Accell Group : Results a bit better than expected, no change 2022 guidance
>Facts: Solid set of results in 2H21 - Accell reported sales of €678m, beating consensus by 1% with underlying EBIT coming in at €45.5m, a beat of 4%. The underlying EBIT margin was 6.7%, 20bp better than consensus. Net profit was a clear miss due to a €10m incidental item in financial expenses and much higher than expected taxes. NWC as a % of sales came in at 33% versus our expectation of 295% (up from 17% at 1H21) and because of that higher NWC, FCF came in at €127...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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