Derichebourg: Oddo still a buyer after interim results
(CercleFinance.com) - This morning Oddo has confirmed its “Buy” rating on the Derichebourg stock, maintaining its target price of 9.
60 euros, after interim results that overall are in line with expectations.
After trading yesterday Derichebourg reported H1 2018 sales growth of 8.8% at 1.46 billion euros, against 1.34 billion euros a year earlier. Net attributable income came in at 37.1 million euros over the half-year, compared with 30.4 million euros in the first half of the previous year.
Management remains confident regarding its outlook, confirming a robust sales outlook for the current year, with a continued robust demand from steelmakers. After raw materials experienced a correction since the beginning of the calendar year, the prices of scrap and MNF have tended to stabilise at a robust level. The scrap market has not yet been affected by US protectionist measures, the broker notes.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
60 euros, after interim results that overall are in line with expectations.
After trading yesterday Derichebourg reported H1 2018 sales growth of 8.8% at 1.46 billion euros, against 1.34 billion euros a year earlier. Net attributable income came in at 37.1 million euros over the half-year, compared with 30.4 million euros in the first half of the previous year.
Management remains confident regarding its outlook, confirming a robust sales outlook for the current year, with a continued robust demand from steelmakers. After raw materials experienced a correction since the beginning of the calendar year, the prices of scrap and MNF have tended to stabilise at a robust level. The scrap market has not yet been affected by US protectionist measures, the broker notes.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.