(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ recommendation on Eiffage and raises its price target from 121 to 124 euros, after the publication by the construction and concessions group of good results for 2022, accompanied by confidence for 2023.
Adjusting its financial model on the basis of 2022 figures, the design office now expects for 2023 ‘a turnover of 20.985 million euros (consensus at 20.419 million) and a ROC of 2.371 million (consensus at 2.237 million)’.
‘While the operational dynamic should remain solid in 2023 (resilience of motorway traffic, solid construction order book, growth in energy services), the valuation remains very attractive (adjusted FCF yield of 11.2%)’, he points out.
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