Accell Group : Upping estimates and price target
>Raising 2021 estimates - The much better sales in the period up to November 2021 (5.5% sales growth in July to November period vs our estimate of -1.8% for 2H21) prompts us to increase our sales forecast for 2021 by 6.1% to €1.39bn. We assume that in the last month of December Accell will be able to sell out significantly, resulting in sales of €99m (some 20% below the average in 9M21) as Xmas and New Years Day both fall in the weekend, not impeding on dealers’ abili...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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