(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Quadient share with an unchanged target price of 24 euros.
Yesterday, Quadient published Q1 sales of 256 ME, in line with expectations, and up 2.1% organically.
‘The management is aiming for organic growth of around 3% for the current financial year (id for the 2021/23 plan) and an organic increase of 10% for the ROC’, reports the analyst who also specifies that the group has just signed 2 partnerships in the UK with APCOA and Rontec representing a potential of 1000 sites to be equipped.
In this context, Oddo BHF confirms its ROC estimate of 162.3 ME (+8.2% YoY) for the current financial year.
“The group’s valuation remains imperturbably modest at 5x 2023 EBITDA and 7.9x EBIT posting a discount of more than 30% vs historical ratios”, he concludes.
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