(CercleFinance.com) – The group announced a turnover of €8,006 million, an increase of 0.6%, including 5.3% at constant scope and exchange rates. This figure is in line with the estimates of Oddo BHF which expected 8,006.1 ME (consensus: 8,009 ME).
Following this announcement, Oddo BHF confirms its Outperform opinion with a price target of E127.
This development is consistent with management’s expectations (organic growth of around 5%) underlines the analysis office.
‘ For the whole of 2023, the group specifies its ROPA objective and now expects ROPA to increase by at least 15% (compared to at least 10% previously), or at least €713 million; margin of 8.9%; +110pb) ‘ indicates Oddo BHF.
‘ These developments are generally consistent with our expectations (ROPA 710 ME in our opinion; consensus 703 ME). Our estimates are based on turnover increasing by 4.6% LFL (consensus: +4.8%) with a Ropa margin of 9.5% (Consensus: 9.8%).
Copyright © 2024 CercleFinance.com. All rights reserved.
The information and analyzes distributed by Cercle Finance only constitute a decision-making aid for investors. Cercle Finance cannot be held responsible directly or indirectly following the use of information and analyzes by readers. It is recommended that any uninformed person consult a professional advisor before making any investment. This indicative information does not in any way constitute an inducement to sell or a solicitation to buy.
Did you like this article ? Share it with your friends using the buttons below.
