Interparfums: Bryan Garnier begins coverage with 'buy'.
(CercleFinance.com) - Bryan Garnier is initiating the coverage of Interparfums, an independent player in the segment of perfumes marketed in selective retail circuits, with a "buy" rating and a fair value of 41 euros.
"Interparfums' business model is very light. Production and packaging are subcontracted. Moreover, licence agreements are valid for at least 10 years," the broker underlines.
It also points out that, “Over the past five years, pro-forma sales growth has averaged 16% per annum, reflecting the group's dynamic business model,” and that management attaches considerable importance to sales growth.
Bryan Garnier expects average sales growth of 11% over 2016-2019, with the operating margin almost stable at 13.5-14%, “as management's priority does not appear to be regular growth of operating profit,” it acknowledges.
Copyright (c) 2017 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.
"Interparfums' business model is very light. Production and packaging are subcontracted. Moreover, licence agreements are valid for at least 10 years," the broker underlines.
It also points out that, “Over the past five years, pro-forma sales growth has averaged 16% per annum, reflecting the group's dynamic business model,” and that management attaches considerable importance to sales growth.
Bryan Garnier expects average sales growth of 11% over 2016-2019, with the operating margin almost stable at 13.5-14%, “as management's priority does not appear to be regular growth of operating profit,” it acknowledges.
Copyright (c) 2017 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.