(News Bulletin 247) – Oddo BHF maintains its ‘neutral’ rating on the Lhyfe share, with a price target lowered from 9 to 8 euros.
The analyst reports that the management confirmed the objectives announced during the IPO a year ago, namely an installed capacity of 55 MW by 2024 (+10 MW in 2023, then +40 MW in 2024) then 200 MW in 2026 with full impact in 2027.
In the meantime, Oddo estimates that the FCF will remain negative with the anticipation of a negative EBITDA until 2026. ‘The management aims to reach the break-even for the EBITDA in 2026 but the ramp up will necessarily be long’, points out the analyst.
Concretely, ‘we have revised our profit sequence downwards with, for 2023, a turnover close to 2 ME (vs 7.6 ME previously) and an EBITDA of -26.4 ME (vs -21.2 ME previously)’, concludes the broker.
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