(CercleFinance.com) – Oddo maintains its ‘neutral’ rating on the SMCP share, with an unchanged price target of 8 euros.
The analyst highlights the 2022 results ‘of very good quality despite China’, with a 2022 turnover of 1,206 ME, an organic increase of 13.1% (oddo anticipated 13.5%, the consensus 11.4%) .
Furthermore, adjusted EBIT comes out at 111 ME slightly above expectations (ODDO BHF 100 ME CSS at 106 ME) ie a margin in line with 2021 at 9.2%.
“For 2023, the group expects mid-to high-single digit growth and an increase in the adjusted EBIT margin,” reports Oddo.
Oddo also reviews the process of the sale of 37% of the capital by GLAS (the trustee which holds 29% of the capital) and AlixPartners (the board which manages the 8% pledged but not recovered by GLAS so as not to have to launch a takeover bid) .
‘A press release specifies that the operation is only at a preliminary stage and may not succeed’, reports the broker.
Indeed, while a leading investment bank has been mandated to find a buyer, questions surround the 16% of the capital held by Dynamic Treasure Group, today frozen by court decision.
The situation could thus remain frozen ‘because we do not think that an actor would risk initiating a takeover bid without having the certainty of being able, even theoretically, to reach a squeeze-out, i.e. 90% of the capital’ , Oddo analysis.
Nevertheless, ‘the fact that the process has been launched may indicate that the creditors have information on the evolution of the situation of the 16%, while on our side we have no new information on the subject’, concludes the analyst.
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