TFF Group: interim results sanctioned

(CercleFinance.com) - TFF Group shares lost more than 3% the day after publishing H1 2024-25 results that fell short of Oddo BHF's expectations, with net income, group share down 42% to E22.
7m vs. E27m expected.

The cooperage group also missed the research firm's expectations in terms of recurring operating margin, down 3.3 points to 16.8%, and sales, down 9.1% to just over E240m (-10.8% on a comparable basis).

Headwinds are important for the group in both wine and bourbon, Oddo BHF says, for which momentum should thus remain complicated over the coming months before a rebound in FY 2025-26.

While retaining an 'outperform' opinion for long-term positioning, the analyst warns that the stock is likely to suffer further in the short term and has reduced its target price from E45 to E38, in the wake of lower EPS estimates.


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