Tarkett: Cautiousness before the interim figures
Tarkett: (NEUTRAL, Fair Value EUR24 vs. EUR28 (+10%))Cautiousness before the interim figures
The share price is under further pressure since last week, as the market started to wonder how the company will deal with oil price increase, while a quarter of the cash costs are related to oil derivatives. One of the main guidance is a “profitability in the same vicinity†as 2017, on the back of a raw material impact in 2018 of the same extent than 2017. We suspect this management guidance is at risk and, on our side, we have cautiously amended our view with more prudent estimates. Admittedly, we are not the first to review our estimates but might not be the last either.
Tarkett is a global flooring company, providing a large range of flooring and sports surface solutions to business and residential end-users. Co. is organized in four segments: Europe, Middle East and Africa (“EMEA”); North America; Commonwealth of Independent States (“CIS”), Asia Pacific (“APAC”) and Latin America; and Sports Surfaces.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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