Marie Brizard: Bryan Garnier cuts target price.
(CercleFinance.com) - Broker Bryan Garnier has reinstated its buy rating on the MBWS (Marie Brizard Wine & Spirits) stock, although has trimmed its fair value 16.
2 euros to 15.7 euros, after the wines and spirits group published its H1 results.
In H2, although structural costs are expected to get back to normal, while pressure on the group's gross margin is expected to ease, the broker points out that the increase in marketing expenditure should be broadly similar to that in H1.
Accordingly, Bryan Garnier has cut its forecast for 2017 EBITDA from 28 million euros to 18 million euros, although deems that MBWS' target for 2020, i.e. a range of 68 million to 77 million euros, is credible.
Copyright (c) 2017 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.
2 euros to 15.7 euros, after the wines and spirits group published its H1 results.
In H2, although structural costs are expected to get back to normal, while pressure on the group's gross margin is expected to ease, the broker points out that the increase in marketing expenditure should be broadly similar to that in H1.
Accordingly, Bryan Garnier has cut its forecast for 2017 EBITDA from 28 million euros to 18 million euros, although deems that MBWS' target for 2020, i.e. a range of 68 million to 77 million euros, is credible.
Copyright (c) 2017 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.