Tod's: Bryan Garnier still a seller after results
(CercleFinance.com) - Bryan Garnier maintains its "sell" rating on Tod's Group, with a fair value of 57 euros, judging that uncertainties remain, after the publication of 2017 results that were "quite poor, but in line with expectations".
The broker points out that sales declined by 3.1% at constant exchange rates and that the group's operating margin fell by 120 basis points to 11.6%. "Due to the higher than expected tax rate, NP was below estimates," the broker added.
For 2018, Bryan Garnier expects the Italian luxury shoe marker to report sales growth of 2%, but with a very slight improvement in profitability (+30 basis points) in an uncertain environment.
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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.
The broker points out that sales declined by 3.1% at constant exchange rates and that the group's operating margin fell by 120 basis points to 11.6%. "Due to the higher than expected tax rate, NP was below estimates," the broker added.
For 2018, Bryan Garnier expects the Italian luxury shoe marker to report sales growth of 2%, but with a very slight improvement in profitability (+30 basis points) in an uncertain environment.
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.