Oddo BHF maintains its outperform rating on Pierre & Vacances (P&V) shares, with an unchanged target price of 2.2 euros.

Yesterday, P&V reported first-half sales (already known) of €808.8 million, up 13.1% year-on-year.

Adjusted EBITDA (structurally negative in H1 due to the seasonal nature of the business) came in at -46.8 ME (vs. -8.8 ME in H1 21/22), but up 28% (+18 ME increase) on normalized EBITDA for H1 2022.

"The improvement in profitability in H1 was mainly due to the growth momentum of the tourism business (+117 ME in additional sales in H1 23) as well as rigorous cost management", notes Oddo BHF.

Against this backdrop, P&V is reiterating its annual targets (raised at the time of publication of H1 23 sales), with tourism sales expected to exceed 1,700 ME, +10% y-o-y, and adjusted EBITDA to exceed 130 ME (vs. 105 ME in 2022).




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