Trigano: Oddo BHF confirms 'outperform' rating
(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Trigano shares, with an unchanged target price of E158.
The analyst reports that Trigano has published 2024 results broadly in line with expectations, with previously published sales of E3,926.3m (+12.8%, +10.4% LFL) and ROC of ME 500.7 (+18.3%), slightly ahead of Oddo BHF estimates (E494.5m).
For 2025 (Sept. 24-Aug. 25), management does not give any targets, but mentions a context that remains favorable at the end of the main autumn shows and fairs, the broker says.
In this context, Oddo BHF considers Trigano's valuation to be "very low" (EV/UOP 2025e: ~4.3x vs. a historical figure of around 8x). According to the analyst, this level of multiple would imply a downward revision of ROC 2024/25e by around 40%, which seems 'too pessimistic'.
Finally, Oddo BHF points out that the takeover of Bio Habitat is expected by the end of the year, and has not yet been factored into its estimates.
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.
The analyst reports that Trigano has published 2024 results broadly in line with expectations, with previously published sales of E3,926.3m (+12.8%, +10.4% LFL) and ROC of ME 500.7 (+18.3%), slightly ahead of Oddo BHF estimates (E494.5m).
For 2025 (Sept. 24-Aug. 25), management does not give any targets, but mentions a context that remains favorable at the end of the main autumn shows and fairs, the broker says.
In this context, Oddo BHF considers Trigano's valuation to be "very low" (EV/UOP 2025e: ~4.3x vs. a historical figure of around 8x). According to the analyst, this level of multiple would imply a downward revision of ROC 2024/25e by around 40%, which seems 'too pessimistic'.
Finally, Oddo BHF points out that the takeover of Bio Habitat is expected by the end of the year, and has not yet been factored into its estimates.
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.