(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on the Bonduelle share, with an unchanged price target of 13.5 euros.
The analysis office highlights the publication of a COI of 43.1 MEe, up 56.1% (+60.9% in lfl), a figure ‘much higher than our expectations (29.3 MEe) thanks to better profitability of the zone outside Europe’, emphasizes Oddo.
In this context, net income group share amounted to E20m (-16.6%), and in particular includes a sharp rise in the tax rate and financial income (linked to the rise in rates and exchange loss of 4.5 ME) as well as MEEs (including 35% of the BALL result).
Unsurprisingly, the group is now targeting organic revenue growth of around 8% compared to 8% to 11% previously. The objective of margin stability is however maintained, reports the analyst.
According to Oddo, ‘the share price discount of 10% vs historical is justified by the lack of visibility (continuation of the war in Ukraine and impact on Eurasia activity, BFA)’.
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