Seb: Oddo upgrades stock after FY sales

(CercleFinance.com) - The day after the announcement of Seb's annual sales figures, Oddo BHF has upgraded its rating on the stock to outperform" (vs.
"neutral" previously), increasing its corresponding target price from 102 euros to 107 euros, ahead of (its forecast) recovery in margins from 2023.

To take into account the relative resistance of the company's business, analysts are increasing their EPS estimates by 5.9% in 2022 and by 10% in 2023 (with organic growth in China at +5%). For 2023, they still expect an operating margin of 8.1%.

Adding that in the medium term, the manufacturer of small household appliances is aiming to return to a 10% margin, the analyst considers that 2023 will be a first step in the restoration of profitability.


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