(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Rubis share, with a price target reduced from 27 to 25 euros, while the company published last night a net half-year result of 171 ME, up 1 % but slightly below expectations (ODDO/consensus = 175/180 ME).
Rubis was indeed impacted by significant exchange losses (-55 ME net). Oddo BHF nevertheless specifies that at the operational level, ‘the performances are generally satisfactory’ with a ROC up 32% to 323 ME.
If Rubis confirms its net income growth target in 2023, Oddo BHF is more reserved, believing that the heavy exchange losses justify more caution.
The analyst thus lowers his net profit forecast for 2023 by 7%, to 325 ME, but specifies that this estimate is “without consequence on his forecasts for the following years”.
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