Report
Robin Leclerc (IDMidCaps)

Interparfums - Q4 in line with Group expectations, valuation leaves no room for the slightest misstep

Q4 slightly down as expected by Management due to a particularly high base effectRecord profitability expected in 2023 (EBIT margin above 19%)End demand remains well oriented with no slowdown aheadThe future of the Van Cleef & Arpels licence is still uncertain, although management remains confident that it will be renewed.A very demanding valuation (higher than LVMH...), with the risk of a sanction at the slightest misstep.
Underlying
Interparfums

Interparfums SA. Interparfums SA, also known as Interparfums, is a French-based company engaged in the design, manufacturing and marketing of fragrances. The Company designs, produces and distributes perfumes and cosmetics under such brands as Burberry, Boucheron, Burberry Beauty, Jimmy Choo, Lanvin, Montblanc, Nickel, Paul Smith, Repetto, S.T. Dupont and Van Cleef & Arpels, Karl Lagerfeld, among others. The Company is present in Switzerland, Germany, Spain, Italy, the United Kingdom, Singapore, the United States, among others. The Company operates through the subsidiaries, including Interparfums Suisse Sarl, Interparfums Deutschland GmbH, Interparfums Srl, Interparfums Ltd, Interparfums Luxury Brands and Interparfums Singapore. As of December 31, 2013 the Company's shareholder was InterParfums Holding with 73,1% stake in the Company.

Provider
Degroof Petercam
Degroof Petercam

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Analysts
Robin Leclerc (IDMidCaps)

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