Haulotte: Oddo BHF maintains its Underperform rating on the share.

(CercleFinance.com) - Last night, Haulotte announced sales for fiscal year 2024 of 634 ME, down -17% on 2023.
Following this publication, Oddo BHF has maintained its Underperform rating on the stock, with an unchanged target price of E2.

Oddo BHF believes that the results come as no surprise, with sales down sharply (-17%), operating income up significantly (+39% - gross margin soaring thanks to price hikes and improved component prices), and net income back in the black (E15m). On the balance sheet, net debt (excluding guarantees and IFRS 16) has been reduced by 40 ME to 200 ME.

In its study of the day, the analyst points out that for the first time in over 15 years, no financial guidance has been given for the coming year (Oddo BHF expects stable sales and operating profit).

This decision is explained by a lack of visibility in all markets. Management has indicated that, during this period, it intends to focus on innovation and customer proximity, and to continue optimizing inventories and controlling Opex' adds Oddo BHF.

The analyst points out that this annual publication is positive in terms of profits and cash generation, but worrying in terms of business.

Against a backdrop of problematic visibility and persistently high debt levels, we remain cautious on the value with unchanged earnings forecasts'.

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