TFF Group: Oddo BHF remains positive after H1 results

(CercleFinance.com) - Oddo BHF reinstates its 'outperform' rating on, and E55 target price for, TFF Group shares, welcoming the wine and whisky barrel specialist's publication of sound H1 results, ahead of its expectations.


Following this publication, the broker is leaving its 2023-24 scenario unchanged, i.e. sales of E487m, up 10.7% (+14% LFL), and operating income of E92m, representing a margin of 19%, up 100bp.

Momentum remains good for the group, and growth in bourbon is very solid, with a parallel improvement in profitability (normative level in wine and critical size effect in bourbon), the analyst says.


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