SergeFerrari: sanctioned after the results

Photo credit © SergeFerrari

( — Against the trend, SergeFerrari dropped 2.9% to 10.1 euros after the publication of degraded interim accounts. Faced with the drop in demand for consumer equipment, the company achieved a turnover of 175.5 ME, an increase of +3.2% at current scope and exchange rates and of -2.9% at current constant scope and exchange rates, with a high basis of comparison (record sales volume achieved in the first half of 2022). Operating profit stood at €10.7 million, down 32.7%, impacted by continued high purchasing prices for certain raw materials and energy. The gross margin fell sharply by 350 bp to 51.1%.

For the 2023 financial year, SergeFerrari Group confirms its revised financial objectives, namely sales growth of +4% compared to 2022 and a current operating profit of between 5% and 5.5% of its turnover.

The Group will continue its cost optimization efforts initiated in its historic businesses since the beginning of the year, will adapt its cost structure to an environment that will remain demanding and will free up resources to continue the development of its high-potential Solutions activities. .

For Oddo BHF, if the medium-term growth prospects remain intact (good positioning in key markets, significant opportunities in certain niche markets such as biogas and stabilized commercial strength), visibility still seems too limited in the short term with the sharp slowdown. confirmed furniture and solar protection and potential future price pressures. The momentum should therefore still be complicated over the coming months. The broker reiterates its ‘neutral’ recommendation with a target of 14 euros.


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