B&S Group S.A. : H1 2023 update not convincing enough for a rerating of the shares
>Sales and EBITDA below forecasts in H1, but… - B&S Group reported group sales and EBITDA below our forecasts in H1 2023. Sales came in at € 1,057.5m, or 2.4% below our forecast. EBITDA were € 42.2m in H1 2023, or 17.3% below our estimate of € 51m. That said, B&S Group’s results included € 5.6m in one-off expenses, of which € 3.6m related to provisions for doubtful debtors and € 2m to governance matters in H1 2023. Excluding these one-offs, EBITDA would have been € 47...B&S Group SA is a Luxembourg-based company, which serves as a distributor of consumer goods. The Company acts as a source supplier to a number of channels and specialized markets. B& Group SA operates within three segments: The HTG Segment, which purchases products in bulk on an ad hoc basis from manufacturers, wholesalers, distributors and international retail chains, as well as provides suppliers the opportunity to dispose of stock lots, closeout products and excess inventory; the B&S segment, which includes the purchase of consumer goods directly from premium brand owners and informs customers regarding strict food safety guidelines or specific cultural and national preferences and requirements, and the Retail Segment, which sources a focused selection of travel electronics from various partnerships and offers a selected assortment of the product groups sourced within the distribution activities in HTG and B&S.
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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