(News Bulletin 247) – Oddo BHF maintains its EBITDA sequence unchanged (the analyst was already 5% > prepublication consensus expectations) as well as its Outperformance opinion with a price target of 21 E.
‘The group’s EBITDA amounted to 320 ME (vs 312 ME in Q4 2022 and 45 ME in Q1 2022 benefiting in particular from its commercial strategy (focused on high value-added products), efforts in terms of administrative and commercial costs and research (5.9% of turnover against 9.3% a year ago) as well as, of course, a very favorable price environment in North America,” indicates the analysis office.
‘The adjusted FCF is 194 ME (-210 ME in Q1 22) and after mainly taking into account restructuring charges (47 ME), the FCF reaches 151 ME. In the end, the group deleverages to the tune of 130 ME and the net debt amounts to 1 MdE’ underlines Oddo BHF.
The analyst points out that the group has confirmed its 2023 guidance, namely an increase in EBITDA, positive FCF (excluding asset disposals) and debt reduction.
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