(News Bulletin 247) – Oddo BHF maintains its ‘underperformance’ opinion on the TUI share, but raises its price target to 1.80 euro (against 1.50 euro previously) to reflect its new assumptions and the recovery of multiples of the leisure sector.
For the analyst, the first quarter confirms the resumption of activity and the 2023 financial year ‘will break with the two heavily loss-making financial years 2020 and 2021’. As such, Oddo has raised its EPS by an average of 2% over the three fiscal years 2023-2025.
And to note: ‘the valuation remains low at 4.7 times EBIT 2024, i.e. a discount of around 20% compared to the historical average before Covid’.
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