(Tiper Stock Exchange) – Mediobanca has raised to 27 euros per share (from 26.2 euros) the target price on CAREL Industriesa group listed on Euronext STAR Milan and active in the production of components to achieve high energy efficiency in the air conditioning and refrigeration markets, and confirmed the recommendation on the title to “neutralThe judgment review comes after the company reported its 2022 results.
The data for the fourth quarter are “in line in terms of sales, while net income was significantly lower (as expected, ed) and net debt better than expected”, reads a note.
Analysts have revised downwards the 2023-24 EPS estimates by 4% on average. D&A and a higher tax rate more than offset a slight increase in revenue assumptions, which point to organic growth of +11.5% (from +10.0%) in 2023, primarily reflecting price increases.
Among the main points discussed during the call, Mediobanca highlights: the carry over of the price increases carried out in 2022 and the recently announced minor ones have an impact of a few percentage points in 2023; shortage of electronic components expected to decrease from 2Q23; market sentiment in Refrigeration points to slower growth in Europe; there M&A strategy remains fully active looking for opportunities in underpenetrated segments.
“We continue to believe that i growth drivers of CAREL (for example energy efficiency, sustainable refrigeration) are structural and resilient guaranteeing solid corporate visibility in the medium term”, it is underlined.