Odiot

This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

Odiot ^CR	Bloomberg MLODT FP
Luxury / France

Odiot has ultra-luxury credentials with profits to follow

Pros

Odiot is about an ultra luxury rebirth in the admittedly small segment of silverware
Odiot SA may be the springboard for sector consolidation and brand extension
Odiot’s now funded investment plans look cautious and help test the appetite

Cons

Odiot is a small-scale operation. Growing the business while safeguarding the integrity of the brand will require a measured approach over the next three years
Odiot’s relaunch is financed but through a relatively complex capital set up
Demand is still being driven by BtoB clients (luxury hotels…). Marketing the brand to retail demand is bound to be slow and expensive

Updates

Key Data

	12/23A	12/24A	12/25E	12/26E	12/27E
Adjusted P/E (x)	-0.05	-0.05	28.8	12.7	9.09
Dividend yield (%)	0.00	0.00	0.00	0.00	0.00
EV/EBITDA(R) (x)	12.5	26.0	28.1	9.90	6.94
Adjusted EPS (€)	-8.23	-8.15	1.39	3.16	4.40
Growth in EPS (%)	n/a	n/a	n/a	128	39.2
Dividend (€)	0.00	0.00	0.00	0.00	0.00
Sales (€th)	1,501	1,128	2,285	3,372	4,317
EBITDA/R margin (%)	11.2	16.3	18.1	32.0	34.2
Attributable net profit (€th)	-1,833	-1,816	-1,691	704	980
ROE (after tax) (%)	-183	64.9	43.4	-78.8	-2,227
Gearing (%)					311

Target

Upside 39.0%

Price (€) 40

Target Price (€) 55.6

Market Cap (€M) 8.91

Perf. 1W:	2.56%
Perf. 1M:	-9.09%
Perf. 3M:	0.00%
Perf Ytd:	0.00%

10 day relative perf. to stoxx600:	-2.60%
20 day relative perf. to stoxx600:	-2.06%

Key Indicators

Momentum	Sustainability
	3/10

Latest

Change

Latest Dates

Latest Dates