After our call with the IR team, we have decided to lower our estimates and cut our target price by 4.3% from €228 to €218. Although we had been in line with consensus, we now expect results to be lower, broadly explained by: i) the softening situation in China, ii) the New Delhi sales licensing problem, and iii) a weak performance in travel retail.

02 Oct 2023
Q1 FY24 preview: Asia and travel retail - the quarter’s burden

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Q1 FY24 preview: Asia and travel retail - the quarter’s burden
- Published:
02 Oct 2023 -
Author:
Davide Amorim -
Pages:
2 -
After our call with the IR team, we have decided to lower our estimates and cut our target price by 4.3% from €228 to €218. Although we had been in line with consensus, we now expect results to be lower, broadly explained by: i) the softening situation in China, ii) the New Delhi sales licensing problem, and iii) a weak performance in travel retail.