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Berenberg reiterates 'buy' rating on Warpaint London
(Sharecast News) - Analysts at Berenberg reiterated their 'buy' rating and 700.0p target price on makeup business Warpaint London on Wednesday, stating it was confident in the group's outlook despite Q1 turbulence. Berenberg said Warpaint's growth prospects were not diminished by volatility across Q125, in its view, noting that while growth decelerated post-January, Q1 growth of 7% year-on-year reflected an acceleration versus Q424 and highlighted resilience against an uncertain macro backdrop.
The German bank said it was encouraged by Warpaint's major store estate expansion announcements, which it expects to underwrite "a significant component" of the 15% like-for-like/pre-acquisition revenue growth that consensus estimates have in place for FY25.
"We continue to think there is potential for further growth meaningfully ahead of Warpaint's underlying end-markets and do not view the deceleration of H2 2024 growth as deserving of the de-rating that the market has delivered," said Berenberg.
Reporting by Iain Gilbert at Sharecast.com
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