BIC: First signs of recovery but already priced in

NEUTRAL, Fair Value EUR91 vs. EUR87 (+2%)

News published on August Friday 2, 2013
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Surprisingly, LFL sales growth acceleration in Q2 was mainly driven by a sharp improvement in Europe (+7.6% vs. +1.5% in Q1) thanks to Eastern Europe, but France in Spain also fuelled the growth in Stationery (early shipments). Although the H1 normalised IFO margin (18.1%) was 20bp above consensus, we do not change our FY13 assumption (18.3%, -110bp vs. 2012) as the management guided on a sharp acceleration in marketing expenses in H2. Neutral recommendation reiterated and FV increased to EUR91 after updating our market assumptions.

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