(News Bulletin 247) – Oddo BHF maintains its outperformance rating on the Verallia share, with a reduced price target of 50 to 47 euros, ‘on the basis of comparables and a DCF’, explains the broker.
According to the analyst, the 1st quarter will remain exceptional with a mix/price effect of 40%, a dynamic which should continue in the 2nd quarter ‘but to a lesser extent’.
For the 2nd quarter, the broker anticipates a turnover of 1094.6 ME (+23.1% of which +18% organic) i.e. a half-year turnover of 2146.2 ME (+31%, +26.4% organic mainly driven by the mix/price effect).
‘We expect Q2 EBITDA of 273 ME (+12.5% ​​YoY) with a neutral spread which could be conservative. For the whole half-year, we are therefore targeting an EBITDA of 580.6 ME (+36.4% YoY) i.e. an EBITDA margin of 27.1% (vs 26% YoY, +110bp)’, continues the ‘analyst.
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