STEF : Excellent 2023 results despite the challenging context
>2023 underlying operating profit of € 247m (vs € 224m), i.e. an underlying operating margin of 5.5% - Yesterday evening, STEF published 2023 results that beat our forecasts. For sales, already published at € 4,442.1m, up 6.8% (+0.7% l-f-l), underlying operating profit was up 22% to € 247.3m (vs € 224m est.), i.e. an operating margin of 5.5% (+80bp). Attributable net profit was € 191.6m (vs € 165.8m est.) up 30% notably thanks to a positive result of € 16.9m linked to...STEF-TFE is a provider of transport and logistic services for food products requiring specific temperature control within Europe. Co. divides its operation into four segments: Transport in France (transportation of fresh and frozen products, transportation of seafood and organization of international transport activities); Logistics in France or STEF Logistique (logistics for fresh and frozen products for industrial players, mass retail and the food-service industry); STEF International (international activities in Spain, Portugal, Italy, Benelux, Switerland and U.K.); and Maritime activities (maritime services, passengers and freight, and maritime brokerage).
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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