(News Bulletin 247) – Oddo maintains its Outperformance recommendation on the TotalEnergies share and its target price of 69E.
The announcement made by the group to sell all or part of its service stations to the Canadian group Couche-Tard for 3.1 billion euros excluding leases (3.7 billion euros including leases) is considered positive by Oddo. The amount of the transaction amounts to 3.1 MdE excluding the lease (3.7 MdE including the lease).
‘This deal confirms the good strategy of the group, which seeks to improve both its convenience offer, which is becoming key to increasing the profitability of service stations and accelerating the transition. This by satisfactorily monetizing certain assets’, notes the broker.
For the analyst, the group presents the transition strategy “the most advanced and the clearest with a valuation that remains very attractive with a P/CF at 3.3x in line with the sector while the title deserves a premium”.
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