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Geberit: Oddo BHF cuts target price

(CercleFinance.com) - While maintaining its 'neutral' rating on Geberit shares, Oddo BHF has reduced its target price for them from 540 CHF to 521 CHF, following a Q2 close to expectations, while there was a cautious guidance, reflecting a construction market that is still depressed.


The implicit outlook for H2 suggests that the unfavourable momentum will continue. The share is trading on a 12-month forward multiple of almost 25x, i.e. a premium of almost 10% to its historical average, the analyst says.

The broker has reduced its 2024 and 2025 EPS estimates (-2.4% on average), incorporating a more negative currency impact, and is now targeting sales growth at constant exchange rates of 0.2% and an EBITDA margin of 29.2% (compared with 0.1% and 29.3% previously).


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