(News Bulletin 247) – Oddo BHF reiterates its ‘underperformance’ opinion and its price target of 413 Swiss francs on Geberit, saying that ‘price support is eroding, cost adjustment is becoming more difficult and permits construction in Europe remain in the wrong direction’.
‘The publication of the second quarter and the EBITDA margin up 300 basis points to 30% demonstrate that Geberit has not lost its best-in-class qualities’, nevertheless judges the analyst the day after the manufacturer’s half-yearly sanitary facilities.
According to Oddo BHF, ‘the second quarter should certainly be the low point in terms of volumes (-25%) and the group should start to benefit, from the fourth quarter, from more favorable base effects’.
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