Oddo BHF maintains its 'neutral' rating on Interparfums shares, with a price target reduced from 54 to 43.5 euros.
In particular, the broker takes into account the one-for-10 share allocation on June 28, as well as updated comparables and long-term margin assumptions (+25bp/year after 2027 vs. +30bp/year).
Q2 sales nevertheless came in at 209.9 ME, i.e. +15.7% and +14%e cc, with growth driven mainly by J.Choo and Lacoste.
At the end of June, growth therefore stood at 6.7% (422.6 ME). The sales guidance is maintained (from ME880 to ME900), but management has yet to give details of its ROC 2024 target.
The analyst believes that Interparfums' ability to raise guidance (historically, nearly 2 hikes per year) appears 'intact for the time being', and adds that the share should react rather well, notably because it is trading 30% cheaper (10-year multiples).
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Interparfums specializes in the design, manufacturing and marketing of luxury fragrances. The group's activity is organized primarily around 2 product families:
- fragrance: Jimmy Choo, Montblanc, Coach, Lacoste, Lanvin, Rochas, Karl Lagerfeld, Van Cleef & Arpels, Kate Spade, Boucheron, and Moncler brands;
- women's and men's fashion items: Rochas brand.
Products were being marketed through perfume shops, franchise chains and department stores in France, and through import companies, airports, and airlines abroad.
Net sales are distributed geographically as follows: France (6%), Europe (27%), North America (38%), Asia (14%), South America (8%), Middle East (6%) and Africa (1%).
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