UBS confirms its Buy recommendation on the share with a price target of 832 E following yesterday's announcement of results for the 2022 financial year.

' In the fourth quarter, Group sales growth at constant exchange rates of +9% exceeded forecasts of +7% (UBSe +10%), with the Fashion and Leather Goods division recording growth of +10% compared with forecasts of +9% (UBSe +11%). EBIT for the second half of the year, at 10.820 million euros, was down -7% on forecasts of 11.614 million euros (UBSe: 12.251 million euros)' says UBS.

It should be remembered that the Group achieved operating income before non-recurring items of 21.1 billion euros for the full year, up 23%. Operating margin before non-recurring items remained at the 2021 level.

Group net income amounted to 14.1 billion euros in 2022, up 17% on 2021. Free cash flow from operations exceeds 10 billion euros.

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