Pierre & Vacances: Oddo BHF confirms its recommendation

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Pierre & Vacances shares, with an unchanged target price of €1.
9.

Sales for 2023/24, already published, came in at €1,913m (-0.1% y-o-y), with Tourism sales up 3.7%. Adjusted EBITDA came in at €174.3m.

Oddo BHF reports 2024 results 'in line with expectations'.

For Q1 2024/2025, the Group reports that the tourism bookings portfolio is 'stable compared with the previous year'.

The group also confirms its EBITDA growth trajectory in FY2025 to achieve its financial and operating growth targets by 2026 and 2028 (adjusted EBITDA of 200 ME in 2026 and 220 ME in 2028, generating an operating margin of 10%).

Ahead of the 10 a.m. meeting, we are maintaining our 2024/2025 estimates unchanged, based on Tourism sales growth of around 4% (+2% for consolidated sales), with an operating margin of 122.9 ME', the analyst said.

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