(News Bulletin 247) – Stifel confirms its advice to ‘hold’ on the Spie share with a price target raised from 27.5 to 29 euros.
While Spie will present its results on July 27, Stifel anticipates ‘solid’ figures, thanks in particular to ‘resilient organic growth and divestment in the United Kingdom’.
“We are increasing our estimates for FY23, supported by strong pricing. Our estimate of group sales now stands at 8.5 billion euros, therefore indicates the analysis office.
The broker nevertheless reports that Bravida’s results (not hedged) have drawn its attention to several risks such as slower than expected organic growth, or higher labor costs.
“The stock is currently trading at ~10.7x EBITA23E, close to its full value in our opinion,” concludes the analyst.
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