Oddo maintains its Outperform rating on GL Events, with sales upgraded from €20 to €23.

The research firm reports that last night GL Events published annual sales of €1,315 million, representing growth of 77% vs. 2021, whereas the group had given a growth guidance of over 55%.

The analyst points to a 4th quarter that was "well ahead of expectations", at 510 ME, compared with Oddo's forecast of 344 ME. Oddo thus refers to "an all-time record" and believes that this level could have been even higher if the situation in China had been normal.

"The Group will formulate an official guidance at the time of the 2023 results, but it should expect growth and a reduction in its gross debt", anticipates the research firm.

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