PPR: 2012 results slightly better than expected
NEUTRAL, Fair Value EUR152 (-5%)
PPR has released 2012 FY sales of EUR9.73bn (consensus: EUR9.63bn), up 20.8% and 10.6% like for like (consensus: +9.5%). This implied 11.7% growth in Q4 alone vs +6.6% in Q3 and +10.1% in 9M. EBIT reached EUR1.79bn (consensus: EUR1.74bn), implying an 18.4% EBIT margin (-20bp vs 2011).
Neutral recommendation maintained.
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