Colruyt Group N.V. : EBIT margin at all-time low of 2.3%; TP cut to € 19, but Neutral maintained
>Apart from sales and absolute gross profit, most items disappointed in H1 - Colruyt reported sales and absolute gross profit ahead of our estimates. However, because of unprecedented cost increases, group EBIT(DA) and net profit both came in below our estimates. When taking into account the fact that the cash out of € 95m related to the acquisition of Newpharma shares did not occur in H1 as expected, we conclude that cash generation, net debt and financial leverage w...Etablissements FR Colruyt is engaged in wholesale, food service, distribution of fuels, production of electricity and digital printing. Co. has three operating segments: retail, which relates to stores under Co.'s own management which directly sell to retail customers and bulk consumers; wholesale and foodservice, which supplies to wholesalers, commercial customers and affiliated independent merchants; and other activities, which operates gas stations, engaged in printing and document management and provides alternative energy.
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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