Interparfums: Oddo BHF remains 'neutral', confirms TP

(CercleFinance.com) - Interparfums announced this morning the acquisition of all intellectual property rights relating to Maison Goutal.
Following this announcement, Oddo BHF maintained its neutral rating on the stock, with an unchanged target price of E49.

Annual sales of Goutal fragrances have reached E10m to E12m in the past. Interparfums would now own 5 (Rochas, Lanvin, Off-White, Goutal, Solférino) of its 14 marketed brands, the broker says.

Oddo BHF believes that with this brand, Interparfums both strengthens its proprietary portfolio and supports its entry into the niche fragrance segment, already formalized since the launch of Solférino.

In the first year of operation, the impact on UOP should be neutral, but synergies already seem to be identifiable (purchasing, media, central functions), the analyst says.


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