Bonduelle: Oddo BHF on hold, but nudges up TP

(CercleFinance.com) - Oddo BHF maintains its 'neutral' rating on Bonduelle shares, with a target price raised from E7 to E8.


The analyst reports that organic sales growth of 2.7% notably reflects the postponement of tariff increases until 2023, while volumes fell by 3.5%.

The decline is explained by a downturn in the US, notably in private label salads, and weaker consumption in Europe.

EPS forecasts have been adjusted to -9% for 2024/25 and +9% for 2025/26.

Unfortunately, the group does not give more precise financial targets. After a transitional year in 2024/25, it is aiming for a rebound in 2025/26 before accelerating in 2026/27, Oddo BHF concludes.


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