(News Bulletin 247) – Oddo BHF maintains its ‘outperformance’ rating on the Boiron share, with a price target raised from 49 to 52.5 euros.
The analyst reports that net profit stood at 15.5 ME in the 1st half (vs 12.5 ME in H1 22), benefiting in particular from the increase in investment products which rose from 0.5 ME to 3.8 ME , thanks to the rise in interest rates.
If the operating profit was established at 17.8 ME – a level a little lower than expected – the analyst believes that ‘the amounts are low enough to be only slightly significant of a real disappointment, and without real consequence. ..’.
According to Oddo BHF, the stock market stake is elsewhere, since a takeover bid is in progress (50 E or 39.64 E after payment of the dividend of 10.36 E paid). The challenge lies more in the dam to a withdrawal that some shareholders could attempt than in the momentum or the 2023 profit sequence.
In this context, Oddo BHF is therefore raising its target price in order to materialize the fact that the security is worth more than the price of the current proposed offer.
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