(Boursier.com) — In always limited volumes, Vranken-Pommery Monopole advances 0.9% to 16.5 euros. The company achieved a 2023 consolidated turnover of €338.4 million, up +1.2%. In a context of falling volumes on the Champagne market, the Group’s premium repositioning and the solid development of the Wines activity made it possible to achieve a slight increase in turnover, even if the ambition was 5% of growth.
Unlike Lanson-BCC, Vranken Pommery’s champagne activity is growing in 2023 with volumes falling but less than the market, explains Oddo BHF. The group is less affected by stock clearance on its main markets and has not placed a quota on vintages. The increase in value of sales of Vranken, Pommery and Heidsieck Monopole champagnes to the detriment of Charles Lafitte champagne, as well as the recovery in rosé activity in H2 should make it possible to improve the product mix and therefore the profitability of the group in 2023 .
The analyst anticipates a current operating margin of 11.7% (+140 bp) and an RNpg of 11.8 ME (+16%) which takes into account a higher financial result at -22.1 ME (vs – 19 ME in 2022) and a more favorable corporate tax rate of 28%. The group is continuing its policy of value and reduction of its debt but it remains behind its peers. On the other hand, the valuation of the stock remains less demanding than in the past. In PE and EV/EBITDA, the stock is trading at a discount of almost 40% and 20% respectively compared to its historical levels… The broker is ‘neutral’ on the value.
©2024 Boursier.com