Rubis: Oddo BHF cuts TP after results
(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Rubis shares, with a target price reduced from E39 to E35.
Last night, Rubis reported a 24% y-o-y decline in net income (-4% on a comparable basis), below Oddo BHF's expectations, which were somewhat surprised by the divisions operating performances.
While 2024 guidance has been confirmed, the analyst has revised his earnings forecasts downwards, with EBITDA down by 4% and NI down by 15% LFL on average over 2023-2025.
The strategy pursued to date is not bearing fruit, which could prompt shareholders with an activist profile to step up their pressure, the broker concludes.
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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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Last night, Rubis reported a 24% y-o-y decline in net income (-4% on a comparable basis), below Oddo BHF's expectations, which were somewhat surprised by the divisions operating performances.
While 2024 guidance has been confirmed, the analyst has revised his earnings forecasts downwards, with EBITDA down by 4% and NI down by 15% LFL on average over 2023-2025.
The strategy pursued to date is not bearing fruit, which could prompt shareholders with an activist profile to step up their pressure, the broker concludes.
Copyright (c) 2024 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.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.