(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on Bic with an unchanged price target of 73 euros, judging that the group published ‘contrasted’ results in the 4th quarter.
During the last three months of the financial year, Bic indeed reported sustained growth in activity, at 526.7 ME, or +9.1% on a comparable basis, but also an adjusted operating profit more disappointing at 43.2 ME, or 15.8% below the Oddo estimate.
‘We retain that most of the difference with our estimates at the level of ROC Q4 is explained by Stationery with a ROC of -8.9 ME while we retained 2 ME’, underlines the analyst. At the same time, the lighter business grew by +10.9% on a comparable basis, while razors rose by +16.4%…
‘For 2023, management indicates that it expects an increase in activity at constant exchange rates of between 5% and 7%, which is slightly higher than our expectations (+4.9%) and those of the consensus (4.6%)’, reports the broker.
“In the end, this publication does not change our perception,” he concludes.
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