The analysis office highlights “a very good end to the year 2021, above expectations”, with organic growth in turnover of 6.9% in the 4th quarter, when the consensus was counting on +5.3%. Over the year as a whole, the net result was 3.2 MdE (+51%) and the proposed dividend is 2.9 E (+12%).
Oddo indicates that while the consensus currently forecasts, for 2022, organic growth in sales of 6.2% and an EBIT margin of 17.6%, the group is counting on organic growth of 7-9% and an improvement in the margin of Adjusted EBITA 17.6/17.9%.
‘ After the stock’s recent underperformance (-19% since the last peak), this publication should be very well received. We believe the consensus should raise its estimates by around 5%+’, the analyst concludes.
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