Oddo BHF maintains its 'neutral' rating on Bonduelle shares, with an unchanged target price of 13 euros.

Last night, Bonduelle reported Q4 sales in line with expectations, at 590.7 ME (586 MEe), up 5.2% including 1.2% forex.

Organic growth came to 4%, close to our expectations of 4.2%e, implying annual growth for 2022/23 of 5%, in line with our guidance", emphasized the analyst.

Overall for the year, sales rose by 9.2% to ME 2,406.2, and Bonduelle confirmed its guidance of an operating margin before non-recurring items of close to 2.5%, despite an inflationary context and a downturn in food consumption since the third quarter.

Against this background, Oddo BHF considers this publication to be "fairly in line" with its expectations and those of the consensus. We have no reason to change our forecasts at this stage. Bonduelle's operating profitability will most probably be driven by the European zone', concludes the research firm.


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