(News Bulletin 247) – Oddo believes that the group’s activity should appear robust over the last quarter. The analyst raises his price target to 2280p (from 2130p) but confirms his opinion of Underperformance.
‘China should be back to double-digit growth and the rest of Asia is holding up very well with a return of tourism, particularly in Japan and Hong Kong and Macao, which more than offsets a deceleration in growth in Korea’ indicates analysis office.
The analyst thinks that like-for-like growth in retail sales in the 4th quarter could come out in double digits, whereas he was initially counting on +6.5% (the Visible Alpha consensus was slightly above at +9%, according to Oddo).
‘ This rise in retail sales also leads us to raise our adjusted EBIT margin assumption from 19.7% to 20.3% for March 2023 and from 20% to 20.9% for March 2024. In the end, we are revising our sales forecasts by +2% on March 2024 and +3% on March 2025 and March 2026 and adjusted EBIT of +4% on March 2023 and +7% on March 2024 and 2025’ adds the analysis office.
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