Oeneo - Sharp drop in sales in Q3, but the Group anticipates a smoother Q4
Q3 sales down 20% due to distributor destocking, lower wine consumption and unfavorable basis for comparison9-month sales down 14%, penalized by sharp drop in Capping salesAccording to management, Q4 sales are expected to decline less sharply than in Q3, with annual recurring EBIT margin of around 13%.We have lowered our guidance for FY 2023/24 and FY 2024/25Price target lowered to €12/share from €12.7/share previously.Newsflow is not good and valuation multiples challenging, yet we remain at "ADD" on the stock as it remains an obvious candidate for delisting. The takeover bid launched by the Hériard Dubreuil family in January 2020 wasOeneo 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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