(CercleFinance.com) – Spartoo published on Monday evening, for 2021, an adjusted EBITDA down 12.7% to 5.5 million euros, i.e. a margin of 3.7% for a turnover up 12.2% to 150.3 million, performance in line with Oddo BHF’s expectations.
Following this publication, the design office slightly adjusts its 2022 scenario and now expects a turnover of 165 million euros (against 159 million previously), up 10%, and maintains its forecast of an EBITDA of five millions of euros.
Oddo BHF remains at ‘outperformance’ on Spartoo, despite a price target lowered from 7.5 to 6.5 euros, ‘given a very low valuation and interesting medium-term prospects for the group which is delivering the announced plan during the IPO’.
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