Burberry: UBS remains neutral after results
(CercleFinance.com) - UBS highlights a slight improvement in the British luxury goods group's Q4 results, although little visibility regarding the group's outlook.
FY2022 revenue reached 2.826 billion pounds, up 23% compared to FY2021. Adjusted operating profit was ahead of expectations, up 38% at constant exchange rates to 523 million pounds. Diluted EPS was 97.7p, compared to 92.7p last year.
Following this announcement, UBS maintains its neutral rating on the stock with a target price of 1836p.
"Q4 retail LFL came in at +7% (reported ex-calendar effect) vs. cons and UBSe +6%, with full-price LFL at +5% despite the prior expectation these would converge. H2 adjusted EBIT £327m vs. cons £321m (UBSe £319m)," the broker said.
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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.
FY2022 revenue reached 2.826 billion pounds, up 23% compared to FY2021. Adjusted operating profit was ahead of expectations, up 38% at constant exchange rates to 523 million pounds. Diluted EPS was 97.7p, compared to 92.7p last year.
Following this announcement, UBS maintains its neutral rating on the stock with a target price of 1836p.
"Q4 retail LFL came in at +7% (reported ex-calendar effect) vs. cons and UBSe +6%, with full-price LFL at +5% despite the prior expectation these would converge. H2 adjusted EBIT £327m vs. cons £321m (UBSe £319m)," the broker said.
Copyright (c) 2022 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.