Report
FLASH - Thermador Groupe - Buy - TP: €99
The H1 EBT margin is significantly below our expectations (14.4% vs PZP 15.7%e), a difference linked to 1/ an anticipation on our part of a positive inertia effect between price increases and inventory liquidation in H1 which did not occur in the Pro business and 2/ a stronger than expected decline in the Consumer business. However, we were expecting a negative effect in H2, which should not occur in the end, and the consumer business should recover its profitability thanks to price increases.
Underlying
Thermador Groupe
Provider
Portzamparc Sponsored
Portzamparc is a subsidary of BNP Paribas which adapted the mission to contribute to responsible and sustainable growth of private clients, management companies and SMEs . They offer personalized support adapted to the objectives in particular for Small and Medium-Sized Enterprises.
Arnaud Despre
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