Trigano: Oddo BHF confirms 'outperform' rating

(CercleFinance.com) - Oddo BHF confirms its 'outperform' rating on Trigano shares, with an unchanged target price of E158.


The analyst reports that Trigano has published 2024 results broadly in line with expectations, with previously published sales of E3,926.3m (+12.8%, +10.4% LFL) and ROC of ME 500.7 (+18.3%), slightly ahead of Oddo BHF estimates (E494.5m).

For 2025 (Sept. 24-Aug. 25), management does not give any targets, but mentions a context that remains favorable at the end of the main autumn shows and fairs, the broker says.

In this context, Oddo BHF considers Trigano's valuation to be "very low" (EV/UOP 2025e: ~4.3x vs. a historical figure of around 8x). According to the analyst, this level of multiple would imply a downward revision of ROC 2024/25e by around 40%, which seems 'too pessimistic'.

Finally, Oddo BHF points out that the takeover of Bio Habitat is expected by the end of the year, and has not yet been factored into its estimates.


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