Accell Group : Modest revision of estimates as no relief in supply chain late in 2021
>Modestly lowering 2021-2022 estimates - We are lowering our 2021 sales and EBIT estimate by 2.5% and 2.9% respectively which puts us 2% and 11% below 2021 consensus sales and EBIT. We forecast sales of €1.30bn and an EBIT of €89m, which implies a decline of 6.3% in Bike sales in 2H21 (was +0.5%, 1H21 -4.8%) and growth of 9% in Parts & Accessories (was 11%, 1H21 +29%). We also lower our 2022 estimates for sales and EBIT by 1.7% and 1.2% respectively, reflecting conti...Accell Group NV is a holding company active in the bicycle market, based in the Netherlands. The Company and its subsidiaries divides its business into two segments: bicycle & bicycle parts, active in the design, development, production, marketing and sales of bicycles, bicycle parts and accessories; and fitness, providing fitness equipment for home market. It offers bicycles under the Batavus, Carraro, Ghost, Haibike, Koga, Lapierre, Loekie, Nishiki, Sparta, Staiger, Torker Bicycles, Tunturi, Van Nicholas, Winora, XLC and Raleigh brands, which are sold via specialist bicycle retailers, as well as bicycle parts under the Juncker and E. Wiener Bike Parts brands, and fitness equipment under the Tunturi brand. The Company's main markets are the Netherlands, Germany, North America, and European countries. The Company has production facilities in the Netherlands, Germany, France, Hungary, Turkey and China. It operates through over 20 wholly owned subsidiaries.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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