Richemont: Oddo BHF raises target price
(CercleFinance.com) - Oddo BHF maintains its "neutral" rating on Richemont shares, while increasing its target price for them from 140 CHF to 150 CHF.
Richemont reported annual sales of E19,953m (+14% y-o-y as reported), with Q4 growth of +22% as reported (Q3 at +5%), with annual EBIT of E5,031m (margin of 25.2%, compared with 22.4% in the previous year, LFL).
Oddo BHF was expecting lower sales of E19,428m with Q4 growth of +8.6% cc and lower EBIT of E4,880m.
Analysts say that the positive difference compared to forecasts is visible - it reaches +2%/+3% with sales growth over the last quarter that is nearly 10 pt above expectations.
True to form, Richemont has not communicated any forecasts for the future, although this does not prevent Oddo BHF from raising its sales/EBIT forecasts by +5%/+6% respectively, with the broker believing that the first part of the financial year is looking good.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Richemont reported annual sales of E19,953m (+14% y-o-y as reported), with Q4 growth of +22% as reported (Q3 at +5%), with annual EBIT of E5,031m (margin of 25.2%, compared with 22.4% in the previous year, LFL).
Oddo BHF was expecting lower sales of E19,428m with Q4 growth of +8.6% cc and lower EBIT of E4,880m.
Analysts say that the positive difference compared to forecasts is visible - it reaches +2%/+3% with sales growth over the last quarter that is nearly 10 pt above expectations.
True to form, Richemont has not communicated any forecasts for the future, although this does not prevent Oddo BHF from raising its sales/EBIT forecasts by +5%/+6% respectively, with the broker believing that the first part of the financial year is looking good.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.