Roche Bobois - A solid H1 despite the base effect, annual guidance looks achievable
S1 EBITDA up slightly, but slightly below our expectationsOpex impacted by rising personnel costs and the cost of new openingsAnnual guidance (sales up by at least +5% and EBITDA growth) which we believe is easily achievable.BUY opinion maintained, but target price lowered to €56/shareRoche Bobois SA, formerly Furn Invest SAS, is a France-based company operating in the furniture design and distribution businesses. It offers a broad range of made-to-order customizable designs, manufactured in small European workshops. The full furniture collection, divided in Living Room, Dining Room, Desks, Bedroom, Outdoor Furniture, and Other Products includes sofas, armchairs, cocktail tables, dining chairs, sideboards, beds, wardrobes, storage and accessories including lighting, cushions and rugs. The Company service offering includes Delivery, Financing, Warranty, Wedding Registry, Maintenance Guide, Catalogues, Interior Design and Online 3D (tridimensional) Planner. The Company operates through retail or franchising stores and owns more than 250 showrooms across the world. It is active in Europe, America, Africa, Asia and Middle East.
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