(CercleFinance.com) – The share soared by nearly 16% after the announcement of its results and its forecasts for 2022. 2021 sales rose by 11% to 6.67 billion euros (in line with expectations of Oddo). Adjusted EBIT came out at 431 ME (or a margin of 6.5%), totally in line with Oddo’s expectations (and in line with the consensus).
The analyst points out that around 3.8 MdE or 23% of the order book as of December 31, 2021 (we estimated the group’s exposure to Russia around 20%) is linked to projects in progress in Russia , and will be impacted by the current crisis.
‘Taking the mid-range (without Russia) and an EBIT margin of 6.5% in 2022 (floor communicated by the group) this results in an EBIT of 341 ME (consensus with Russia 454 ME)’ indicates Oddo.
The analysis office confirms its recommendation for Outperformance with a price target of 18 E on the stock, which is part of its Convictions Midcap S1 2022 list.
‘By bringing Russia to 0 in contribution this year, the consensus could adjust by -25% whereas since the start of the events in Ukraine, the stock has lost 40%’ adds Oddo.