Oddo BHF maintains its 'neutral' rating on SergeFerrari shares, with a price target reduced from €8 to €7.
SergeFerrari published its FY 2023 results last night, which came in in line with expectations, with sales (already published) down 3.3% (-6.8% lfl) at 327.6 ME, while operating income came in at 4.7 ME (vs. 6.5 MEe).
2023 was a complicated year for the Serge Ferrari Group, which suffered from a sharp slowdown in business, particularly in its BtoBtoC segments of Furniture and Sun Protection", says the analyst, who refers to "brands under pressure in 2023 due to lower volumes".
For 2024, management is cautious and is not providing guidance at this stage.
The market will remain complicated, and the Group will focus on implementing its Transform 2025 plan, the main objective of which is to improve profitability and lower its breakeven point in order to return to a normal margin level in 2025", concludes Oddo BHF in substance.
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SergeFerrari Group specializes in the design, manufacture and distribution of flexible, eco-responsible, high-tech composite materials. The group provides materials for architecture (bioclimatic facades, exterior solar protection systems, retractable roofs, acoustic walls, blackout blinds, waterproof and breathable facades, etc.), specialty materials confining olfactory, gas and sound clearances of industrial sites, composite materials for the protection of boat equipment, materials for making furniture as well as materials for visual communication (facade clothing, billboards, streamers, banners, signage, etc.).
At the end of 2023, the group had 6 production sites located in France, Switzerland (2), Germany, Italy and Taiwan.
Net sales are distributed geographically as follows: Europe (71.6%), Americas (11.4%), Asia/Africa/Middle East/Pacific (17%).
SERGEFERRARI GROUP 
