Fluidra : A safe harbour in not so troubled waters
We reiterate our Outperform rating with an increased TP to € 26.5 (+3%, 11x implied EV/ adjusted EBITDA) and consider that the recent share price weakness (-18% y-t-d vs -2% Ibex-35) opens up an interesting opportunity. The release of 2026 guidance is well aligned with our estimates (+9% adjusted EPS growth), despite our estimates lying towards the low-end of the adjusted EBITDA margin range (23.3%). We do not expect current market uncertainties (global growth, Middle East conflict, energy costs, supply chain disruptions) to translate into a significant deterioration of Fluidra’s strong fundamentals.Fluidra is engaged in the manufacture and commercialization of accessories and specific products for swimming pools, irrigation, and water treatment and purification systems.
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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