(News Bulletin 247) – Oddo BHF reiterates its ‘outperformance’ opinion on Verallia with a price target raised from 47 to 52 euros, after a roadshow during which management reviewed the excellent half-year performances and the still solid outlook.
If these good performances have allowed the title to catch up, with an increase of 37% since the beginning of the year, the research department considers the valuation ‘still extremely attractive on the basis of 5.6 times the EV/EBITDA 2023 and 5.2 times that of 2024’.
‘In addition, the discount compared to comparables, even if it has been reduced, remains excessive while Verallia currently displays the best sector margins (29% estimated for 2023 against more than 25% estimated for Vidrala)’, adds the analyst.
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