Oddo notes that last night, Vranken Pommery reported a 10% increase in operating profit to 34.6 ME, close to expectations (34 MEe and 34.4 ME for the consensus). Net income (group share) came in at 10.2 ME, a little below forecasts (11.3 MEe and 11.9ME for the consensus), in line with financial expenses, but up 36.6% on the restated RNpg 2021.

Given the economic environment both in France and abroad, and the outcome of trade negotiations, the Group is confident for the current year. It expects a further improvement in all its results", says the research firm.

Oddo confirms its Underperform rating and its price target of E19.

Results rather in line and a message of confidence for 2023 despite an inflationary context' adds Oddo.

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