Bic’s Q4 FY22 performance was a mixed bag. Group sales grew 9.1% on a comparative basis (vs consensus: +7.7% yoy). However, the adjusted EBIT of €43.2m was 16.9% below the street’s expectations. For 2023, the management expects 5-7% sales growth (constant currency), an improvement in the adjusted EBIT margin and FCF of above €200m.
While the sales growth in the Stationary business looks fragile, we expect its profitability (as for the overall group) to improve from 2023 onwards. We maintain our ....
17 Feb 2023
Slowly and steadily gaining strength
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Slowly and steadily gaining strength
- Published:
17 Feb 2023 -
Author:
Nishant Choudhary -
Pages:
4
Bic’s Q4 FY22 performance was a mixed bag. Group sales grew 9.1% on a comparative basis (vs consensus: +7.7% yoy). However, the adjusted EBIT of €43.2m was 16.9% below the street’s expectations. For 2023, the management expects 5-7% sales growth (constant currency), an improvement in the adjusted EBIT margin and FCF of above €200m.
While the sales growth in the Stationary business looks fragile, we expect its profitability (as for the overall group) to improve from 2023 onwards. We maintain our ....