Manutan: slight increase after the announcements

( — In limited volumes, Manutan increased by 1.1% to 75 euros on the Parisian market. The company reported, for its first quarter 2021-2022, activity up 6.4% to 225.6 million euros. The group continues to implement its development strategy and in particular the extension of its storage capacities and the deployment of its digital model. He also remains active in the search for external growth opportunities.

Following this positive publication, Oddo BHF is leaving its 2021-2022 scenario unchanged at this stage, reporting revenue of 853 ME, up 4%, and a trading profit of 66.5 ME. Its positive view of the file is unchanged with an outperformance of the market which continues thanks to a good positioning and a hybrid digital/physical model (online sales above 40% of turnover) and an expected improvement in all operational indicators ( sourcing focused on Asia and development of own-brand products). For a still very low valuation (EV/EBIT 2022 close to 7x), the broker reiterates its ‘outperformance’ recommendation and its target of 100 euros.


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