Stef: Oddo BHF raises TP after results

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Stef shares, with a target price raised from E150 to E160.
NB: cp E132, -6.4%.

Last night, Stef published H1 sales up 7% (+2.5% on a comparable basis) at E2,325m, with net income, group share down 28.3% to E68m.

The analyst says that profitability was maintained at a good level, thanks to international business, despite a consumer environment that remained difficult.

Following this publication and the integration of the latest acquisitions, Oddo BHF now anticipates sales of E4,842m, up 9% (+2% LFL), with operating income of E250m, representing a margin of 5.2% (vs. 5.5% previously).

The stock could fall back slightly post-publication, given its fine YTD performance (+24%), but the entry point still seems attractive to us, the broker rounds up.


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