BIC: 2012 sales and results below market expectations
NEUTRAL, Fair Value EUR94 (-3%)
BIC has reported 2012 earnings generally below consensus forecasts and our expectations. 2012 sales came in at EUR1.899bn (consensus: EUR1.919bn), up 4.1% as reported and 2.8% lfl. The deviation stemmed from lower than expected Q4 lfl growth (-0.4% vs. consensus of 3.2% and +0.5% in Q3). The 2012 normalised IFO margin decreased 20bp to 19.7% (vs. consensus: 20.2%), although stripping out the exceptional bonus paid in Q1 2012, the IFO margin would have improved by 30bp to 20.2%. The proposed dividend of EUR2.56 is up 16.4% compared to 2011. Analysts’ meeting today at 3pm Paris time.
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