(News Bulletin 247) – While remaining at ‘outperformance’ on Vilmorin, a security which appears in its ‘European Midcap S1 2023’ list, Oddo BHF is raising its target price from 68 to 76 euros, on the basis of a lower discount and an update of its valuation methods.
“The valuation still remains structurally so modest”, judges the analyst, pointing to ratios of 4.5 times EBITDA and 12.2 times EBIT 2023 against respectively 6.3 and 13.6 times for historical references.
Oddo also thinks the discount compared to comparables of almost 30%, ‘probably severe for the world leader in vegetable seeds’, adding that ‘the leverage on margins is intact and the contribution to the vegetable seeds mix is still very favorable’.
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