BIC: Q1 13 LFL is in line but margins are below market expectations
NEUTRAL, Fair Value EUR90 (+7%)
BIC published Q1 13 results below market expectations. Q1 sales of EUR428.6m (CS: EUR434.7m) decreased 3.7% as reported but remained stable LFL (CS: -0.2% LFL), mainly due to the challenging comparison base (Q1 12: +9% LFL) in all the three Consumer activities. Normalised IFO margin decreased 240bp to 15.6% (CS: 17.3%) as the group was negatively impacted by a lower volume effect and by input costs inflation in Lighters. Conference call today at 2pm Paris time.
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