(Boursier.com) — Thermador fell 1.4% to 80.3 euros the day after the publication of an annual turnover of 580.95 million euros, up +4.9% (-1.8% at constant scope) .
Following this publication, slightly below its expectations at the turnover level, Oddo BHF leaves its 2023 ROC estimate unchanged at 80 ME, i.e. an MOC of 13.8% (-60 bp). For 2024, the analyst expects a turnover of 590 ME, i.e. growth of 1.6% (+3% price effect and -1.4% volume effect) and on a ROC of 81 ME, i.e. a stable MOC at 13.8% (no margin improvement given the increase in wages: +3.5% in 2024 after +5% in 2023 and less significant price effects).
The momentum will remain particularly complicated in H1 for the group and, especially Q1, whose base effect will be very difficult (Q1 2023 +10% lfl). The start of a drop in rates, the gradual restart of the construction market and the streamlining of Maprimerenov financing for renovation projects should help the group get back on the path to growth from the second half of the year. Pending a little more visibility, the analyst maintains his ‘neutral’ recommendation on the stock with an unchanged target of 86 euros.
Portzamparc, for its part, considers that the publication is “without great surprise”, however with a speech from management considered reassuring on the group’s margins and cash position. “The end of the tunnel is near for top line growth” estimates the analyst who confirms his objective as well as his ‘Buy’ recommendation by targeting a price of 97 euros…
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