(BFM Bourse) – The specialist in online furniture sales will publish its 2022-2023 annual accounts this Tuesday. The opportunity to take stock of the repercussions of the judicial liquidation of Habitat, Vente-Unique.com ensuring the logistics for the recently disappeared brand.
Vente-unique will be on deck this Tuesday. The specialist in online furniture sales will present its 2022-2023 annual accounts (closed at the end of September). And for TP ICAP Midcap, the Cafom subsidiary is expected to “publish well-oriented annual results thanks to the return of growth”.
The optimism of the financial intermediary comes a few months after an already convincing publication. At the beginning of November, Vente-unique had already given some more than encouraging signs on the content of its 2023-2024 accounts, during its activity update for this same financial year ending at the end of September 2023.
The group created in 2006 and listed on Euronext Growth since 2018 has indeed published a turnover increasing by 13.1% (in published data) to 162.25 million euros. Better yet, Vente-unique had at the same time raised its adjusted Ebitda margin target (gross operating surplus) to more than 8.4% for the whole of 2022-2023. This represents a strong increase compared to that achieved during the 2021-2022 financial year (5.8% of turnover for the company Vente-unique.com SA).
The company therefore manages to stand out in a complicated environment for distribution players specializing in clothing, cultural products and home furnishings. And for Florent Thy-thine, head of equity research at TP ICAP Midcap, the group can still benefit from the difficulties of players in the sector “while its financial situation remains remarkably healthy”.
An opportunity to take stock of Habitat
Speaking of difficulties in the sector, the upcoming publication is also an opportunity to take stock of Vente-unique, a few days after the judicial liquidation of Habitat, made official at the end of December.
The specialist in online furniture sales has in fact managed the logistics of the recently disappeared brand since the acquisition of Distri Service at the end of 2022, recalls TP ICAP Midcap in its note published this Monday.
The end of Habitat will therefore have a snowball effect on Vente-unique activity. “The logistics subsidiary Distri Service achieved 6.7 million euros in turnover for the 2022-2023 financial year, mainly on behalf of Habitat,” recalls Florent Thy-thine, head of equity research at TP ICAP Midcap. “The disappearance of the brand would therefore eliminate most of this turnover, which would not be compensated in the short term,” continues the specialist.
The cessation of this logistics activity on behalf of Habitat leads the specialist to review its estimates for the 2023/2024 financial year, with current operating income lowered to 10.9 million euros, compared to a previous estimate of 11, 5 million euros. And out of caution, the specialist does not include compensation from the marketplace activity (products sold by partners on the Vente-unique site, Editor’s note) but does not rule out “a nice surprise” however.
“The valuation still seems reasonable to us while the first quarter looks good,” explains TP ICAP Midcap. The Cafom subsidiary indicated at the beginning of November that it was counting on a good start to the year 2023-2024, namely double-digit growth (greater than 10%) at the end of its first quarter, i.e. the period covering October to December 2023.
On the basis of these elements, the research office thus renewed its purchase opinion on Vente-unique this Monday morning as well as its price target at 15.9 euros. A target which shows an upside potential close to 30% based on current prices, i.e. 12.25 euros around 3:00 p.m.
Sabrina Sadgui – ©2024 BFM Bourse
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