(Boursier.com) — SergeFerrari Group lost 5% to 12.3 euros despite a fairly good publication. The company saw its half-year operating profit reach 15.9 ME compared to 14 ME in the first half of 2021, for revenues of 170 ME, up +17.5% at current scope and exchange rates and +15.9% at constant scope and exchange rates. The group recalls having mitigated the impact of the increase in raw materials by partly passing on the rise in its costs to its selling prices and has continued to rigorously manage its overheads.
Management has confirmed that it is aiming for consolidated revenue of 335 million euros in 2022 and will remain particularly vigilant regarding the availability and price trends of energy sources over the coming months.
Oddo BHF explains that despite a difficult market environment (rising energy costs, high inflation of raw materials and transport, etc.), Serge Ferrari posted a solid half-year operating performance, mainly supported by: a good level of activity driven by well-oriented demand in the group’s main markets; a favorable product mix (development of the Sun Protection and Furniture activities contributing to growth); good pricing power and good control of operating expenses. For a very reasonable valuation (VE/EBIT 2023 less than 8x), the analyst maintains his recommendation to ‘outperform’ with an unchanged target price of 18 euros.
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