Oeneo - Return to growth anticipated only in Q4 and loss of market share
Q2 Group sales down 8% CER (constant exchange rate): Capping down 16% CER, Breeding stableWeak growth in high-end closures and loss of market share in entry/mid-range segmentsAdj.EBIT margin expected at 13% in H1-23 vs. 16.8% in H1-22Return to growth expected only in Q4 for the Capping division, compared with a previously expected recovery in Q3.Target Breeding sales, excluding wood trading, close to prior year levels.Downward revision of our forecasts for FY 2023 and 2024Price target lowered to €12.7 from €13.7.Reduce" opinion confirmed due to market share losses, but speculative aspect still present.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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