(News Bulletin 247) – Oddo maintains its outperformance rating on the Elis share, with a price target raised from 18.6 to 22 euros, after the publication by Elis of 2022 results “overall slightly above expectations”.
‘The EBITDA thus shows an increase of +19.7% to 1,259.6 ME, which is close to our expectations (1,250 ME; difference +0.8%) and those of the consensus (1,254 ME)’, notes the analysis office .
For 2023, the group clarifies its guidance with an improvement on all aggregates. Thus, turnover should grow organically between 11% and 13%, which is a little more sustained than the group’s previous indications (> 10%), reports Oddo.
The analyst therefore specifies that his 2023 EPS estimates should be raised by 3%. “The organic growth expected in 2023 is very satisfactory and the improvement in profitability and FCF generation testify to the resilience of Elis’ business model”, concludes Oddo.
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