SMCP : 2019 broadly in line, Covid-19 will have a strong impact on 2020, target price adjusted to € 8.0 vs € 13.0
>2019 in line, but the focus is elsewhere - For 2019, sales had already been published at € 1,131.9m, up +8.7% like-for-like (guidance 9%-11%) in a context of market deterioration in Hong Kong in Q4 2019 and social movements in France. Adjusted EBITDA stood at € 174.2m, in line with our expectations, i.e. a margin of 15.4% (guidance 15.5%), impacted by the drop in the gross margin to 74.5% (vs 75.9% in n-1), due to i/ an unfavourable mix (Hong Kong down, outlet up) an...SMCP is engaged in the apparel and accessories retail market. Co.'s products are sold through a network of points of sale and websites. Co.'s product range is composed of on-trend and quality womenswear, menswear and accessories. Co.'s three brands can be characterized as follows: Sandro, targeted at sophisticated and self-confident women with a sleek, cool sense of style and a Parisian nonchalance; Maje, a bohemian chic positioning, targeting a feminine and young-at-heart and joie de vivre clientele and Claudie Pierlot, characterized as Parisian-preppy, wise and with a rebel touch. Claudie Pierlot is focused on a timeless, effortless style.
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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