TFF Group - Dynamic Q1 after an excellent FY 2022/23 driven by Bourbon performance
Q1 sales up +15% as reported (+18% like for like) driven by Bourbon business and price increases, ahead of full year guidance.This follows an already very dynamic FY 2022/23, with sales growth of 45%, of which +35% organic.EBIT margin 2022/23 at 18.0%, up +5.4pts thanks to better-than-expected profitability in Bourbon.FCFE negative at -31M€ (vs. +15M€ last year). Debt leverage reaches 2.0x as Group continues to increase dividend.Organic growth expected to reach at least +10% in 2023-24, guidance confirmed in Q1, and profitability target at least stable.Price target revised upwards to €47/share and ADD opinion confirmed.Tonnellerie Francois Freres S.A.. TFF Group, formerly Tonnellerie Francois Freres SA, is a France-based company that manufactures and distributes oak barrels that are used to conserve and transport liquids. The Company has four core businesses: stave milling, cooperage, cask manufacturing and oak wine-aging products. Tonnellerie Francois Freres SA also offers oak products for oenology, where the wine is put in contact with wood in varied forms, and has developed products for the alcohol maturing and aging market, especially the whisky market. The Company offers four brands of barrels: Exclusif, Privilege, Classique and Horizon. As of December 31, 2011, Tonnellerie Francois Freres SA operated through its subsidiaries, including: Sogibois, Bouyoud, Treuil, Francois Inc, Classic Oak New Zealand, Demptos Napa, among others. The Company has operating units in France, the United States, Spain, Hungary, South Africa, China, New Zealand, Australia and Ireland. In May 2016, the Company acquired metal manufacturer SAS Lejeune.
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