Geberit: Oddo cuts target price

(CercleFinance.com) - Oddo BHF confirms its "underperform" rating on Geberit shares, having reduced its corresponding target price from 480 Swiss francs to 448 Swiss francs, the day after the group published Q2 sales that were again high, albeit with a slowing tendency.


Geberit has not lost its best-in-class qualities (strong ability to adapt to market conditions, pricing power, a margin that remains high), although its exposure to Europe (91% of sales) and residential construction (60% of sales) reduces visibility on the company's outlook, it said.

According to the broker, these appear to be adverse factors that are likely to weigh on the sanitaryware group's operating performance in the coming quarters; it is therefore reducing its EPS estimates by an average of 5% over 2022 and 2023.


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