(AOF) – Oeneo is stable at 11.9 euros the day after the publication of disappointing turnover for the third quarter of 2023-2024. Over this period, as expected, its sales fell sharply by 19.7% to reach 71.3 million euros. At the same period, a year ago, Oeneo recorded record activity, up 15%, driven by high customer orders. The group anticipates an annual current operating margin rate for the financial year identical to that of the first half, i.e. 13.1%.
Its “corking” activity (turnover of 46.7 million euros for this third quarter, down 23.8%) remained penalized over the period by stock adjustments in distribution channels and by a difficult economic situation. for the customers. The “breeding” activity (barrels) (turnover of 24.6 million euros for this third quarter, down 9.2%) shows a less marked decline.
This quarterly development brings Oeneo’s 9-month 2023-2024 turnover to 225.6 million euros, a decrease of 13.9% compared to the same period 2022-2023 (-13.6% at constant exchange rate).
Oeneo: TP Icap Midcap reduces its price target
Following these quarterly revenues, TP Icap Midcap maintains its Hold recommendation on Oeneo by lowering its price target from 14 to 12.50 euros.
After a worse third quarter than expected for Oeneo, the broker “once again lowered its estimates, with an annual turnover forecast reduced by around 10 million euros to 305.8 million euros and a current operating margin reduced to 40.2 million euros (compared to 43.1 million euros previously), or 13.1% of turnover.
It is in line “with the new margin guidance communicated by the group which now anticipates for the entire financial year a current operating margin rate equivalent to that of the first half, while a lull on the price front of raw materials had until then given hope for a slight improvement in the second half of the year”, specifies the analyst.
In terms of prospects, the company specializing in cooperage and wine corking anticipates a better-oriented fourth quarter, linked to the expected return of orders from distributors in “corking” and to a more favorable basis for comparison.
Oeneo will publish its annual turnover for the 2023-2024 financial year on May 13, 2024.
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