(Boursier.com) — At Seb rises 1.8% this Friday to 113 euros, while sales for the first half are 1,893 ME, or + 7.3% on a comparable basis. The group highlights the solid performance of the Consumer division at +5.8% and the Professional section at +18.5%.
The operating profit from activity is 111 ME vs 65 MEUR in Q1 2023, or +70%. Enough to highlight a clear increase in the operating margin to 5.8%, +2.2 points.
The 2024 outlook is confirmed, including an operating margin close to 10%.
Portzamparc remains favorable to the file, emphasizing that the start of the year confirms the trajectory planned for 2024… The impact of foreign exchange should also be less heavy in the coming months. Furthermore, the return to organic growth in mature countries should be confirmed, as should the expected recovery in China. Enough to target an MOPA of 10.3% this year and a target price of 125 euros.
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