Oddo BHF has reaffirmed its 'outperform' rating and 55-euro price target on TFF Group, welcoming the publication by the wine and whisky barrel specialist of good first-half results, ahead of its expectations.

Following this publication, the research firm is leaving its 2023-24 scenario unchanged, i.e. sales of 487 million euros, up 10.7% (+14% like-for-like), and operating income of 92 million, representing a margin of 19%, an improvement of 100 basis points.

Momentum remains good for the Group, and growth in bourbon is very solid, with a parallel improvement in profitability (normative level in wine and critical size effect in bourbon)", believes the analyst.

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