipates an increase in turnover of more than 20% compared to 2022… “The speech is reassuring about the state of demand, and the ‘drivers’ who will cushion a slowdown in construction environment in certain areas” commented Portzamparc. “However, we are banking on an MOP of 4.7% before this release, the Factset consensus on 4.5%, the downward revisions for 2022 and certainly 2023 are likely to weigh on a title which has just climbed 74% in 3 months, especially since the ‘news flow’ of H1 should remain mixed. We go from ‘Buy’ to ‘Hold’ by targeting a price of 27 euros” concludes the analyst.
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