Fluidra : Strong Q3 results and outlook led to sales guidance growth while earnings guidance remains unchanged
>Adjusting estimates and target price following Q3 results - We stick to our cautious stance on Fluidra, largely on valuation grounds, and adjust our estimates (reported EBITDA 2021e +5.0%, 2022e +11.8%) and valuation after recent Q3 2021 earnings release and updated guidance. We set our new target price at € 35.0 (+8% vs previous € 32.5: DCF, implied EV/ EBITDA 2021e of 15x).Stronger-than-expected results on North America’s sustained growth - Fluidra...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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