Group sales amounted to 818.0 ME in Q1, with cc growth of 16% and 13% on a reported basis. Oddo BHF was expecting c.781 ME and the Visible Alpha consensus prior to publication showed 790 ME, so the forecast was beaten by almost 4%, according to the analyst.

Following this publication, Oddo BHF has adjusted its target price slightly upwards from 65.2 E to 69 E to reflect the slight raising of its forecasts. The analyst confirms his neutral recommendation on the stock.

' The level of growth remains clearly flattering for
the Moncler brand: after Q4 2023 at +17% organic, Q1 exits at 20% y/y tcc including +26% DTC, we were expecting +14.5% y/y with DTC at +19% ' says Oddo BHF.

Nevertheless, the Group's tone remains cautious: growth is expected to slow in Q2 and annual parameters for Moncler DTC remain unchanged. Moncler points out that the first three weeks of April showed a certain slowdown in growth (it remains satisfactory but seems to be normalizing across the board)' explains the analyst firm.

Oddo BHF is moderately raising its organic growth forecast for the Moncler brand for 2024 (+10.7% cc vs. 9.2% prev. with DTC now expected at +13.9%).

Group EBIT margin is still expected at 29.8%, hence a similar EBIT revision. With regard to 2025 and 2026, our forecasts vary little, showing group sales growth at +10.3% and +10.4% respectively, with an EBIT margin expected to rise to 30.3% for 2025 and 30.5% for 2026, resulting in a final upgrade still close to +1%' adds Oddo BHF.

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