Delfingen: share price falls, half-year results down
(CercleFinance.com) - Delfingen's share price fell by almost 7% on the Paris Bourse on Tuesday, in the wake of the publication of its first-half results, which were down in a market considered complicated.
The specialist in cable protection for the automotive and industrial markets reported sales of 224.7 million euros, down 3.9%, for the first six months of the year.
On a like-for-like basis, i.e. excluding acquisitions and the effect of exchange rates, sales were down 5.6%.
Operating profit (Ebitda) was down 8.3% at 22.8 million euros, compared with 25.4 million euros for the same period last year.
Delfingen also announced the launch of a new roadmap, dubbed 'Impulse 2026', designed to enable it to return to growth.
The aim is to post annual sales of around 430 million euros by the end of 2026, with a current operating margin in excess of 7.5%, compared with 5.2% in the first half of this year.
In a reaction note, analysts at Oddo BHF say they believe in a "transition stage" in 2024 and 2025, before a "more solid recovery" in 2026.
While they maintain their 'outperform' rating, their price target has been lowered from €48 to €41.
Euroland's teams, who are also 'buy' on the stock, have also lowered their target from €48 to €40.
'We believe that the plan comes at the right time and should give new impetus to the Group's equity story', says the brokerage firm.
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