Fielmann up after Berenberg upgrades seeing 'solid' Q1, productivity improvement

Fielmann AG

25/04/2023 12:11

** Shares in Fielmann  FIEG.DE  rise around 6% after
Berenberg upgrades the German eyewear maker to "hold" from
"sell" as it expects "solid" Q1 results and no longer sees
negative catalysts for the stock in the near term
    ** The broker says the German consumer confidence improved
considerably in Q1, thus, it anticipates Fielmann's Q1 EBIT to
rise to EUR 51 mln and report EBIT margin of 11.2% 
    ** While some headwinds will continue to persist, it sees
easing cost pressures from improvements in store productivity,
normalising supply chain and a recently cost-saving programme
that will facilitate profitability recovery from 2023
    ** The stock, on track for its best day in over five months,
is a top performer on German small-cap index  .sDAXI 
    ** Out of 11 analysts that cover Fielmann, three rate the
stock "strong buy" or "buy," ​seven rate it "hold" and one rates
it "sell" - Refinitiv data
    

 (Reporting by Amir Orusov)
 ((Amir.orusov@thomsonreuters.com))