Colruyt: Oddo adjusts target price
(CercleFinance.com) - Oddo has adjusted its target price for the Coruyt stock to 39 euros (vs.
37 euros) and has confirmed its Reduce rating.
Analysts say that they cannot justify the stock trading at a 26% premium relative to the sector, based on our estimates for 2019, for a group that has reported no growth for 7 years now. The end of the share buyback plan could lead to finding a more rational valuation.
The group announced consolidated revenues of 9,031 million euros, up 3.4%, including 2.8% in organic terms, excluding gasoline, in line with Oddo's expectations. Underlying net income, group share of 351 million euros (+ 0.9%) is in line with the guidance (and 5% above Oddo's forecast of 331 million euros).
Copyright (c) 2018 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.
37 euros) and has confirmed its Reduce rating.
Analysts say that they cannot justify the stock trading at a 26% premium relative to the sector, based on our estimates for 2019, for a group that has reported no growth for 7 years now. The end of the share buyback plan could lead to finding a more rational valuation.
The group announced consolidated revenues of 9,031 million euros, up 3.4%, including 2.8% in organic terms, excluding gasoline, in line with Oddo's expectations. Underlying net income, group share of 351 million euros (+ 0.9%) is in line with the guidance (and 5% above Oddo's forecast of 331 million euros).
Copyright (c) 2018 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.