Bic: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Bic shares, with an unchanged target price of E73.


Last night, the company announced the acquisition of Tangle Teezer, a high-quality detangling hairbrush brand. Based in London, this company is expected to generate sales of over E70m in 2024, representing around 3.2% of Bic's consolidated sales.

Oddo BHF reports that Tangle Teezer's sales have doubled over the last 4 years (representing around a 19% CAGR), and that the company has significant development potential, with a market size estimated at E4.5bn, growing at 10% per year.

The analyst points out that this external growth operation does not come as a total surprise.We were convinced that new acquisitions could materialize in the short/medium term, probably larger in size than those made to date, but without being transformative.

Finally, Bic has indicated that it is preparing the departure of its CEO Gonzalve Bich. A transition process is underway, with the aim of appointing a new CEO by 30 September 2025.


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