BIC: 2013 results globally in line with a pick up in LFL growth in Q4
NEUTRAL, Fair Value EUR95 (+11%)
BIC has reported 2013 results globally in line with consensus forecasts and our expectations. 2013 sales came in at EUR1,888m (CS: EUR1,883m), down 0.6% as reported but up 3.6% LFL. This performance implies an acceleration in Q4 (+6.7% LFL after +3.5% LFL in 9M 13) which is above consensus of 4%. The 2013 normalised IFO margin decreased 120bp to 18.2% (vs. CS: 18.4%) vs.-160bp in 9M 13. The proposed dividend increases by 1.6% to EUR2.60. Analysts’ meeting today at 3pm Paris time.
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