BIC : Oddo confirms its recommendation on the share
In the last three months of the year, Bic reported sustained sales growth, to 526.7 ME, or +9.1% on a comparable basis, but also a more disappointing adjusted operating income of 43.2 ME, or 15.8% below Oddo's estimate.
We note that most of the difference with our Q4 ROC estimates is due to the Paper Division, which posted ROC of -8.9 ME, compared with 2 ME," stresses the analyst. At the same time, the lighters business grew by +10.9% on a comparable basis, while shavers were up +16.4%...
'For 2023, management has indicated that it expects sales growth at constant exchange rates of between 5% and 7%, which is slightly higher than our expectations (+4.9%) and those of the consensus (4.6%)', reports the broker.
All in all, this publication does not change our perception", he concludes.
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