(News Bulletin 247) – Invest Securities confirms its advice to buy the stock and raises its price target to 6.48 E (against 6.06 E). The analyst believes that the capital increase ‘secures the potential’.
‘ Beyond the technical elements of this €3.6m capital increase, it should be noted that (i) it is accompanied by a drop in our WACC from c.1.8pt to 16.2%. (ii) The group has proven in 2022 that it is able to respect the 2023 to 2025 trajectory guided since the IPO and (iii) we are not yet integrating either a lowering of the beta or the potential for market penetration of company vehicles’ indicates the analysis office.
‘ On 2022 estimates not published to date, emphasizing that the value in 2023 of the owned portfolio represents 3.5E per share, our OC post AK, updated on the basis of our DCF, comes out at 6.48E vs 6 .06E (WACC lowered from 18.1% to 16.2%) ‘ adds Invest Securities.
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