(News Bulletin 247) – Oddo maintains its ‘neutral’ rating on the Bonduelle share, with a price target raised from 13.5 to 14.6 euros.
The analysis office indicates that the price increases with a maintenance of volumes made it possible to compensate for the inflation of costs in H1 in Europe.
Nevertheless, BFA’s turnover fell by 9.2% with a marked decline in Bowls of 13.5% in a shrinking market. ‘The group indicates that there is a transfer of consumption towards Kit salads in the current inflationary context’, reports the broker. In this context, the group expects BFA to return to equilibrium in 24/30 months.
Deeming this publication to be ‘encouraging’, Oddo indicates that it is marginally revising its sales forecasts and raising that of the ROC for 2022/23 and 2023/24 by 7.5% and 11.5%.
‘We are targeting a margin of 2.6% (+20bp) in 2022/23, slightly above the guidance that we consider a little cautious. The NIpg is on the other hand adjusted by -38% after having included an exceptional charge of 7 ME, financial expenses and a higher IS rate, ”concludes the analyst.
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