Fluidra becomes the protagonist of the Ibex 35. The ‘king of swimming pools’ rebounds more than 8% on the stock market, up to 17.38 euros, after presenting the annual results for 2022, in which it shows a net profit of 159.9 million euros, 36.6% less than the previous year, due to higher financial costs and the extraordinary results obtained in 2021. The company has increased its sales by 9%, to 2,389 million euros, 9% more than the previous year, driven by the price and by the acquisitions, which offset lower lower ones, while the year ended with an ebitda of euros, compared to 549 million in 2021.
According to the statement sent to the National Securities Market Commission (CNMV), the company expects that the increase in prices applied to date will contribute to the recovery of the gross margin during this 2023, 20% less than in 2021 due to the higher financial costs and the exceptional tax benefit recorded in the second quarter of 2021, due to the merger with Zodiac.
Fluidra has implemented a simplification program to improve gross margins and reduce fixed costs in the next three years, which, according to the company, “progresses favourably”. After closing 2021 with the best results in its history, the sector is returning to normal and the company expects a first half that will be affected by the channel inventory correction. In 2023 as a whole, the multinational forecasts sales of between 2,000 and 2,200 million euros, an ebitda of between 410 and 480 million and a net cash profit per share of between 0.95 and 1.25 euros.
By geographic areas, North America posted a 17% annual increase in revenues due to acquisitions; the southern European region grew by 6%; and, in the rest of the world, especially in Australia and the Middle East, sales increased by 21%. Sales in Northern and Central Europe were down 14% due to lower demand and correcting channel inventory levels. The commercial pool grew by 38%, thanks to the acquisitions carried out during the previous year and the recovery of tourism.
The executive president of Fluidra, Eloi Planes, considers that “the macroeconomic environment continues to be “uncertain” and he expects a lower volume of business in 2023 due to the normalization of the sector after a period of strong growth. However, Planes has assured that today Fluidra is a “structurally stronger company,” which has expanded its product portfolio in North America, expanded its distribution network in Europe, and improved its commercial pool offering.
The rebound in the stock market leads it to accumulate an acceleration in the annual computation of more than 18% since last January 2, being the tenth value of the 35 of the Ibex by revaluation. With this, its twelve-month potential is slightly less than 10%, up to 18.98 euros, compared to the current 17.3 euros. At the moment, almost 60% of the consensus recommends buying, compared to 12% that advises selling.
