(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Spie share, with an unchanged price target of 32 euros.
The analyst recalls that ‘the fundamentals (turnover and margins) are still well oriented in the 2nd quarter’, following on from the excellent performance of the 1st quarter.
Thus, in the 1st quarter, the group had recorded very sustained organic growth of 10.9%. ‘For Q2 2023, the basis of comparison remains favorable (Q2 2022 +4.9% LFL) and the group continues to specify that it is not seeing any slowdown in its various markets’, indicates Oddo BHF, which specifies that ‘the order book remains very solid.
Spie confirmed that he remains very active to seize opportunities in the coming months. ‘The group has significant leeway with an FCF which we believe will remain > 300 ME’, underlines Oddo BHF.
The broker is targeting organic growth of around 6% for the full year. ‘We remain convinced of the group’s strengths: 1/ dynamic activity; 2/ ability to improve margins despite the inflationary environment; 3/ healthy balance sheet situation’, concludes Oddo BHF.
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