Poujoulat - Underestimated destocking effect, sales warning
Sluggish Q2 sales growth (+1%), due to lower chimney flue sales, which were hit by a strong destocking effect among distributorsVery good H1 in wood-energy (+50%) due to anticipated purchases, H2 should be stable given that the price effect will be negativeConsolidated sales for 2023/24 now expected to decline by 2% to 3%, compared with the initial target of 5% to 7%.As a result of lower volumes, we now expect earnings to contract by around 30%, compared with near-stability previously. The decline will be even more marked in H1 due to seasonal factors.We are switching to Add, as we seePoujoulat 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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