(News Bulletin 247) – Berenberg slightly raised his target price on Elis, which he raised from 21 to 22 euros, while renewing his buy recommendation on the stock.
In a research note, the analyst points out that the title of the cleaning and hygiene group has climbed nearly 40% since its inclusion, last November, on its recommended list of mid-caps.
However, after having generated organic growth of 21% last year, Elis is called, according to him, to sign a new fiscal year of double-digit growth this year, while improving its margins.
Despite these prospects for sustained growth and favorable stock market dynamics, Berenberg believes that the share is still ‘cheap’, particularly on the basis of a 2023 PER of 9x, at a time when the company is tending to deleverage.
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