Oeneo - H1 recurring EBIT down as expected, no improvement until Q4
Recurring EBIT down 30% in H1 to €14m, penalized by raw material inflation and lower volumes.Significant increase in net debt due to lower profits and return of capex to normal levels.Launch of new products to find new growth drivers in the medium term.Continuation of downward trend in Q3, Q4 better oriented thanks to the end of destocking and a more favorable basis for comparison.Improved profitability expected in H2 thanks to lower raw material costs.Forecasts for 2024 unchanged: sales down 8% and recurring EBIT margin down 1pt to 13.6%.Price target unchanged at €12.7/share.Newsflow is not good and valuation multiples are challenging,Oeneo is engaged in the production of barrels for wine (casks, barrels, tanks, drums and alternative products) and technological corks for wine bottles.
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