LDC : Oddo BHF raises its price target
On the basis of previously announced H1 2023/24 sales of €3,022.3m (+10.2% of which 8.2% organic), LDC reported a 60% increase in operating profit to €193.4m.
This is well above our forecast of 163.5 ME, implying a strong margin increase of 200 bp to 6.4%", says Oddo BHF, which points out that this figure reflects strong growth in the profitability of the Poultry France division, up 50% to 155.6 ME.
LDC confirms its 2023/24 sales target of over 6 BnE, and is now targeting an OIR of 350 ME.
"The share price should react well to this publication. The consensus is likely to raise its forecasts by at least 4%. For our part, our EPS forecasts for 2023/24 and 2024/25 have been raised by 11% and 10% respectively", concludes the analyst.
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