Poujoulat - 2023/24 financial year will be even more difficult than forecast
Fall in H1 results, as expected, due to lower chimney flue sales, hit by strong destocking by distributorsScenario of further decline in chimney flue sales in Q3 before stabilisation in Q4 confirmedSignificant downward revision of the outlook for wood energy in H2 as a result of the fall in pellet prices and destocking.We will have to wait until H2 2024/25 for a return to growthOur EBIT forecasts for the next 3 years have been revised downwards by an average of 22%We are switching to Reduce in view of the poor momentum, especially as the multiples are in line with historicalPoujoulat and its subsidiaries are engaged in the manufacture of stainless steel flues and chimney tops for all heating appliances (open or enclosed fire places, stoves, boilers, room-sealed boilers) for collective or private housing and commercial purposes.
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