INTERPARFUMS : Oddo BHF significantly reduces its target price
October 24, 2023 at 05:40 am
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Oddo BHF maintains its 'neutral' rating on Interparfums shares, with a price target reduced from €70 to €50.
Q3 sales came in at 214.6 ME, up 10% and 18% at constant exchange rates, and 'slightly ahead' of Oddo BHF's expectations.
All in all, Interparfums is on track (+13%e) with its full-year guidance (sales 23rd: 800 MEe), and the consensus (809 MEe) should therefore change little. For our part, we are looking at 810 MEe (vs. 815 MEe previously, which probably corresponded to a maximum)', says the analyst.
In this context, Oddo BHF indicates that it has adjusted its WACC (weighted average cost of capital) to 9.4% vs. 8.4% previously, to reflect the prudence associated with the current macro/consumer context.
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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: Montblanc, Jimmy Choo, Coach, Lanvin, Rochas, Boucheron, Karl Lagerfeld, Van Cleef & Arpels, Paul Smith, Kate Spade, Moncler, Repetto and S.T. Dupont 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 (5.4%), Europe (24.5%), North America (40.4%), Asia (14.5%), South America (8.3%), Middle East (6.3%) and Africa (0.6%).
INTERPARFUMS 
