Report
Jeremy Garnier

Thermador Groupe : A slight organic decline in sales in 2023, as expected - Q1 2024 set to remain complicated

>Sales of € 581m (vs € 583m est.) up 4.9% (-1.8% l-f-l) - Yesterday evening, the group published 2023 sales of € 581m, up 4.9% (-1.8% l-f-l) a shade below our forecast of € 583m. Q4 sales therefore came in at € 126.7m, i.e. a decline of 6.9% (-9.7% l-f-l).Decline accelerates in Q4 due to the gloom in the new housing market and the delay to renovation projects (Maprimerenov financing) - The acceleration of the decline that was observed in Q4 is relati...
Underlying
Thermador Holding SA

Thermador Groupe. Thermador Groupe SA is a France-based holding company engaged in the distribution of specialized plumbing equipment materials, such as taps, pumps and heating equipment. The Company operates through a number of subsidiaries, including Sferaco, which is engaged in the construction of industrial valves and fittings; Sectoriel, which manufactures motorization for valves; Jetly, which produces domestic pumps and accessories as well as lifting stations; Thermador, which distributes central heating and hot domestic water circuit components; Thermador International, which specializes in exporting the Company's products in Europe; PBtub, which is specialized in the distribution of synthetic material tubes for under-floor heating and distribution of domestic water; Isocel, which constructs boiler and parts; Dipra, which furnishes retail stores in do-it-yourself (DIY) products; Opaline, which is the Company's communications agency, Domac and FGINOX.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Jeremy Garnier

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