(CercleFinance.com) – Oddo BHF maintains its ‘outperformance’ recommendation on Spartoo, despite a price target lowered from 7.5 to 6.5 euros, ‘given a very low valuation and attractive medium-term prospects for the group which delivers the plan announced during the IPO.
Following a publication for 2021 broadly in line with the design office’s expectations, the latter slightly adjusts its 2022 scenario and now expects sales of 165 million euros (compared to 159 million previously), up by 10%.
Oddo maintains its forecast of an EBITDA of five million euros for the online retailer of shoes and clothing, i.e. a margin of 3% (-70 basis points) ‘due to a J-curve effect linked to strong marketing investments expected over the financial year’.
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