'Ready to surf the next wave', UBS starts Fluidra with 'buy'

Fluidra SA

12/07/2024 10:58

** UBS initiates coverage of Spanish pool equipment maker
Fluidra  FLUI.MC  with a "buy" rating, seeing an attractive
entry point after the recent pullback, as the pool industry
adjusts to the next phase of growth
    ** The broker sees a 50% earnings growth over 2024-26 for
Fluidra, driven by margin expansion and top-line growth
re-acceleration
    ** It expects the company to return to mid-single-digit
organic growth from 2025 onwards; sets its PT at 26 euros
    ** UBS also forecasts a 280bps of adjusted EBITDA margin
expansion over 2024-26 
        ** The stock is up 0.5% by 0942 GMT, but it fell some
22% in the last month and a half
  
    
  

 (Reporting by Joao Manuel Mauricio)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))