Stef: Oddo still a buyer
(CercleFinance.com) - Oddo maintains its outperform rating on Stef shares, with an unchanged target price of E120, following the publication of good 2022 results, that are broadly in line with its expectations, it says.
Thus, for already published revenues of E4,264m, up 21.6% (+14.2% LFL), its OP is up 32% at E203.5m (vs. E200.2m e), i.e. an operating margin of 4.7%. Its operating profit was E146.4m (vs E136.4m).
Oddo also reports that Stef has entered into exclusive negotiations with the CMA CGM group to sell its maritime activities (La Méridionale), which will logically be accretive for the group.
In this context, the broker confirms its 2023 scenario, i.e. sales growth of 4.3% (+2.7% LFL) at E4,447m and an OP of E211m e implying a stable margin of 4.7%..
Copyright (c) 2023 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.
Thus, for already published revenues of E4,264m, up 21.6% (+14.2% LFL), its OP is up 32% at E203.5m (vs. E200.2m e), i.e. an operating margin of 4.7%. Its operating profit was E146.4m (vs E136.4m).
Oddo also reports that Stef has entered into exclusive negotiations with the CMA CGM group to sell its maritime activities (La Méridionale), which will logically be accretive for the group.
In this context, the broker confirms its 2023 scenario, i.e. sales growth of 4.3% (+2.7% LFL) at E4,447m and an OP of E211m e implying a stable margin of 4.7%..
Copyright (c) 2023 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.