Colruyt Group N.V. : TP raised to € 27; Underperform reiterated as earnings sustainability unclear
>Updated 2022/23 guidance leads to 25% EBIT and net profit increases - Following Colruyt’s reverse profit warning of 2 May, we increase our EBIT, net profit and EPS forecasts by approximately 25% for 2022/23. The key question is whether these increases should be extrapolated to the years thereafter as well. We note that wages increased by some 10-11% from January 2023, which impacted 2022/23 for only three months but will impact 2023/24 for the full year. Moreover, we...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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